InfoMate (Pvt) Ltd

The Project	To establish remote processing of Finance and Accounting processes for a conglomerate with operations in several industries and multiple countries.
Client	John Keells Group and its subsidiaries
Objectives	Attain process efficiency Enhance corporate governance Improve internal controls Promote visibility and standardisation Introduce Accounting and SAP best practices
Scope	Managing client's entire accounting process from the capture of transaction entries, maintaining the general ledger, processing account receivables and payables, reconciliation of accounts, preparing financial statements and providing management information.
Challenges	Technical - development and deployment of a Work flow & Document Imaging System linking Business Units with the remote processing unit Change Management and HR Issues Multi-country spread
Achievements	Successful centralization of finance and accounting processes for 55 companies to the remote processing unit Development of Standard Operating Procedures (SOP) Adherence to SLAs - TAT : 24 hours, Quality : 98 % Process efficiency through the introduction of automatic payment run, electronic bank reconciliations, automated excel uploads to SAP and deployment of the imaging and workflow system Streamlining of supplier payments Standardisation of processes, allowing for uniform management reporting Tighter internal control through role segregation & implementation of compliance recommendations of Sarbanes-Oxley Act - Section 404 Uniform and timely Closing of Accounts across the Group (all companies close by the 5th of each; month) Cost Savings - Reduction in SAP Licenses by 10 %, reduction in finance staff headcount by 90 and facilitating the Business Unit staff to focus on mode value addition.

Project	Customised Accounts Payable solution for Ceylon Cold Stores PLC
The Client	Ceylon Cold Stores PLC is the market leader in soft drinks and ice cream in Sri Lanka.
Objective	This project was mooted owing to the desire expressed by the client to outsource the Accounts Payable process in its entirety. The client felt that the current degree of outsourcing was inadequate as they still had-to receive supplier invoices, scan, file, and reply supplier queries - all activities which consumed expensive resources.
The solution	A project team was formed to study this request. Based on the study, a mailroom and supplier helpdesk was conceptualized wherein suppliers would send in their invoices direct to the mailroom operated by InfoMate and InfoMate would receive the invoices; scan; index and store for audit purposes.
Achievements	The project has been unqualified success. InfoMate's mailroom receives an average 1,200 documents a month directly from suppliers. The Invoices are checked for compliance with VAT regulations; scanned and uploaded to the imaging system and filed. The invoices are then posted to the accounting system; the payment is raised on the due date and uploaded to Deutsche Bank's internet payment outsourcing gateway. The bank prints and couriers the cheques to the suppliers. In addition, queries from suppliers are handled directly by InfoMate. Ceylon Cold Stores has freed up two resources as a result of this project and this has enabled them to focus on more value adding work. The Finance Manager and Finance controller have expressed their satisfaction with the operation.