Optimizing Financial Efficiency: Establishing an Automated Accounting & Invoice Processing Team for TripaDeal
Solution Category
Establishing an Accounting & Invoice Processing Team
Customer
Trip A Deal
Industry
Travel Services
Segment
ESMB
Country
Australia
Go-Live Date
Dec 2020
Business Case:
Trip A Deal, Australia’s premier travel business catering to Australian & New Zealand customers, aims to enhance operational efficiency and compliance by transitioning its accounting processes and establishing an invoice processing team at PSAG. This business case outlines the objectives, benefits, and implementation plan for this initiative.
The Challenge
Manual entry of merchant invoices leads to time consuming processes and a high error rate, impacting efficiency and accuracy. Lack of coordination between Trip A Deal and merchants results in delayed invoice processing, affecting the payments cycle and vendor relationships.
Solution
- Develop automated upload formats allowing for processing multiple invoices simultaneously, saving time and improving efficiency.
- Implement a maker-checker quality check process to minimize errors in invoice processing, ensuring compliance with client requirements.
- Conduct GL reconciliation of invoices and expense ledgers to enhance accuracy and financial control measures.
Impact
- By initiating pre-audit procedures for complex cases and engaging directly with merchants, PSAG significantly reduced audit timelines and enhanced efficiency in resolving issues, leveraging its expertise to streamline processes.
- Access to the client portal & Implementation of automated process to upload multiple Invoices empowered us to manage invoices and address financial queries promptly, leading to significant time savings and heightened operational efficiency.
- By conducting GL reconciliation of invoices and expense ledgers, Trip A Deal bolstered its financial control measures, ensuring data accuracy and integrity, thereby facilitating informed decision making and regulatory compliance.
Business Outcomes
- Efficient processes and adherence to quality standards led to an expansion of responsibilities, including deal audits, vendor credit card payments, pre-deal audits, and component pricing setup.
- PSAG as a reliable partner capable of delivering comprehensive financial services.