|
|
|
 |
While every company is unique in processes, people, and technology, there are a number of recognized function-specific best practices that all companies stand to benefit from. These practices are widely acknowledged for their ability to streamline, automate, and optimize functions, thereby improving efficiency, cutting costs, increasing transparency, and managing risk.
OPI’s Quality team is focused on integrating these best practices into client operations. Even before a function has fully transitioned to OPI, we assess the function holistically based upon current state practices, baseline data, and client feedback. We then consider enhancements that will not only help to improve the process itself, but that will help the process to better support the business and future growth. These practices range in terms of complexity, ease of implementation, and business impact and we fully assess the short and long term effort, cost, and risk involved.
Best practices are different for every finance and accounting function, however, they all work toward achieving best-in-class operations.
A sampling of common best practices include:
Source to Pay - Accounts Payable
- Leverage document imaging at the front end for electronic data capture, improved controls, and record retention
- Automate using workflow and eliminate steps for routing, approvals, and exception management
- Work with suppliers to become e-invoicing and EDI compliant, thereby reducing process cycle times and transaction volumes while improving controls
Order to Cash - Accounts Receivable
- Reduce Days Sales Outstanding by leveraging a network of lockboxes strategically located near large concentrations of customers, accept early pay discounts, and accept multiple forms of payments
- Utilize document imaging and workflow to streamline the dispute resolution process, improve controls, and electronic record retention
- Reduce exceptions by establishing tolerances and thresholds for transactions, including auto-writeoffs
Hire to Retire - Payroll
- Enable employee self-service using workflow to automate approvals and routing, and to ensure compliance
- Standardize and minimize by utilizing a single payroll cycle
- Integrate time and attendance tracking and payroll systems
- Maximize use of direct deposit across the employee population and leverage online paystubs
Record to Report - General Ledger
- Manage functions through Dashboard reporting that includes financial data and performance metrics
- Publish a close calendar and differentiate between a month-end soft close and quarter-end hard close
- Establish limits for transaction materiality including adjustments, allocations, and inter-company charges
|
|
|
|
|
|
