The performance improvement services provided by Practus assisted the polymers company in establishing a formal mechanism to review weekly monitoring and progress reports on sales, working capital, stock movement to the management.
|No. of Employees
|A Plastic Polymers Manufacturing Company
About The Company
PolySolutions is a $700 million Indian company dealing in plastic polymers manufacturing, based in Vadodara. Practus was tasked with AR reconciliations of 7 years by the CFO.
Practus’ Role in Performance Improvement Services
- Obtaining large data sets of accounts for all the 7 years from the client and counter-party.
- Preliminary desktop reconciliation of accounts using spreadsheet utilities.
- Automatic marking of items which were e-reconciled.
- Errors and exceptions investigated manually through interactions with accounts team at client and counter-parties.
- Automated bank reconciliations.
- Checking of counter-party and client supporting’s on the disputed items and giving our independent view to the CFO and CEO.
- Sending Weekly reports – indicating progress of transactions reconciled and highlighting Practus’ interventions or decisions required in specific areas during weekly calls.
- Designed ‘offset’ accounts which allowed tracking of tax, companies act and IFRS depreciation in a single trial balance which made it easy to provide the reconciliation bridge between the profits as per the 3 different books.
- Improve cash flow management and weed out inefficiencies in the working capital cycle.
Impact Delivered in Performance Improvement Services
- Practus reconciled $13 million of receivables over 8 customers.
- The total volume of 100,000 transactions was reconciled.
- Accounts reconciled over 7 years (the year 2009 – 2016).
- Created a document to assist and manage the project for the legal process of recovery of dues, which indirectly resulted in ~$270,000 of dues incrementally from the selected customers.
- Established formal mechanism to review weekly monitoring and progress reports on sales, cash flow, stock movement to the management.
- Tighter control on procurement of materials, reducing working capital by 10%.