A telecomm company faced a major challenge with the real-time reconciliation of cash and credit card transactions for over 2000 retail stores. With the increasing volume of transactions, it was becoming more and more difficult for the in-house finance team to manage the reconciliations in a timely and accurate manner.
Set up a dedicated off-shore team consisting of treasury analysts:
Cash management and financial reconciliations
Cash flow statements and bank reconciliations
Cash status reports for all stores on real-time basis
The outsourcing of the financial reconciliations process resulted in several key benefits for the telecomm company. Firstly, it freed up the in-house finance team to focus on more strategic tasks, such as business analysis and decision-making. Secondly, the dedicated off-shore team provided the retail company with access to specialized skills and expertise in the field of financial reconciliations, which helped to improve the accuracy and timeliness of the reconciliations. Lastly, the outsourcing of the reconciliations process allowed the retail company to reduce its operational costs, as it was able to take advantage of the lower labor costs in the off-shore location.