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Case study: DB, Finance and accounting outsource enables business to focus on customers:
In highly competitive and regulated market, DB choose to outsource their accounting and finance function saving over $70000 a year and ensure they had left resources to focus on customer satisfaction.
The Challenge
Companies in this sector face considerable competitive, execution and cost pressures while customers are evermore demanding and mobile. To compete, companies need to lower down the cost to serve and deliver more value to their customers. It is within this competitive elevation that DB (The Client) constantly strives to do more for its customers and shareholders by improving performances.
DB i.e.“Do Better” this time was finally in a mood to do better, VTL was contacted after getting a highly positive reference from Mr Frank Gary the owner of prodata an- Airline Reservation Software Services company. The contract was to build an accounting plus finance software that can manage their all money transactions with minimum physical involvement.
The Solution
VTL's combined BPO and IT capability offered DB the ideal solution, not only transferring staff, services and supporting technology but also, guaranteeing savings through improved service delivery. This innovative agreement was based on a strategic partnership with shared governance.
The integrated service provided by VTL includes the Oracle payroll. Together with the processing of over 4000 payslips we also process 2500 expense claims every month. We still manage their over $20000 employee payments, accounts payable ($50000), financial accounting and reporting and maintain its history to keep them updated and eveready.
VTL's acclaimed experience of managing staff transfers (Transfer of Undertaking, Protection of Employment) ensured DB's corporate social responsibility commitments were met whilst underpinning the quality and continuity of service for DB's customers.
The Benefits
Now well organized, the programme is leaving DB free to focus on their core business. It not only ensures significant cost efficiencies, but a rigid performance as expected against the guaranteed savings of approx $100000 over last 1.5 years. The programme also increased the transparency and access to information, including a single chart of accounts across all offices allowing the DB to make better informed business decisions.
Commenting on the success of the outsource, Marlin freidman, DB Group Chief Finance officer, said "Our partnership with VTL increases our ability to support our core business pro-actively and economically. For DB, the bottom line is the streamlining of our financial systems, making phenomenal savings, improving the quality of information and allowing us to concentrate on our customers."
Marlin Freidman,
DB Group |
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