ApexBridge Outsourcing

BACKGROUND

Please describe your company and position.

I am the CFO of Flag Manufacturer

Describe what your company does in a single sentence.

We are a prominent flag manufacturer in the United States, known for supplying flags across the US and Canada. Our current operations are based in two locations: one in Chicago for manufacturing, and a virtual office in New York. We've partnered with ApexBridge for our accounting needs to enhance our financial management majorly accounts Payables and Receivables and to better serve our customers."

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire ApexBridge Outsourcing to accomplish?

• Streamline our Accounts Payable
• Streamline our Accounting compliances

SOLUTION

How did you find ApexBridge Outsourcing?

• Online Search
• Referral

Why did you select ApexBridge Outsourcing over others?

• Pricing fits our budget
• Great culture fit
• Good value for cost
• Company values aligned

How many teammates from ApexBridge Outsourcing were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

Scope of Work: Accounts Receivables and Payables Outsourcing Services 

1. Introduction This scope of work outlines the requirements and expectations for outsourcing accounts receivables and payables management services. 

2. Objectives The primary objectives of outsourcing accounts receivables and payables management to a third-party provider are: 

• Improve the accuracy and timeliness of financial transactions. 
• Enhance cash flow management and optimize working capital. 
• Reduce operational costs and resource overhead. 
• Ensure compliance with relevant accounting standards and regulations. 

3. Scope of Work: 

a. Accounts Receivables Management: The outsourcing partner shall:

• Invoice generation and distribution. 
• Credit control and collections. 
• Receivables reconciliation and aging analysis. 
• Reporting on accounts receivables performance. 
• Customer relationship management for receivables. 

b. Accounts Payables Management: The outsourcing partner shall: 

• Invoice processing and approval workflow. 
• Vendor payment processing. 
• Expense reporting and reimbursement. 
• Vendor statement reconciliation. 
• Reporting on accounts payables performance. 

c. Compliance and Reporting: 

• Ensure compliance with local and international accounting standards and regulations. 
• Prepare regular financial reports and statements.
• Provide insights and analysis on receivables and payables data. 

d. Communication and Collaboration: 

• Maintain open communication channels with the Client for updates, queries, and issue resolution. 
• Collaborate with the Client's finance team as needed. 

4. Key Deliverables: The outsourcing partner shall provide the following deliverables: 

• Accurate and up-to-date records of accounts receivables and payables. 
• Timely invoicing and payment processing. 
• Regular financial reports and analysis.
• Compliance documentation as required.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

ApexBridge has truly excelled in their performance. Their team comprises highly skilled professionals with exceptional communication abilities and proficiency in various ERP tools. Their involvement in optimizing our Accounts Payable and Accounts Receivable processes has had a significant positive impact on our operations. In just four months, our outstanding receivables reduced to an impressive 73%, and our payables now flow seamlessly. 

We are thoroughly impressed with their services, and we have established an ongoing partnership with them to benefit from their outstanding resources and cost-effective solutions.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

They rapidly gained a comprehensive understanding of our project, consistently ensuring prompt and punctual item deliveries. Notably, they actively engage in proposing and endorsing innovative strategies to enhance the efficiency and profitability of our business processes. In addressing your query, I can confirm that delays have not been encountered. Their approach remains highly professional and efficacious.

What was your primary form of communication with ApexBridge Outsourcing?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

Their unique approach to streamlining processes is characterized by a constant pursuit of innovative strategies, complemented by their substantial resources. They exhibit a dedication to their work akin to treating it as if it were their own organization, and we hold a strong appreciation for their diligent work ethic.

Are there any areas for improvement or something ApexBridge Outsourcing could have done differently?

Not any that I can think as of now.