Driving scalability in a fast-growth environment
Project overview and objectives
When an automotive retailer engaged our team, they were scaling at a rapid rate. In a three year span, they doubled their annual revenue and acquired 150 new dealerships—accelerating an already high volume of data and resulting in a labor-intensive month-end reconciliation process that required third-party support to manage. Couple that with a highly manual payments process, lack of a clear audit trail, and thousands of bank account signers, they needed a solution that kept the integrity of their data, could withstand high document storage requirements, and improved their audit compliance: Kyriba.
What we did
In the midst of massive organizational growth, it’s important to move quickly but tread lightly. Accuracy is essential when overhauling controls and processes—and getting the entire treasury team onboard. For this organization, that meant:
- Engineering reconciliation rules to automate matching and daily exceptions-based notifications to users
- Developing end-to-end payment processes, including leveraging repetitive templates, attaching supporting documentation, generating notification letters, and automating key daily reports
- Building a proprietary tool using Alteryx to load over 600 repetitive payment templates into Kyriba
- Designing a workflow to store signer and authority detail and automate reports to internal audit
By project go-live, the organization saw incredible results. Not only did they significantly reduce manual activities, but they also harmonized processes to promote further scalability going forward. To name just a few:
- Automated 85% of bank-to-book matching and shifted from a month-end process to daily workflow
- Saved over $30K annually in fees by eliminating need to outsource reconciliations
- Freed up over 1K hours while significantly reducing risk of errors from manual work
Curious how you can uncover similar KPIs? Learn how a Kyriba implementation can set your teams up for success, significantly reduce repetitive manual tasks, and keep your organization forward-looking.