SOURCE: Vengroff, Williams & Associates

November 19, 2008 13:16 ET

Vengroff, Williams & Associates, Inc. Streamlines Accounts Receivables Processes by up to 50 Percent

Global Finance and Accounting Outsource Provider Exceeds Goals With Third-Party Collections to Accelerate Cash Flow Across Multiple Industries

GARDEN GROVE, CA--(Marketwire - November 19, 2008) - Vengroff, Williams & Associates, Inc., a global provider of receivables management and business process outsourcing solutions, announced today that numerous clients including The Inventure Group and Rieck Services have seen increased cash collected by 58%, while liquidity in the past three months alone has increased more than 10% by outsourcing to Vengroff, Williams and Associates. The Inventure Group and Rieck Services companies selected Vengroff, Williams and Associates, Inc. to both streamline and optimize their accounts receivable processes.

In selecting Vengroff, Williams and Associates, both Rieck Services and The Inventure Group have chosen a leading provider of finance and accounting outsourcing programs with global expertise in customized deduction management solutions designed to improve operational excellence, customer satisfaction and most importantly, to drive toward best practices and continued process improvements by incorporating technology into what has been, traditionally, a manual-process oriented series of tasks.

Rieck Services, a 117-year old manufacturer of heating, ventilation and air conditioning systems based in Dayton, Ohio, was able to collect on 50 percent of funds in three months, while the Inventure Group, a major marketer and manufacturer of specialty food brands based in Minneapolis, Minnesota, realized a 35 percent reduction in aging receivables over the past 12 months.

"Working with Vengroff, Williams & Associates over the last year has made a significant impact on our business. They've been able to close some difficult accounts and allow me to focus on other more important issues like our key customers," commented Carrie Patko, accounts receivables manager at The Inventure Group. "I've worked with other firms in the past, yet the team from VWA has been, by far, the most thorough and responsive. The results have been a reduction in DDO and an increase in dollars collected of invalid deductions. Overall, we have reduced our deduction balances and continue to keep them current and worked in a timely fashion. Vengroff, Williams and Associates are providing us with much needed deduction expertise which translates into dollars to our bottom line."

As a result of the slowing economy, both organizations were faced with the issue of deductions increasing and limited internal resources. Both The Inventure Group and Rieck Services sought to reduce the deduction balances and collect more invalid deductions, while reducing DDO and DSO and effectively determining credit exposure and its accounts receivables. In tandem with Vengroff, Williams and Associates, they were able to increase cash flow and operating capital, while enabling the internal staff to focus on key customers and more strategic activities.

Vengroff, Williams and Associates offers end-to-end finance and accounting solutions that enable large enterprise or mid-size companies to quickly outsource all or part of the order-to-cash process. With more than 45 years of experience in receivables management, Vengroff, Williams and Associates has the unparalleled insight and understanding to generate fast, measurable results by providing a dedicated team, proven best practices and state-of-the-art technology. VWA's open technology platform enables easy access to internal receivables data further expediting the collections process.

"With the recent downturn in the economy, we have been experiencing an increase in past due accounts. Some of our long standing clients have become delinquent and were not returning our calls," commented Mike Stemen, chief financial officer for Rieck Services. "The VWA team has been able to come in quickly and start collecting in no time at all. They've reduced our 90-day DSO substantially helping increase cash flow, which in today's market -- is the name of the game."

"Whenever the economy goes south, businesses inevitably see an increase in slow-and non-paying customers. During these difficult times cash flow is king and optimizing collection efforts is essential for success," commented Robert Sherman, president of Vengroff, Williams and Associates, Inc. "Managing credit and collections in-house can be a tedious and complex task that consumes resources and staff time. VWA has the insight and experience to help our customers drive bottom line results efficiently and effectively."

About Vengroff, Williams & Associates, Inc.

Founded in 1963, and with $23 billion dollars under its management, Vengroff, Williams & Associates is a leading provider of receivables management business process outsourcing (BPO) solutions for Fortune 1000 companies such as Ford Motor Company, Federal Express, Kodak, Microsoft, Yamaha and others. Applying state-of-the-art proprietary information systems, best practice work flow and people to realize cost reductions, operating efficiencies, and improved process design, Vengroff, Williams and Associates' approach enables clients to easily insource or outsource all or part of the quote-to-cash function. Solutions are customized to each client's requirements or expanded to incorporate specialized tools and SAS 70 compliant processes and procedures. Services include full order to cash processing, third party collections, EIPP systems, deduction management, dispute management, auto cash solutions, front-end risk mitigation, and tax resolution. Named a Top 21 enterprise-level FAO service provider by FAO Today Magazine and to the Global Services Top 10 in the FAO Category, to learn more about the award-winning Vengroff, Williams and Associates, please visit www.vwainc.com or telephone (866) 393-4892.

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