- Client is a large and fast growing MultiFamily company based out of Oakbrook, Illinois.
- Client has 6000 apartment units across Midwest
Business challenge & drivers
- Client had a lot of challenges around Accounts Payable & Accounts Receivable area
- The approval workflows and AP implementation was complex and had a lot of pain areas
- There were a lot of manual and time consuming activities which resulted in larger number of errors and high reconciliation times
- No proper tracking for Service Issue Management
- A team of experts from SmartFin performed a business Process reengineering exercise to align client’s AP process with best practices
- An Optimized workflow process was designed based on client’s approval process
- Designed process with optimum customization and automation
- SmartFin also developed a roadmap for outsourcing the Finance front office functions
- Consulting engagement was completed in a timeline of 3 weeks with a team size of 3 Consultants
- Reengineered AR Process and workflow to ensure rigid closure and established hierarchies for posting receipts.
- Designed key process improvements in AP side for approvals and workflows which resulted in removing key bottlenecks in AP process
- Automated manual intensive activities which resulted in reduced efforts and eliminated manual errors
- Prepared roadmap for implementing Sharepoint for workflow and paperless office
- The recommendations in outsourcing roadmap resulted in savings in excess of million dollars for the client over a period of 3 years.
- Recommended for developing a portal for service ticket management across the organization for better tracking and quicker resolution of issues and adherence to SLAs.