Case Study: Outsourcing

Overview

  • Company – Subsidiary of a billion dollar global provider of healthcare & pharma consulting company, on the verge of being acquired by a private equity group
  • Originally hired to help fix a poor PeopleSoft implementation
  • Developed procedures and controls so contracting, billing and general ledger recording was more automated, and properly applied revenue recognition rules

Objective

After my initial project was complete and the organization was sold, I outsourced the billing function as the accounting department was released, and assisted in the sun setting of the subsidiary and transfer to the new company.

Approach

  • Meet billing deadlines and assist in helping new company record new contracts
  • Continue collection efforts and maintain cash flow
  • Communicate with all stakeholders the status of my efforts

Results

  • Successful in meeting billing deadlines each month
  • Migrated remaining contracts to new organization’s billing system
  • Reconciled key accounts until the organization’s G/L was eliminated

Value

 

I was a reliable and cost effective solution to the issue at hand. Billing from the old system was considered the cleanest and most efficient method of closing older contracts.  Time needed to bill decreased over time, and it did not make sense to keep a full-time person on board, nor was it practical to teach someone a system that was being phased out.