We wrote on the various types of exceptions at each stage. We had also shared a laundry list of exceptions earlier.
So, what would be the typical steps for processing of exceptions? At each stage, the following steps or some of these will be mandated:
- Identify the exception
- Look for a solution in the repository / prior learning database
- If exists, provide a solution and move the transaction for further processing (like some vendor details, which can be pulled from an existing database)
- Log the entry in a tracking log, this could be a manual list, (like at the scan center) or an entry in the workflow.
- Identify the return entity, the person to whom this transaction has to be sent for rectification.
- Route the transaction for resolution.
- Receive the transaction post resolution.
- Also, keep a check on the turnaround, and send appropriate / agreed reminders at pre-defined periodicity.
- Once the transaction is received back after resolution, check again for completeness / other or additional requirements.
- If needed send again for resolution.
- Once fully resolved, move for further processing, which could be upload to ERP / for payment / as required.
This will have to be customized as per your client requirements and will apply to almost all processes, F & A and non-F & A as well. This might seem common information, however, reduction of exceptions is a critical process improvement area, and a lot of people actually ignore this area and end up losing their sleep as well.
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