What was the problem?
A major retail sector client was considering employing a 0.8 FTE (Full Time Equivalent, over 4 days) into self-billing invoice processing, tasks that would involve, data gathering for all invoices, generating invoices, and Inputting invoices in their finance system manually.
Although this person would be able to add value to the business by carrying out the above range of tasks, and a range of other ancillary activities for the business, the Directors were concerned about the cost and the necessary supervision for the employee, and whether or not this represented good value and the most efficient solution.
What was the solution?
The business contacted MMBA for an initial consultation, which led to a more thorough examination of the businesses' current and historical financial processes, to establish if the current provision and future planning, were in fact the best solution for the business.
Our consultation at this stage included a phase of initial fact-finding where we consulted a variety of data sources and looked at the current processes and necessary man-hours to complete the wide range of tasks.
After this research and consultancy phase, we then went on to put in place an alternative proposal to provide improved efficiency, significant cost savings, and reduced man-hours.
We provided an automation solution that saved our client 0.7 FTE.
This new automated solution is fully customisable and has specific controls so that the user is still able to make changes as and when required.
The overall solution initial fact-finding, identifying the solution, UAT, implementation, and hyper care.
Impact of our solution
Our solution has saved the client 0.6 FTE, which equates to 3 days a week and approximately approx. £18,000 per year in ineffective labor cost.
This enabled our client to use the 0.6 FTE saved to redirect employee time in more value-adding activities across the finance function; into areas such as trend analysis of self-billing invoices, assistance in the month-end procedures, and a range of other value-adding business areas.
As well as this, the client now has the additional peace of mind that MMBA are in place and there to proactively monitor and continually suggest further improvements, or troubleshoot any further concerns.
The client, as we do, sees the relationship as being long-term and delivering value, not only for this initial project but for other key areas of the business as they continue to grow and expand services and the need to scale financial operational functions across the business.
Can we help you?
If you have a project in mind for our team, or you are looking to find solutions to enable greater business efficiency or reduce costs, we are here to help.
As the case study above demonstrates, we can make an immediate and positive impact on your business, through our many years of experience and market sector expertise.
Please call Waqqas Memon on 01582 809 189 for a free initial consultation, in complete confidence, and without obligation. Or email email@example.com