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Receivables solution rewrites reconciliation at JK Paper

Published: Feb 2025
Adam Smith Awards Asia 2024 logo

Best in Class Treasury Solution in India

Highly Commended Winner

JK Paper

Ashok Gupta

Senior Vice President, Finance & Accounting
JK Paper logo

Established in 1962, JK Paper is the leading player in office paper, coated paper and packaging board segments in India.

in partnership with

Axis Bank logo

The challenge

The primary challenges faced by JK Paper included:

  • Manual reconciliation effort – with thousands of invoices generated each month for every dealer, JK Paper’s invoice presentment and reconciliation processes were leading to significant time consumption and errors. The team was able to identify the buyer who had made the payment however, identifying against which invoice the payment was made, was a manual activity, resulting in inefficient cash flow management and high days sales outstanding (DSO).

  • Lack of real-time visibility – the manual nature of their process provided limited real-time visibility into the company’s accounts receivables. This lack of visibility made it difficult for JK Paper to make informed decisions regarding credit management and stop supply mechanism.

  • Complex matching and reconciliation requirements – JK Paper deals with a range of diverse wholesale dealers, sub dealers and retailers, each with specific payment practices. The complexity of matching invoices with payments further complicated reconciliation efforts.

The solution

JK Paper worked with Axis Bank and implemented the bank’s receivables solution (ARS).

Industry leading – integrated receivables reconciliation and financing solution

Industry leading – integrated receivables reconciliation and financing solution

Best practice and innovation

The receivables solution embodies best practice by automating and streamlining the traditionally manual process of invoice reconciliation, thereby reducing errors and enhancing accuracy. Its integration with JK Paper’s ERP system ensures seamless data flow, minimises human intervention and optimises efficiency. The solution adheres to industry best practices by leveraging real-time data analytics, which provides immediate visibility into the account receivables.

Innovation is demonstrated through the solution’s advanced capabilities such as automated matching of complex transactions and scalability to handle increasing volumes. The use of real-time dashboards and analytics tools is the significant leap forward, offering actionable insights and empowering JK Paper to make data-driven decisions. By enhancing DSO management and cash flow optimisation, ARS sets a new standard in financial technology solutions, demonstrating a forward-thinking approach to solving common industry challenges.

This combination of best practices and innovative technology makes ARS a leading solution in the market, driving significant improvements in operational efficiency and financial performance for JK Paper.

Key benefits

  • Cost savings.

  • Headcount savings.

  • Increased automation.

  • Improved visibility.

  • Manual intervention reduced.

  • Customer satisfaction.

“Our journey in implementing ARS reflects commitment to innovation and operational excellence, positioning us as a leader in treasury management. This customisable solution not only addresses our existing industry challenges but also anticipates our future needs,” says Ashok Gupta, Senior Vice President, Finance & Accounting.

Vivek Gupta

President & Head – Wholesale Banking Products, Axis Bank

This recognition is a testament to Axis Bank’s commitment to deliver best in class transaction banking solutions for our clients to enable them to be future-ready in their treasury transformation journey. ARS has helped JK Paper streamline their cash flows, achieve faster reconciliation, and improve their real time visibility into their finances. At Axis Bank, we are proud to be a trusted partner to clients as their operational bank of choice.

in partnership with

Axis Bank logo
Adam Smith Awards sail

The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. The 2024 awards attracted 406 nominations. To find out more please visit treasurytoday.com/adam-smith-awards-asia

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