Improving the cash allocation process for Accounts Receivable Department: A project for Company X
Van, Thanh Trúc (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023052915182
https://urn.fi/URN:NBN:fi:amk-2023052915182
Tiivistelmä
The purpose of this thesis is to propose different improving solutions to enhance the cash application process at Company X. The project aims to identify the current complications and challenges within the process to understand the areas of improvement and suggest suitable resolutions accordingly.
The theoretical part of the thesis focuses on the framework of accounts receivable management and the importance of managing receivables activities. The cash allocation process is also introduced in this part. Furthermore, the concept of ERP is explained since the software is widely used in many big enterprises to support daily accounting processes. Besides ERP, business intelligence is also important for companies due to its practicality and usefulness when presenting data to users. For many organizations, robotic process automation is becoming a solution that can reduce repetitive and tedious tasks. Thus, it is highly recommended to implement automation to perform monotonous tasks.
The project method for this study is the Lean Six Sigma methodology. This method suits the objectives of the study, which concentrate mainly on improving the process. The project is carried out based on five stages of the methodology: Define, Measure, Analyse, Improve, and Control.
The result of the study proposes three solutions that can help to improve the cash allocation process at company X. The first solution is to build a dashboard using the BI tool to keep track of the cash application process. The second proposal is to improve the current automation process which already exists in the banking gateway. Lastly, the suggestion recommends building a robot using UiPath technology to support the matching payment process.
The theoretical part of the thesis focuses on the framework of accounts receivable management and the importance of managing receivables activities. The cash allocation process is also introduced in this part. Furthermore, the concept of ERP is explained since the software is widely used in many big enterprises to support daily accounting processes. Besides ERP, business intelligence is also important for companies due to its practicality and usefulness when presenting data to users. For many organizations, robotic process automation is becoming a solution that can reduce repetitive and tedious tasks. Thus, it is highly recommended to implement automation to perform monotonous tasks.
The project method for this study is the Lean Six Sigma methodology. This method suits the objectives of the study, which concentrate mainly on improving the process. The project is carried out based on five stages of the methodology: Define, Measure, Analyse, Improve, and Control.
The result of the study proposes three solutions that can help to improve the cash allocation process at company X. The first solution is to build a dashboard using the BI tool to keep track of the cash application process. The second proposal is to improve the current automation process which already exists in the banking gateway. Lastly, the suggestion recommends building a robot using UiPath technology to support the matching payment process.