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Case Study – Aston Martin

Case Study – Aston Martin

Headline

Driving Quality and Accuracy in AP Processes

The client

Aston Martin is a globally recognised luxury brand and a leader in the high luxury sports car market. For more than a century, the brand has symbolised exclusivity, elegance, power, beauty, sophistication, innovation, performance and an exceptional standard of styling and design.

Their cars sit primarily within the HLS car market and their market leadership position is supported by award winning design and engineering capabilities, world-class technology and modern facilities, creating distinctive model line-ups. The rich and prestigious heritage of delivering beautiful awe-inspiring cars defines Aston Martin as something truly unique within the automotive industry.

The requirement

Recognising that an Accounts Payable review could identify any overpayments and deliver potential cash recoveries completely risk free as well as independently validating AP systems and existing duplicate software protocols were also working well. Rockford Associates were identified as the best solution provider and contracted to complete an AP and VAT Review.

The solution

Rockford Associates reviewed four years of data, extracting AP transaction data directly from the Microsoft Dynamics Accounts transaction data. The process was simple and straight forward as no scripting or software development was required. The data was uploaded to Rockford’s secure share file site (Rockford is Cyber Essentials Plus Certified) and Rockford produced AP Analytics reports by running the data through its bespoke data mining software “Pathfinder”.

A senior Recovery Auditor delivered a full end to end review. With access to mail, systems and scanning in place the Auditor identified, verified and recovered a number of over-payments by conducting a seamless statement review whilst concurrently analysing Rockford AP Analytic reports.

The audit was delivered 100% remotely whilst the Aston Martin AP team were working a Hybrid/Remote working policy to ensure the minimum of disruption to the Finance Team.

The results

In total 406,000 transactions over the four-year period were analysed, 99.99% of transactions by volume and 99.99% by value were correctly processed. Of the transactions reviewed 84 overpayments were identified, resulting in a six-figure cash sum recovery.

In addition to the recoveries Aston Martin welcomed Rockford’s independent validation and positive reassurance that their internal controls and duplicate software processes were operating effectively and clearly within the parameters of a well-managed organisation.

406,000

Transactions

99.99%

Transactions processed
correctly by invoice value

84

Exceptions

99.99%

Transactions processed
correctly by invoice volume

6

Recommendations advised from Findings and Recommendation report

Testimonials

“Rockford Associates were contracted to complete an independent review of our Accounts Payable processes. They were able to complete the audit with little or no impact on our day to day activities and support our AP team whilst helping to make our existing processes even better”.

Jason Sahunta – Senior Accounting Analyst, Aston Martin

“It was a pleasure to work with the Aston Martin AP team and assist with recovery of overpayments whilst delivering a full analytical AP review service. All service was delivered entirely remotely and seamlessly to all Aston Martin suppliers. Our risk-free reviews ensure Clients never lose and Rockford is only rewarded on a No win No Fee basis.”

Ray Dorney – Director, Rockford Associates Limited

Find out more

To find out more and how you would benefit from an audit completed by Rockford Associates, or if you would like to see more case studies of how we have assisted other organisations please see our contact details below.

Contact:

Rockford Associates Limited
Aston Court
Kingsmead Business Park
High Wycombe
HP11 1LA

Telephone :    07732 294810

Email :             raydorney@rockfordassociates.co.uk