Industry
Transportation
Region: United States of America
Summary
A leading transit agency transformed their customer billing and associated receivables management through electronic customer invoice processing and their associated payments management through bank statement processing by reducing their cost and timeline to process customer invoices and payments leading to better customer relationship, reporting and reduced customer aging.
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Objectives and Challenges
- Objectives: Streamline and automate customer invoice and payment processing through electronic invoices and payments for better receivables management
- Challenges: Complex customer hierarchy; multiple payment terms and methods; millions of dollars in customer aging/backlogs; multi-billion-dollar complex prepaid and reimbursable/utilization invoice and payment processing cycles; multiple distribution and charge codes for accounting requirements; complex rules for payment predictor; advanced bank statement processing rules
Results
- Successful implementation of electronic customer invoice processing through multiple standardized channels – phased approach resulted in complete automation within a year on multi-billion-dollars program
- Payment predictor algorithms for deposit processing through bank statements resulting in automated customer deposits and cash application
- Leverage existing PeopleSoft integration architecture, reuse billing and receivables configuration/code lines, and security administration in securing customer sensitive information and general ledger posting
- Automated daily customer invoice, payments and aging processing
Benefits
- Streamlined 90% of manual customer invoices processed through electronic data interface and online invoice process cycle tracker
- Reduced customer aging by 75% converting bank statement transactions into customer deposits, automated payment predictor algorithms and real time auto-apply payments on open invoices
- Automated daily customer receivable cash positions and daily predictable cash flow analysis to reduce borrowing costs
- 50% reduction in customer invoice & payment processing timeline
Products and Technology
- PeopleSoft Billing, Receivables, General Ledger and Treasury
- PeopleTools
- XML Publisher
- SQR
- Java
- JavaScript
- PGP
- Oracle
- Batch Scripts
- Cronjobs
- MS Office Products
- Power BI