Cashbook & King UK Work the Numbers!

What do you do when you have a business that demands your finance team completes the following?

• Between 50,000 and 100,000 invoice payments to be made per month.
• Customers that pay over 10,000 invoice records in one payment.
• Mega Customers that aggregate payments for multiple customers and send them to you directly as one specific payment.
• Electronic Direct Debit requirements for over 1200 customers.
• Over 100,000 cash transactions to reconcile per year.

You could hire an army of staff. King UK in Hemel Hempstead, United Kingdom decided to use SAI’s Cashbook to enhance BPCS financials to ensure automation in cash collection and reconciliation. This is how they did it:

• King UK implemented SAI’s bank reconciliation module combined with an automatic bank statement upload from their local bank ensuring that all cash transactions are reconciled daily.
• King UK implemented Customer Direct Debits to enable automation by electronic funds transfer of cash inbound reducing their DSO.
• King UK employed SAI to design a custom cash solution enabling King UK to create a “Customer Hierarchy” to overlay over King UK’s BPCS system. This enables 500+ customers to be “joined” ensuring payment data from customers matches King UK’s accounts receivable data.
• King UK implemented SAI’s Lockbox solution which has so far processed 350,000 invoices in 2005 alone.
• King UK implemented Bank Deposit Slip enabling all daily inbound cheques to be collated in a single banking deposit journal ensuring summarized data was output to their integrated bank reconciliation module. Over 20,000 cheques have been receipted in this manner in 2005 YTD.
• Finally after all automation methods are exhausted and unallocated cash journals, debit notes, credit notes and general ledger entries are required, King use SAI’s cash journal entry posting solution for manual transactions. This solution is up to 30% more efficient at cash posting than standard BPCS ACR500.

Douglas A. Wiggins, (F.I.C.M), National Credit Manager of King UK explains the importance of automation in cash collection.
“In our business where invoice volumes are large it is essential to have automation in Credit Control. Using BPCS financials without Cashbook would have meant a massive uplift in my finance team’s headcount. We challenged SAI to enhance their solution to meet our needs. Overall my team is delighted to be using Cashbook rather than BPCS ACR500 for daily processing. We look forward to working with SAI further in the future.”

King UK is the UK's leading supplier of all non food products used by every type of outlet, from pubs and restaurants, canteens and hotels to nursing homes, schools, leisure centres and offices. King operates from 16 regional locations and depots strategically located throughout the UK, all supported by the most modern 40,000 sq. m distribution hub at Rugby. King UK coordinates over 12,000 customer contacts each day. They stock over 14,000 different products, including a core product range of the 2,500 most commonly used non food products and beverages in catering, the licensed trade, leisure and education. King’s commitment is to provide unsurpassed service levels, reliability, flexibility, product choice and value for money that is second to none.