Snapshot
Change requested
Establish an effective accounts receivable (AR) and collections function while reconciling, correcting and processing a backlog of transactions.
Change envisioned
Crate a new, more efficient billing and collections function to support the client’s business on an ongoing basis.
Change achieved
Reduced overall AR balance by 95% while correcting more than 1,300 customer subledger balances.
Challenge
An international oil and gas production company engaged with Robert Half Managed Business Services to assist with an AR and collections overhaul after a significant acquisition. Their accounting department couldn’t support the sudden influx of AR responsibilities due to the massive amount of manual effort that was required.
Strategy and Solutions
Robert Half and Protiviti provided a team of experienced accounting professionals, pulling in experts with the required technical accounting knowledge that the client was unable to find on their own. We established performance objectives, monitored and reported our team’s progress, and quickly established a structure for processing the backlog of AR entries. The turnaround time the client needed was extreme, and our team repeatedly met aggressive deadlines at every step. Once we’d resolved the immediate concerns, we helped install client-run functions that allowed them to autonomously support their business on an ongoing basis.
Results
Over $600 million of cash was applied to subledger accounts, reducing overall AR balances by 95% while correcting more than 1,300 customer subledger balances. Even more significant than improving AR aging by 50 percent in one year, the root causes of large outstanding balances were identified. This project helped strengthen the client’s relationships with their customers and helped the client properly staff a new AR and collections function.
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