Automating Accounting Processes
Project Sponsor: xDel Singapore
Company Type: MNC/SME/Startup
Theme(s): Digital Transformation
School: School of Accountancy
Instructor: Professor Gary PAN
Course: Accounting Analytics Capstone
Project Description
xDel were having pains with Accounts Payable issues. The Finance Department used to use a very manual process (manual entry and manual bookkeeping) which was very time consuming. As a result, there were certain issues that occurred (i.e. not able to reconcile certain payments, delayed payments to suppliers, non-payment to suppliers due to lack of recording) They wanted a more robust system to manage this.
The students came up with a concept and devised a simple programme that allows the Finance Department to automate the process and in addition came up with a formulae for xDel to calculate the cost per driver which they could implement in their cost management tool for better costings.
Project Outcomes
xDel implemented the students’ suggestions as a result there was a reduction in late & non-payments by their Finance Department.
Feedback, Quotes And Testimonials
“As an SME, we have limited resources. Working with [SMU-X] students has enabled us to better manage internal costs, while they in turn have learned how SME works.”