Coordinated and efficient management of vendor invoices, subcontractors, and bank transfers

At our project-based media content production client – Case study

Onespire Ltd.

Please find out how Onespire DocuLine, our company’s digitized invoice and bank transfer management solution can optimize the relevant processes in a project-based organization!

Overview of our client’s activities and financial documents

Our company was approached by a market-leading domestic media and content production company with the request to provide adequate software support for their challenges in managing the large number of financial documents generated during its operation, monitoring the activities of subcontractors, and completing bank transfers.

Their content production activity involves the participation of many subcontractors, and due to its nature, they work in diverse locations, in different studios and on external shoots. In addition, during production, settling bank card and cash purchases made by colleagues working in external locations also requires continuous and complex coordination and approval.

At the beginning of our cooperation, the production company handled an average of 2-3,000 monthly incoming financial receipts, which were processed and sent to the ledger manually at that time. The related completion certification, crediting and transfer processes were supported in Microsoft Excel tables and with email communication.

The challenges we faced

Specialities of project-based operation

Due to the project-based operation, the solution to be developed had to be industry-specific.

Due to the project-based cost breakdown, the controlling data provision requirements also differed from the expectations of a trading or manufacturing company.

Financial planning required more detailed analytics than the general ledger data, in a project-based breakdown, which had to be created in a structure different from the general ledger.

In addition, document management also had to be organized around projects.

Implementing the projects and executing the productions require the cooperation of many subcontractors, whose range and performance are varied and complex. For example, a subcontractor can work on several projects at the same time, the price of the same service provided by them can vary from project to project, they can perform several times within a project, the services can be invoiced on a collective invoice, where several services of several projects are listed, but also many other exceptional cases can occur.

The most pressing problems experienced in daily operations

Due to the solutions and manual processes used by our client, there were issues in the following areas that greatly limited the efficiency of day-to-day operations:

the provision of project-based cost statements and controlling data generated a continuous and significant amount of work, but the results were often inaccurate,
the follow-up of the subcontractor’s performance from the order to the financial fulfillment was difficult to follow, and its speed was significantly lower than expected,
the compilation of reference files required much energy, and the results were often inaccurate,
approving, financially fulfilling, and assigning ad hoc purchases and payments to staff working on set to the appropriate project took a lot of work.

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Presenting our solution

The solution proposed by our company and the main expectations of our client

Our application covered the following main requirements:

A project-based solution, that follows the principle of One production = One project.
Project-based cost breakdown and controlling data provision with as little manual intervention as possible.
Digitization and process control of the financial management of subcontractors.
Data provision for project-based financial planning, based on more detailed analytics than general ledger data and in a project-based breakdown, which differs from the general ledger.
Digitization and acceleration of settlement processes.
Generation of bank transfer files and creation of quick account settlement options with digitization and automated process control.

Functions developed in addition to the processes covering the processing of vendor invoices

The central units of the unique application based on our DocuLine solution:

Central, structured, instance- and metadata-level storage and management of project documents, such as RFPs, quotations, and contracts.
Structured storage of the current prices of standard and frequently used subcontractor services, such as price lists, discounts, and agreements.
Automatic generation and sending of orders to subcontractors.
Confirmation of completed services and automatic generation of completion certificates.
Creating the bank transfer files, preparing and supporting the importing of the files into the banks’ systems.
Creating a mobile application for the financial accounting of colleagues working on filming locations.

The main functional units of our solution

The digitization solution developed by our company covers the following areas:

A list of current projects, where the financial data and documents of the programs can be viewed and accessed uniformly.
An interface that enables the preparation of the financial budget of projects based on the received offers and the pricing of services.
Approval process related to the preliminary budget.
Digital approval of supplier deliveries.
Issuance of completion certificates to the suppliers.
Automatic sending of certificates of completion and management of hierarchical data.
Reconciliation of accounts and projects.
The initial invoice processing for bookkeeping of collection invoices, and assignment of item data to the project.
Management of bank card and cash expenses of employees working at external locations. Immediate transfer request and approval for more oversized amount items, with creating and submitting the bank transfer file.
Coordinating customer contracts and invoices with projects.

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Results experienced after the implementation

Using the customized application developed by our company, Onespire Ltd., which is based on our DocuLine solution, our client experienced the following results:

Digitized account management and transparent process statuses make all necessary information available in one place.
The digital invoice register, which has retrievable, filterable, and sortable views, facilitates the retrieval of individual receipts.
Including immediate bank transfers in a closed process, to which an accurate process history is linked, facilitates approval and possible subsequent analysis, and results in a transparent process and a fulfilled audit requirement.
The mobile application, which supports small, on-site purchases, makes their recording, possible approval, and settlement of bank card and cash transactions more efficient.
The project-based data provision enables the simple production of the information required for financial controlling.

Discover how Onespire Ltd. can support the efficient operation of your company with its corporate document management application, digitization, invoice management and workflow automation solutions!

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