Thornton Hope is the provider of all commercial debt recovery services for East Midlands Shared Service and it’s partners and in addition to this we were asked by both EMSS and their partners to conduct a full review of their £43M sundry debt portfolio in order to reduce debt levels, map and implement best practice processes and provide framework for reporting and visibility of service.
By working with the EMSS operational teams we achieved the following:
- Helped EMSS set collection targets in line with their clients’ business objectives for the year ahead.
- Visibility of the Accounts Receivable position through new MI, Implemented KPIs & Collection Targets.
- Visibility of which debts were in scope and out of scope for collection.
- Implemented best practice collection strategies.
- Mapped out existing and proposed enhancements to cash application/allocation process.
- Developed the systems and reports to provide an automated and clear daily prioritisation of collection activities.
- Developed the team through hands-on support, introduced new ways of working.
- Trained staff in Quality and Compliance standards
- Through our Client Support Services in Glasgow we provided the additional resources to help support the collection work-lists.
- Provided high level report on master data issues.
- Provided the monthly KPI reports for client distribution.
- Produced draft SLA document and recommended framework for taking it forward between EMSS and partners.
Improvement Project Deliverables:
- Debt reduction targets set for each partner.
- Reduced debt levels and bad debt exposure by over £7M.
- Improved visibility of the accounts receivable performance against targets.
- Created Daily/Weekly/Monthly reporting suite which provided daily operational targets, ongoing daily and weekly performance monitoring and MI.
- Implemented new best practice and flexible collection strategies in line with customer profiles.
- Improved efficiency and ability of the accounts receivable team.
- Developed the debt collection team members to focus on Collections and AR performance.
- Improved communication with partners at each authority.
- AR team within the organisation, enabling them to provide leadership to their clients’ business in relation to the accounts receivable performance.
- Identified improvement areas in the cash posting process, routines and controls.
- Developed the accounts receivable systems (Oracle and Single Customer View).
- Introduced EMSS Credit Policy.
- Provided documented working procedures.
- Improved Controls and Audit Processes.
East Midlands Shared Services said:
“Thornton Hope have worked with us to understand the real challenges that we face, they have provided tailored solutions to help us achieve our goals within our Accounts Receivable and Accounts Payable processes. They are a great team to work with, always ready to help on the next step of our process improvement journey.”
Penny Wilkinson, Head of Financial Service Centre, East Midlands Shared Services