Hot Yoga, Cool Clothes, Better Shared Services Processes
How lululemon Improves its Finance Operations After Massive Growth
Date: January 25, 2022
Time: 1:00pm - 2:00pm EST
Speakers:
• Jose Sorondo, Director, Global Finance Shared Services at lululemon
• Phil Beane, SVP, Global Field Operations at apexanalytix
• Mark Brousseau, President at Brousseau & Associates
Jose Sorondo joined lululemon as Director, Global Finance Shared Services in 2018 and has helped the company by leading finance shared services during its rocket ship growth.
It takes a lot of suppliers to run a fast-paced apparel company. In AP, once in a while, one of these suppliers would call to say: “There has been an error in the payment received.” During massive growth, duplicate payments happen. Having suppliers point this out is amazing. But how many didn’t call the AP desk? And, on average, only 20% of audit recoveries stem from duplicate payments. Most are hidden credits from cancelled invoices, returns, payments to the wrong suppliers and the list goes on.
Hear Jose tell his story of growth at lululemon and how an AP recovery audit has helped provide insight to improve operations.
• Why lululemon decided to do a recovery audit
• How much time was spent on the audit (when they were already busy)
• Creating business cases with audit findings
• Addressing multiple recoveries stemming from one supplier
• Next steps for lululemon shared services