Gaining a Strategic Partner
Do you know your global exposure to customers with an uncertain financial situation? Are you overpaying suppliers due to poor contract compliance? Is your company bogged down with reconciliations, intercompany transactions and collections? You are constantly looking for ways to cut costs and are wondering how to improve flexibility of your cost structure in response to changing conditions.
These are complex questions for any business to answer—HP Finance and Administration Services are here to help. We can help you improve business outcomes—from cutting costs to improving reporting transparency and reducing Days Sales Outstanding.
Our experts become an extension of your team to provide the know-how to make processes and systems operate more effectively. This allows you to focus on your core business while you work with a strategic partner to progress towards world-class finance operations.
Helping you adapt to ever-changing markets
Expansion into new markets increases the pressure on your company to be more flexible and agile. Partnering with HP improves your adaptability to scale up (or down) quickly as situations dictate and increases variability of your finance department's cost structure. Working together, we implement best practice processes and technologies to reduce risk, facilitate consolidation and improve productivity to meet these challenges.
An end-to-end solution that increases visibility to spend data, turns identified savings into realized savings, improves compliance to policies, increases throughput and reduces operating costs throughout the Source-to-Pay (S2P) process. Our S2P services include:
- Strategic Sourcing: Utilizing a full-spend analysis, we understand the total in-scope/addressable spend and then work with you prioritize the opportunities.
- Supplier Relationship Management: We can assist in developing a Supplier Relationship Management program or assist with managing an existing program.
- Procurement Operations: We optimize operational activities including requisition and PO management, supplier database management and P-Card administration.
- Supplier Invoice Processing: The process digitizes invoices to improve throughput, reduce errors and increase opportunities for early payment discounts.
- Payment Administration: Tracks payments and ensures they are ready to be paid according to your requirements.
Our O2C Service can help your firm transform the process through our comprehensive range of services:
- Sales & Credit Management: Processes customer orders and place the order according to your policies and requirements. For Credit Management, based on your policies, we analyze customer's creditworthiness and determine the level of credit to extend to customer.
- Order Management: We perform order entry, order processing, maintain and manage customer contracts and related customer service activities.
- Billing: Accurately invoice customers and bill them at the agreed time and amount either electronically or through mailing.
- Collections Management: We collect money from customers and if necessary, work to establish a payment schedule.
- Cash Application: Processes payments and checks for proper account application. Perform reconciliations and investigate unallocated and unapplied cash per your policy.
The R2R service enables you to consolidate global operations seamlessly and transform the full range of finance activities to achieve world-class results. Our Record-to-Report Services include:
- General Accounting: We provide a variety of services in this area to allow you to focus your resources on strategy, planning and risk mitigation.
- Financial Analysis and Reporting: Our goal is to ensure you maintain visibility globally across all business units regarding status and issues with the financial results.
- Cost and Inventory Reporting: Provide support in developing and updating of product and standard costing along with cost analysis, inventory movement and physical inventory reporting.
- Fixed Asset Accounting: Our service improves information access on your fixed assets, better controls on capital expenditures and increased productivity.
- Banking/Treasury Support: We perform a variety of activities, including reconciling bank accounts and supporting treasury reporting.
Our Business Analytics service (BAS) captures business data and helps you convert it into business insights and in making informed decisions. Some of the areas we can provide your firm with analytical support include:
- Budget analysis: Financial planning for creation and alignment of budgeted spend.
- Return on Investment /Total Cost of Ownership analysis: Regression-based ROI forecasting model based on multiple drivers and interaction modeling.
- Discount analysis: Financial analyses on vendor payments and discounts for working capital leverage.
- Spend analyses: Spend categorization and vendor assessment to drive spend compliance and efficiencies.
- Claims fraud modeling: Chi-squared Automatic Interaction Detector-based segmentation to identify potentially fraudulent claims.
- Business Performance Review: Integrated reporting on contributions to revenues by business groups.
Payment Recovery Service
HP's Payment Recovery Service (PRS) was specifically built by HP to recover monies missed in payables audits by outside recovery firms. Our process involves the following five tiers to ensure a complete recovery:
- Payment Analysis: HP utilizes its state of the art payment analysis and data mining software tools for a robust audit of all payments.
- Statement Reviews: We contact suppliers on your behalf for purpose of requesting statements of accounts and credit notes that are outstanding.
- Contract Reconciliation: We deploy proven methodologies to review supplier contracts to identify supplier non-compliances and financial recovery opportunities.
- Unclaimed Property: Our experts interface with government organizations to search for and identify any client unclaimed property.
- Process Optimization: The differentiator in our service and key to success is providing you with actionable recommendations on improving your P2P process.