Purchasing
Sales Operations
Product Article Master
Logistics
Finance
- Accounts Payable
- Invoice verification & posting invoices
- Making payments to vendors & queries
- Goods receipt and invoice receipt clearance
- Analyze vendor open line items
- Overhead cost invoices
- MIRO Posting
- Accounts Recievables
- Scheduling a dunning run
- Settling customer payments & queries
- Self-billing of customer’s invoice
- Bank reconciliation
- Customer Invoice Clearance
- Sales Order Booking
- Daily Credit Run
- Releasing Green Orders
Market Research
Overhead cost invoice
Würth Business Services handles the non-core financial operations to support the Finance Teams of companies within the Würth Group. Our Team ensures that companies maintain error-free and detailed accounting records, settle payments on a timely basis, carry out effective vendor management, and speed up the accounting processes. We handle different processes under the Accounts Payable and Accounts Receivable portfolio.
Among different processes we handle under the Accounts Payable portfolio, Overhead Cost Invoices is one of them. In this process, we verify and post invoices related to various overhead costs and direct expenses such as electricity bill, telephone bill, pension invoices, and others in the Enterprise Resource Planning (ERP) system. In addition, we also enter the G/L account and cost center in the ERP system.
Work Flow
WORK FLOW OF THE PROCESS
01. Receive
Receive PDF overhead cost invoices from vendor in the ERP system
02. Verify
Verify and book the invoices by matching the details
03. Enter
Enter the G/L account and cost center in the ERP system
04. Post
Post invoices in the ERP system
Benefits
Value-added
BENEFITS OF OUR CUSTOMERS
☞ Proper quality checks to eliminate errors and improve accuracy
☞ Ensure smooth accounting processes
☞ Focus on core competencies
Transition
TIME TAKEN FOR TRANSITION
Step 1
Analysis of requirements – 1 Week
Step 2
Documentation – 1-2 Weeks
Step 3
Create framework – 1 Week
Step 4
Step-by-step implementation – 2 Weeks
Step 5
Transfer – 1 Week
Case study:
Streamlining Overhead Cost Invoices Process for Enhanced Financial Efficiency
Introduction:
Efficient management of overhead cost invoices is critical for maintaining accurate financial records and ensuring smooth financial operations. Our customer, Arvid Nilsson Sverige AB, recognized the need to calculate overhead costs accurately and ensure error-free accounting. This case study explores the Overhead Cost Invoices process, in which a dedicated team receives PDF invoices from vendors in the ERP system, verifies and books the invoices by matching details, enters G/L account and cost center information in the ERP system and posts invoices. This meticulous process aims to streamline financial operations.
Problem:
Our customer faced challenges in effectively processing overhead cost invoices manually. The customer needed to invest a considerable number of man-hours by avoiding potential errors in data entry, delays in invoice verification and difficulties in maintaining accurate financial records. These inefficiencies hindered customer's ability to process invoices rapidly, allocate costs accurately and provide real-time insights into financial expenditures. This impacted financial reporting accuracy and strained vendor relationships.
Solution:
Recognizing the need to enhance their Overhead Cost Invoices process, we adopted a systematic approach to improve accuracy and order processing efficiency. Our key solutions included:
1. Meticulous Invoice Verification: We initiated a manual process to receive PDF invoices from vendors in the ERP system and verify & book the invoices meticulously by matching details.
2. G/L Account and Cost Center Entry: Despite manual processing, our dedicated team entered G/L account and cost center information in the ERP system, ensuring accurate allocation of costs.
3. Invoice Posting: We actively posted invoices in the ERP system, allowing for timely updates to financial records and improved financial reporting accuracy.
Results:
The changes implemented in the Overhead Cost Invoices process led to significant improvements in financial processing efficiency, accuracy, and vendor relations for Arvid Nilsson Sverige AB. The key results included:
1. Financial Processing Efficiency: By implementing meticulous invoice verification and G/L account/cost center entry, we reduced processing time considerably, ensuring swift and accurate financial transactions.
2. Data Accuracy Improvement: Despite manual processes, data accuracy improved considerably, reducing errors in financial records and enhancing financial reporting precision.
3. Enhanced Vendor Relations: Efficient processing and accurate financial transactions resulted in an increase in vendor satisfaction and strengthened vendor relationships.
4. Time Saving: Our approach led to significant time savings per month. We saved nearly 33 hours for our customer in a month. This saved time can be utilized for executing different core operations.
Conclusion:
By transferring the Overhead Cost Invoices, our customer ensured accurate overhead cost invoices processing for streamlined financial operations and enhanced vendor relations. By implementing meticulous invoice verification, G/L account/cost center entry, and proactive invoice posting, we successfully improved financial processing efficiency and vendor satisfaction. The results highlight the value of a well-executed Overhead Cost Invoices process in maintaining effective financial operations and delivering financial accuracy.