Xceedance helps standardize payment workflow across the globe while simultaneously boosting accuracy and compliance.
Facing a host of accounting process issues, including non-standardized payment workflows across geographical regions, ineffective invoice and vendor management, reconciliation issues, compliance lapses, tax reporting, tracking of travel and entertainment (T&E) payments and ineffective data management, a global insurance services provider sought assistance.
The Xceedance Approach
The team from Xceedance followed a multi-pronged strategy, encompassing transition, documentation, review of the established process, and roll out of a new, standardized global payment workflow.
With support from Xceedance, the client experienced:
- 100 percent adherence to turnaround time requirements for all operational expenditure, claim and T&E payments
- 100 percent compliance in vendor sanction check
- 100 percent accurate coding of invoices with no dependency on accounting teams
- 100 percent standardization of the payment process flow across client locations
- Timely and accurate submission of FBT and GST data to the general accounting team
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