Invoicing related projects in Finance

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    Hi All,
    I have recently been aligned with Finance deptt (BPO). I am yet to dirty my hands and see what all is being done and how it is being done.
    One of the focus points that I have got from my initial interactions is invoicing related issue. One of the metrics I was thinking about is RTY…
    Has anyone done a similar project? Any other project, lean or any initiative taken by anyone in Finance?
    Am intrested in gathering your experiences and thoughts for my new role.
    Thanks in advance – MM



    In my experience with invoices, the two biggest issues I encountered were:
    – Cycle time to issue invoice after completion of service
    – Invoice Accuracy (as measured by credits/rebills)
    I’m not sure how RTY would help – find out what the biggest invoicing pain point is among the finance leadership and make it better. It’s really just that simple.



    MMI suggest you also look at customer behavior. Payment lead time averages can be skewed by a small number late paying repeat customers. With this group I have seen these factors:
    -payment term discrepancies (vendor bid said 30 days while customer P.O. said 60),
    -lack of discounts offered for quicker payment (some customers are mandated by upper management to take all discounts),
    -lack of invoice detail (slowing down client approval for payment). If late payers are concentrated in your data, then talking to them may be one of your early steps.

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