Streamlining Accounts Receivables for a Trucking Company

The client faced challenges maintaining organized and accurate data as numerous accounts had been recorded with incorrect amounts. There was a significant issue with duplicate transactions, resulting in many entries being recorded twice. A substantial number of records needed to be categorized. Bank reconciliation had not been conducted for the past three years.

The OBS team meticulously reviewed all records and corrected the inaccurate amounts in the accounts. Numerous transactions were duplicated due to the linkage between bank and credit card accounts - our skilled staff resolved this issue effectively. Many records were initially uncategorized, resulting in numerous transactions appearing in the banking section. We thoroughly examined these items and accurately classified them to keep the accounts organized. Bank reconciliation was conducted after carefully reviewing every record, removing duplicate entries, correcting inaccurate amounts, and properly classifying all information.

Within six months, our team successfully overhauled the client's financial data structure, leading to a 100% cleanup of over three years of unreconciled records. Resolved 3+ years of bank reconciliation backlog, ensuring up-to-date and accurate statements across all financial accounts. Corrected over 5,000+ inaccurate entries, eliminating errors that previously distorted financial reports. Eliminated 1,200+ duplicate transactions caused by account linkage discrepancies, significantly improving data integrity. Properly categorized 3,000+ uncategorized transactions, giving the finance team clearer visibility and structured reporting. Improved audit readiness and internal controls. More reliable cash flow visibility for operational planning. Faster monthly closings, reducing time spent on reconciliations by 40%.