The cost principles of Shared Service Centres (SSCs) means that there is a continual pressure to deliver process improvement, efficiency and cost containment with minimal capital investment.
With the need to reduce costs and increase volumes to achieve unit cost targets, SSCs need a sustainable proposition to entice others to share SSC infrastructure and head count. Without demonstrable cost benefits, sustainable service level standards, and a mechanism for maintaining and reporting these performance levels, many find the journey just too difficult.
Maintain Visibility and Effective Financial Control with AutoRek
Our software is deployed in several shared services locations to:
- Improve the automation of financial processing and reconciliation
- Reduce costs and operational risk
- Improve the timeliness of reconciliation preparation
...all key objectives for a well-run Shared Service Centre.
The automated reconciliation of accounts, deposits and cheques dramatically reduces errors, time and costs pressures in reconciliation preparation, review and publication. As well as the cost agenda, there is a need to constantly improve visibility and demonstrate effective financial control.
Additionally, our automated cash allocations tool – VanguARd is used in several SSCs to read remittance advices, relate them to banked amounts and automatically apply them to sales and debtors ledgers. This saves Shared Service Centres hundreds of hours of effort and ensures instant detection of deductions.
Benefits for Shared Service Centres
- Remove up to 95% of the manual burden associated with reconciliations
- Operate reporting tools for valuable decision support
- Improve financial control and visibility
- Enhance compliance and control
- Quicken escalation of rejected payments or collection and credit control issues
- Improve data quality through data cleansing and process improvement