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Equipment Rental and Sales Success Story

equipment rental and sales success story

An Equipment Rental and Sales Success Story

The owner of the company was frustrated because it was taking 90 days to get financial reports from the accounting department. In addition, the payables process was so slow and cumbersome that the AP clerk was working overtime to keep up, and suppliers were getting anxious for their payments.

The company’s AP clerk had been there for a long time, and was not taking advantage of their computer system to semi-automate the payables process.

Our approach and services to this success story started by changing the way the payables were processed, doing a triple match and then entering every invoice into the system after approval, we made full use of the available automation. Letting the computer decide which invoices to pay allowed us the time to provide better documentation to the owner prior to check signing. The time needed to complete the payables process went from more than 5 days a week to just 2, and payables checks were mailed out reliably every Friday.

Detailing the month-end process, and establishing a complete schedule of accruals and prepaids allowed us to process everything quickly, and get accurate results. The monthly journal entries could be done before month end and the bank reconciliation could be processed on the first day of the new month. After working through the approvals and processing with each department, we were reliably issuing monthly financial reports in less than 10 days.