Adminstration: Collections - Month-end Process
Problem Statement: The Collection Division services both internal departments as well as external clients. The clients' statements, invoices and checks are produced on a monthly basis with a contractual agreement for a delivery of 45 days. The diversity of clients and their various reporting needs have made the month end close process complex. Complexity coupled with dependence on individual employees for task completion leads to delays in closing the month end close process; averaging over 57 days to time of delivery. Poor quality in performance coudl leade to loss in client satisfaction, referrals, revenue and result in increasing costs per collection.
Results: Minimum goal was 45 contractual agreement with a 30 day ultimate goal. Project resulted in 29 days to process = 49% improvement. Non-value added time decreased from 27 days to 16 = 40% change.
