Outsourced finance and accounts for a global technology company
In 2016 Sterling were engaged by a $500m turnover global tech company to provide billing and accounts receivable services for Europe and the Middle East. This function had previously been run from the company’s US team, but restructuring meant that ownership had moved to their London office. Sterling were able to take on the function quickly and cost effectively, allowing the business to focus on growth in Europe. Sterling’s expertise in collecting in EMEA improved collections performance dramatically, whilst enhancing customer relations for the business and reducing cost.
A year later the business was acquired by a competitor of similar size. As part of the integration a full analysis of business functions was carried out, looking at cost effectiveness and quality. The decision was taken to increase the level of outsourcing to Sterling, handing over further responsibilities for US billing and accounts receivable, accounts payable, expenses, bank reconciliation, general ledger and assistance with management accounts. Time was of the essence with knowledge transfer complicated by staff redundancies and transition of accounts systems. Sterling were able to take on the additional responsibilities in just 3 months, building up a team of 17 experienced accountants and credit controllers, plus absence cover and management.
As well as reacting quickly, and providing significant cost savings and flexibility, Sterling’s service has improved performance of the company’s finance functions, with a 20% improvement in billing productivity, and a 45% reduction in outstanding balance in accounts receivable.
