Streamlined process for greater yield and better growth.
Name of the company: CI Group of Industries - Teknion Dealer, five legal entities in the Group including Installation company
The CI group is a leading Contract office Furniture dealer. It is a premier Teknion dealership and has offices in many locations. Currently, it has Five legal entities including an Installation company under its umbrella.
The CI group was growing at a remarkable pace. It already had five locations under the belt and the processing of documents at such a large scale was becoming difficult with each passing day. The team was majorly struggling with the Accounts Payable process and Acknowledgement.
The Lagging Areas:
Monthly Reconciliations process
The Managing Partner of CI group, Drew Marshall and Manny Bhuller was totally committed to nurturing the company and maintaining spontaneous growth. However, with so much unfolding came a greater burden of document processing. The team was really struggling to cope up with the gigantic task of the Accounts Payable process and Acknowledgement. It was then that Drew Marshall and Manny Bhuller decided to rope in GFF’s Dhiraj. Once they had a discussion with him, they became assured that Dhiraj would be able to pull them out of this difficult situation.
The first step that Dhiraj and his team took, was to streamline the document capturing process. He Created workflows to capture the data and developed a system to communicate the exceptions to the CI Group Team members. The new system facilitated the routing and capturing of documents as per each location. It also enabled monthly reconciliation of cash, bank, Credit cards, WIP and Accrued Liabilities. It provided user-friendly access of documents to the Director and Team members from anywhere, which facilitated continuous communication and helped remove the redundancies in the processing.
Earlier the signing partners were checking the invoices before they signed the checks. Dhiraj from GFF developed a system where all the identified invoices are marked in the document management system for the partners to review and no physical invoices are sent to him. Besides capturing the data, the invoice’s data fields are connected to the Furniture Dealer Management system database which enables it to retrieve additional information to complete the processes for discounts, advance payments, and partial shipments refinable as per the client needs.
GFF worked alongside the CI Group team and defined the responsibilities of each person involved in the process. They Created process documents for each process and developed a training program for the CI Group Team members which helped them to understand the new transition process. They even extended full support and service for the digitization system at no cost.
GlobalFinFocus not only helped CI to streamline its Accounts Payable, Acknowledgment and Monthly Reconciliations process but also brought in a boost in efficiency and productivity. With this new restructured process, CI has been saving more than $100000 each year for the last four years and has grown from $ 27M to $ 65 M company.
The number of transactions processed has increased from 1400 documents a month to 3000 documents in a month but with the monthly closing and reconciliations streamlined, it is being managed effortlessly without the need of hiring any additional resources.