Nearshore Accounts Payable Solution for a Global Media and Entertainment Company

Vaco’s managed services deployed an accounts payable team for a global media and entertainment company, so the latter’s in-house team could prioritize more critical tasks.

Client:

$30 Billion Mass Media and Entertainment Company

Services:

Managed Services

Area of Expertise:

Accounting & Finance

Industry:

Media & Entertainment

The Problem

A leading media and entertainment company, running multiple iconic studios, networks, and streaming services, faced challenges with its complex organizational and accounting structure. The company managed financial transactions across several enterprise resource planning systems, processing more than 20,000 invoices each month.

To improve operations, the company decided to consolidate its platforms into a single procure-to-pay system. This effort required extra accounts payable support to handle daily transactions. It needed Vaco to rapidly onboard, train, and manage these new workers, allowing the company’s in-house team to focus on getting its new enterprise resource planning software up-and-running.

The Solution

Vaco delivered a skilled, university-educated accounts payable team that worked in a convenient time zone for the client. This team included 17 professionals, led by a project manager, with strong Microsoft Excel skills and experience with enterprise resource planning software.

Vaco provided a timely and smooth onboarding process. After a six-week training period to learn about the company’s platforms and tools, the Vaco team immediately provided support for invoice discrepancy review and resolution, credit note matching, vendor set up, duplicate payment resolution, and more. It then measured its performance against that of the company’s in-house team.

The Impact

Vaco’s accounts payable team quickly exceeded expectations. It cleared the queues of unmatched invoices and a backlog of exceptions, achieving a 36% increase in efficiency and productivity compared to the company’s in-house team. Vaco’s other achievements on the project include:

Delivering Operational Excellence: Vaco provided full operational support within six weeks and exceeded key performance metrics within eight weeks of training.
Boosting Team Engagement: Vaco expanded its team by four people and trained them to support new processes.
Improving Processes: Vaco’s performance prompted the company to review its standard operating procedures and create new ones as necessary.
Securing a Strategic Role: The contributions of Vaco’s project manager led to regular involvement in the company’s weekly director meetings for strategic input.
Establishing Standard Operating Procedures: Vaco’s team documented key responsibilities for each role they held.

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