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
Self-billing of customer’s 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 Receivable portfolio, Self-Billing of Customer’s Invoice is one of them. In this process, our team generates customer invoices in the Enterprise Resource Planning (ERP) system using the received order number and invoice details from customers. Furthermore, we update the reference number for the newly-generated customer invoice.
Work Flow
WORK FLOW OF THE PROCESS
01. Receive
Receive the order number and invoice details
02. Make
Make the required changes in the order in ERP system
03. Generate
Generate a customer invoice in ERP system
04. Cross-check
Cross-check the generated invoice and update the reference number
Benefits
Value-added
BENEFITS OF OUR CUSTOMERS
☞ Ensure the error-free accounting process
☞ Avail the timely payments for invoices
☞ Keep the track of sales
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 Manual Self-Billing of Customer's Invoices for Enhanced Accuracy
Introduction:
In the realm of order processing and finance, generating customer invoices accurately is crucial for transparent financial transactions and maintaining strong customer relationships. Our customer, Würth Industria España, S.A., recognized the need for accurate billing and receiving payments on timely basis. This process involves receiving order numbers and invoice details, making necessary changes in the order in the ERP system, generating customer invoices, and cross-checking the generated invoices to update reference numbers. This meticulous process ensures that customer invoices align accurately.
Problem:
Our customer faced challenges in effectively self-billing customer invoices manually. Moreover, the customer needed to invest a large number of man-hours. There was possibility of potential errors in order changes, delays in invoice generation, and difficulties in maintaining transparent financial records. These inefficiencies hindered the customer's ability to provide customers with accurate invoices, manage order changes effectively, and ensure timely payment collections. This impacted cash flow and introduced difficulties in financial management.
Solution:
Recognizing the need to enhance the Self-Billing of Customer's Invoice process, we adopted an approach to improve billing accuracy and efficiency. Our key solutions included:
1. Meticulous Invoice Generation: We initiated a manual process to make required changes in the order in the ERP system and generate customer invoices, ensuring alignment with the order details received from customers.
2. Reference Number Updates: With manual processing, we cross-checked the generated invoices and updated reference numbers to maintain accurate financial records.
Results:
The changes implemented in the Self-Billing of Customer's Invoice process led to significant improvements in accuracy and order management for Würth Industria España, S.A. Our results included:
1. Invoice Accuracy Improvement: By implementing meticulous invoice generation and reference number updates, we achieved a reduction in invoice discrepancies. This enhanced financial accuracy and minimized potential disputes with customers.
2. Efficient Order Changes: With manual processes, order changes were managed more efficiently, with a reduction in processing time. This led to timely invoice generation and improved order management.
3. Enhanced Customer Relations: Effective invoice generation and reference number updates resulted in an increase in customer satisfaction and strengthened customer relationships.
4. Time Saving: Our approach led to significant time savings per month. We saved nearly 6 hours for our customer in a month. This saved time can be utilized for executing different core operations.
Conclusion:
By transferring the Self-Billing of Customer's Invoice process, our customer availed accurate invoice generation service and achieved efficient order management. This resulted in transparent financial transactions and excellent customer service. By implementing meticulous invoice generation and reference number updates, we successfully improved accuracy and order management efficiency. The results highlight the value of a well-executed process in maintaining effective financial operations and delivering customer service excellence.