Williams-Sonoma: Achievements in Productivity Award Runner-up
Awarded to the company that has posted significant gains in productivity, freeing up treasury’s time to focus on more strategic initiatives. Nominated by 3PO.
- Monthly bank-to-book reconciliation process took hours, and sometimes days due to the volume of AP payments.
- Reporting of aggregated bank transactions without associated detail was an issue.
- The potential for a small discrepancy to lead to a large and time consuming investigation caused the Treasury and Accounting teams to seek a better solution.
”Williams-Sonoma is an excellent candidate for this award due to the amount of manual reconciliation time eliminated by automation using Kyriba’s GL Reconciliation module”
- 3PO Consulting worked with Williams-Sonoma to configure advanced GL reconciliation logic to solve this one-to-many reconciliation issue.
- Bank transactions and journal entries related to AP activity were identified through patterns in the text descriptions to facilitate subtotaling and automated reconciliation in the event of a match.
- Eliminated the most difficult part of the reconciliation process in addition to the easy reconciliation work, leaving only exceptions for the team to manage.
- Automation of the most time-consuming part of the process resulted in huge productivity gains across treasury.
Kyriba’s Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba’s annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients’ successes.
Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year.
Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility.
Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!