Case Study: Customer Master File Setup and Maintenance at Global Experience Specialists
When data in the customer master file (CMF) is set up accurately from the start and the file is properly maintained, billing is better able to avoid invoicing errors and ensure prompt remittances, while AR is better able to track payment histories, foster constructive customer relationships, and provide accurate customer information to the decision-makers in the C suite.
To glean some advice for effective CMF management, the AR & O2C Network interviewed Cody McKamey, Accounting Specialist, Operational & Performance Excellence, Shared Services Accounting Group, at Global Experience Specialists (GES), a Las Vegas-based global service provider for live events.
“We have more than 6,000 accounts in our customer master file, which we maintain in Oracle. The credit department is the ‘owner’ of the customer master file and has authority whenever CMF processes and procedures are reviewed or changed. No one has access to the CMF who doesn’t really need it. We strictly limit the number of people who can actually go into the file and make additions or changes,” McKamey explains.
McKamey worked as a credit analyst in AR before recently switching into a rotational position that allows him to “float” within Shared ...