Vengroff, Williams & Associates, Inc. (VWA), a global provider of receivables management and business process outsourcing solutions, today announced that First Look Studios (FLS), an independent distributor and producer of motion pictures and other specialty programming, has reduced aging receivables from 34 percent to 17 percent by outsourcing A/R to VWA.
Recognizing their internal finance and accounting systems were unable to match recent growth, FLS turned to VWA to manage their receivables. Over the last 16 months, VWA was able to reduce aging receivables, improve relationships with key customers and distributors and create customized, best-practices workflow.
“Over the last few years, FLS has grown significantly and we were looking for a partner to help reduce outstanding receivables and improve cash flow,” stated Wella Angeles, Vice President of Accounts Receivable FLS. “VWA’s expertise with the entire order-to-cash process, advanced technologies and their proven understanding of the entertainment industry made them an ideal partner.”
Through organic growth and acquisitions, FLS had significantly outdated receivables with some accounts outstanding for more than a year. Issues surrounding deductions and claim management had led several key vendors to suspend relationships and internal systems were incapable of managing the overall A/R process. By creating a formal structure for the accounting group and establishing best practices for the handling and management of receivables, VWA was able to provide better visibility into the entire order-to-cash process, significantly reducing DSOs from 34 percent to 17 percent increasing cash received.
“As First Look Studios continues to expand its business globally, VWA is proud to be partnering with them to reduce outstanding receivables and drive future growth,” said Mark Vengroff, president and CEO of Vengroff, Williams & Associates, Inc. “With more than 45 years of experience, VWA has the insight and understanding to help our customers drive bottom-line business results.”
About First Look Studios
First Look Studios is a leading independent studio which includes its wholly owned subsidiary, First Look Home Entertainment, Inc. and three key operating divisions: First Look Pictures, First Look Television and First Look Branded Content. The studios’ CEO is Trevor Short, Dean Wilson is COO. The company is owned and operated by First Look Holdings, LLC.
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 or telephone (866) 393-4892.