A rapidly expanding telecommunications firm faced formidable challenges as its growth outpaced internal controls and processes. With a strong focus on revenue generation, complexities began to arise in the P2P function. To ensure sustainable growth, the company turned to Malander Advisory to overhaul its P2P operations and streamline ongoing processes.
Challenges: The telecommunications company encountered critical obstacles:
- Procurement Management: Scaling operations strained supplier relationships and sourcing strategies, leading to increased costs and delays.
- Purchase Order Processing: Manual order processing without proper delivery matching resulted in inefficiencies and potential discrepancies.
- Accounts Payable: Rapid expansion caused errors in invoice allocation to General Ledger (GL) accounts, impacting financial accuracy.
- Expense Management: A decentralised expense tracking system posed challenges in budget control.
- Vendor Reconciliation: Escalating transaction volumes led to unresolved discrepancies in vendor accounts, complicating financial reporting.
- Procurement Management: Malander standardised procurement practices and leveraged its extensive network to source high-quality suppliers at competitive prices. This ensured consistency and reliability in the sourcing process, aligning it with the company’s growth.
- Purchase Order Processing: An automated purchase order system was introduced to ensure accurate matching against deliveries. This system minimised manual errors and expedited approval times, providing real-time tracking and processing of purchase orders.
- Accounts Payable: Malander centralised the accounts payable function and implemented automated invoice matching and approval workflows to ensure correct allocation to GL accounts, reducing delays and discrepancies.
- Expense Management: A robust expense management system was introduced, offering real-time visibility into business expenses. This facilitated better budget control and compliance, ensuring all expenses were tracked and managed effectively.
- Vendor Reconciliation: Thorough reconciliations of vendor accounts were conducted to promptly resolve discrepancies. Regular audits ensured that all vendor accounts were balanced, enhancing the accuracy of financial reporting.
- Training and Support: Continuous education for staff maintained operational excellence. • Monitoring and Optimisation: Regular evaluations identified further enhancement opportunities.
- Scalable Systems: Implemented adaptable solutions prepared for future growth and evolving needs.
- Cost Savings: Streamlined processes and efficient management reduced operational costs significantly.
- Enhanced Efficiency: Automation and centralised controls improved processing times and accuracy.
- Strengthened Relationships: Timely payments and effective communications bolstered supplier relations.
- Improved Financial Oversight: Real-time visibility and reconciliations provided better financial control.
