GARDEN GROVE, Calif., March 12, 2007 (PRIME NEWSWIRE) -- Vengroff, Williams & Associates (VWA), a leading provider of receivable management and business process outsourcing solutions with more than 3000 worldwide customers, today announced the launch of a federal collections strategy designed to ensure that Fortune 500 corporations receive prompt payment when collecting monies from various Federal government agencies. Historically, private industries have had to wait 90-120 days for invoices to government agencies to be paid. With VWA's Government Collections Solutions program, days sales outstanding (DSO) is reduced by as much as 50%, with outstanding invoices paid within 30-60 days.
With the VWA GSP (Government Solutions Program), clients now have a cost effective approach to reach the competitive price point demanded by the Federal government when awarding contracts. VWA's process of remapping and its innovative approach to compliance training allows customers to generate invoices and statements compliant with the Federal government stringent acceptance demands to ensure prompt payment of all receivables. Addressing the need for companies to better manage their cash flow, this program combines advanced forecasting and search capabilities with full global support to ensure that users have the critical insight necessary to drive down DSO and improve cash management -- two key metrics to increasing working capital performance.
VWA's dedicated team of experts quantifies portfolio misses, identifies problems in the order to billing cycle and then, works with clients' internal partners to strategize a plan to significantly reduce payment cycles.
Since September 11th, 2001 there has been push from the federal government to go paperless and for companies to submit electronic invoices. VWA Government Solutions Team has expertise in getting out electronic invoices that match government contracts. VWA can pull together invoices from legacy systems generated by separate departments of a company to match federal requirements and the contract, generating a consolidated SOX compliant proforma invoice. The Prompt Payment Act requires the federal government to pay invoices in 30 days, but on average it takes most companies 90 to 180 day to receive payment from federal agencies. If electronic invoices match up perfectly with the requirements of government contracts, payment is likely received in 30-60 days. With VWA's Government Solutions Program companies receive payment in as little as 15 days. VWA also has helped clients collect monies that have been previously written off.
"Our Federal collections team has experience with all barriers that may delay payment from any of the various government agencies," said Mark Vengroff, CEO of Vengroff, Williams & Associates. "Being able to align execution with strategic intent is essential to the Government Solutions Program. We are now able to offer the industry's premiere complete receivables package service for enterprise organizations working with federal agencies."
With over thirty years of Federal collections experience, and second tier certifications, VWA is positioned as the industry leader in reduction of DSO relative to Federal portfolios. Detailed knowledge of FARS (Federal Acquisition Regulation System) compliance and the Prompt Payment Act allows the collections staff to avoid delayed payment from the various federal agencies. VWA offers information technology services to create a multifunctional, interactive Federal specific website (EIPP). This site could include purchase order entry, terms and conditions, document and customer searches, statements and electronic payments on-line.
"Due to our Federal specific treatment schedules, process remapping, online billing and payment portals and long term relationships developed with each of the major Federal agencies VWA's clients receive the benefits of increased cash flow and are able to close sales more quickly," said David Laud, Director of Operations at Vengroff, Williams & Associates. "Our Government Solutions Program is designed to navigate through all of the government red tape and strict compliance barriers to ensure prompt payment and reduced DSO."
"The VWA resources assigned to manage the Hewlett-Packard portfolio have a very strong knowledge of the federal business," said Derrick Haliburton, Federal Collections Manager of the Hewlett-Packard Company. "The VWA team has represented themselves professionally as HP collection personnel, adhered to HP processes and policies and delivered strong financial results to the corporation. I would highly recommend VWA as a valued outsourced business partner."
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, VWA's 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. VWA has been named a Top 21 enterprise-level FAO service provider by FAO Today Magazine. To learn more about VWA, please visit www.vwainc.com or telephone (866) 393-4892.