Credit Team of the Year and Business Brand of the Year 2008!
With regard to the award for Credit Team of the Year, Di Donnelly, Credit Manager, put down the success to setting up and driving through process automation improvements in the credit control department alongside the implementation of the OpenAccounts credit suite, including accounts receivable and credit control modules. TSL Education has around 20,000 sales ledger accounts and process around 80,000 sales invoices per annum.
TSL Education used to have credit control outsourced to another company when the DSO (days sales outstanding) was around 50 - 55 (the industry standard is 50). They have now achieved a DSO of 35, in Di’s words ‘an amazing achievement and with half the staff.’
All invoices are printed from OpenAccounts from files sent from their advertising system. Printing is outsourced, but all processing is within OpenAccounts. Cheques are ‘read’ by a cheque print machine and posted to OpenAccounts and automatically posted and reconciled. Due to the automation implemented she believes she has saved at least 2 staff.
In an environment where benefits from process automation are often talked about but rarely calculated, we send our congratulations for an award well deserved.
Details of the award winners can be found here: http://www.magazines2008.com/Excellence_awards.aspx
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Tags: credit control, openaccounts, TSL