Transforming Financial Operations for Global Events Leader

A $3.5 billion global events leader partners with Vaco to address high turnover rates and financial challenges through strategic and customized solutions leveraging nearshore managed services.

Client:

$3.5 billion global events leader

Services:

Managed Services

Area of Expertise:

Accounting & Finance

Industry:

Global Events Agency

The Problem

A leading global events company faced significant challenges in its financial operations, driven by high turnover and a shortage of finance and accounting talent in the U.S. This talent gap led to notable inefficiencies in the accounts payable and accounts receivable departments. Coupled with a difficult system implementation and limited documented standard operating procedures, these issues caused the company to fall 90 days behind on payments, severely delaying revenue recognition. Additionally, $1.6 million was spent annually with a third-party collections agency (to help collect on past due amounts), further straining the company’s financial stability, operational efficiency and workforce.

The Solution

Vaco quickly collaborated with the client to secure a clear understanding of the company’s needs and objectives. Upon identifying the critical quality skills necessary to achieve success, we engaged two of our nearshore accounts payable professionals and provided onshore management to address the company’s 90-day payment backlog. The speed and quality of our team’s work resulted in the company expanding our services, adding five additional accounts payable professionals and seven accounts receivable specialists to further improve payables, receivables and revenue recognition. Additionally, we placed a professional to document processes and SOPs to help sustain effective operations.

Our Impact

Vaco’s customized and collaborative approach quickly demonstrated the value of nearshoring solutions, leading to the expansion of the engagement from 2 to 20 professionals. This strategic partnership resulted in substantial cost savings, operational improvements and enhanced process documentation for the organization, establishing Vaco as the company’s sole strategic talent solutions provider.

Additional results from the engagement included:

Removal of third-party collections agency, reducing collection costs by 89%.

Decreased accounts payable ticket volume by 90%.

Reduced accounts payable headcount by four professionals due to the efficiencies gained.

Achieved the lowest organizational day sales outstanding in a decade.

Reduced operational accounting turnover by 25%.

Client Testimonial
“Vaco’s nearshore solutions have been a game-changer for us. The team’s expertise, dedication and professionalism have driven remarkable improvements in our financial operations. Their strategic approach and collaborative spirit have significantly enhanced our accounts payable, accounts receivable and collections processes, resulting in significant cost savings for the company. I have no hesitation in recommending their services.” —Corporate Controller, Global Events Agency

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