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
Bank reconciliation
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 Receivable portfolio, Daily Credit Run is one of them. In this process, our team checks the credit history of customers of the Würth Group companies for the scheduling dunning run. Using the details in Enterprise Resource Planning (ERP) system, our team reviews the credit history of customers and share the information with our colleagues in the Würth Group companies.
Work Flow
WORK FLOW OF THE PROCESS
01. Enter
Enter the current date and company code of the customer in the ERP system
02. Fill
Fill the required details such as current date, range and current time
03. View
View the credit history and take the screenshot
04. Share
Share the screenshots daily with colleagues in the Würth Group companies
Benefits
Value-added
BENEFITS OF OUR CUSTOMERS
☞ Avail the accurate and timely information about the outstanding payments
☞ Focus on core operations and meeting the deadlines
☞ Send timely reminders about the payments to customers
☞ Ensure smooth accounting processes
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:
Improving Daily Credit Run Process for Enhanced Credit Monitoring
Introduction:
Efficient credit monitoring is vital for maintaining financial stability and managing credit risks. Our customer, Würth België N.V., recognized the need to gather accurate information about outstanding payments. This case study explores the manual Daily Credit Run process, in which our dedicated team enters the current date and company code of the customer in the ERP system, fills required details, views the credit history and takes screenshots. These screenshots are then shared daily with colleagues in the Würth Group companies. This meticulous process aims to ensure thorough credit monitoring without the involvement of automation.
Problem:
The company faced challenges in effectively monitoring credit manually through the Daily Credit Run process. The customer needed to invest a considerable number of man-hours to execute the process. Furthermore, it led to potential errors in data entry, delays in credit history checking and difficulties in maintaining up-to-date credit information. These inefficiencies hindered the company's ability to monitor credit risks in real-time, share timely updates with colleagues and make informed credit-related decisions. This impacted credit management effectiveness and inter-company collaboration.
Solution:
Recognizing the need to enhance their Daily Credit Run process, we adopted a systematic approach to improve accuracy and order processing efficiency. Our key solutions included:
1. Efficient Data Entry: We initiated a manual process to enter the current date and company code of the customer in the ERP system, ensuring accurate credit history retrieval.
2. Thorough Credit History Check: Despite manual processing, our dedicated team filled required details, viewed the credit history and carried out comprehensive credit monitoring.
3. Daily Information Sharing: We actively shared the daily credit run screenshots with colleagues in the Würth Group companies, promoting collaboration and timely credit-related decision-making.
Results:
The changes implemented in the Daily Credit Run process led to significant improvements in credit monitoring efficiency, accuracy, and inter-company collaboration for Würth België N.V. The key results included:
1. Credit Monitoring Efficiency: By implementing efficient data entry and thorough credit history checking, we reduced the time spent on credit monitoring, ensuring timely updates on credit risks.
2. Data Accuracy Improvement: Despite manual processes, data accuracy improved considerably, reducing errors in credit history records and enhancing credit risk assessment.
3. Enhanced Collaboration: Daily information sharing resulted in an increase in inter-company collaboration, allowing for more informed credit-related decisions and improved credit risk management.
4. Time Saving: Our approach led to significant time savings per month. We saved nearly 7 hours for our customer in a month. This saved time can be utilized for executing different core operations.
Conclusion:
By transferring the MIRO Posting process, our customer ensured effective credit monitoring for informed decision-making and strengthened inter-company collaboration. By implementing efficient data entry, thorough credit history checking, and proactive information sharing, the company successfully improved credit monitoring efficiency and inter-company collaboration. The results highlight the value of a well-executed Daily Credit Run process in maintaining effective credit management and delivering accurate credit information.