Practices

  • Debt Finance Transactional
  • Asset Finance & Securitization
  • Capital Markets Corporate Governance Mergers & Acquisitions Private Equity Restructuring

Admissions & Qualifications

  • 2008, Maryland Bar
  • 2009, District of Columbia Bar

Languages

  • English
  • Chinese (Mandarin)

Education

  • University of Maryland School of Law, JD, 2008
  • Georgetown University School of Foreign Service, BS, 2004

Eric Maurice Fung, Esq.

Partner | Attorney

efung@bandicoot.us

Minneapolis, MN | Taipei, Taiwan

Eric Fung is a founding partner of Bandicoot, and serves as the managing partner for our Taipei office. Eric started his career in law, practicing corporate finance, mergers/acquisitions, and energy law at Constellation Energy Group, DLA Piper US LLP, and Dickstein Shapiro LLP. In 2011, he became an entrepreneur completing a leveraged buyout of a 37,000 square foot supermarket and in-store restaurant in Minneapolis called United Noodles Marketplace.

During his tenure, he successfully accelerated his businesses to sustained growth. His financial acumen and skill in developing high-performing teams resulted in a 350% growth in sales from 2011 to 2020. He also opened other successful business units and locations, including a Woodbury location and a wholesale division. In 2015, he was named one of Minnesota’s “40 Under 40” for his leadership at United Noodles.

In order to solidify the financial health of his companies, Mr. Fung also developed sophisticated bookkeeping, accounts payable, and other workflow systems that eventually led to his becoming a partner of the Minnesota accounting firm AccountPro LLC. In 2019, it merged with and was rebranded as bandicoot LLC, and has over 80 clients.

Eric has a passion for talent development, and driving diversity in both teams and thought. He is an innovative, entrepreneurially-minded leader, who leads with a long-term view on vision and strategy.

In his spare time, Eric loves cooking, working out, and playing Smash Bros. with his nine year-old son. His most firmly held belief is that every dog is The Best Dog.



INCREASING PRODUCTIVITY

ACCOUNTS PAYABLE
RENAMING SYSTEM

ACCOUNTS PAYABLE



the challenge

Our client is part of a larger federation of consulting companies that use the same enterprise resource planning (ERP) technology, including a unique accounts payable PDF invoice naming convention rubric required under their joint agreement.



The goal of this ERP system was to be able to help member companies by collecting and analyzing data for business intelligence, as well as to create controls and transactional efficiency by coding invoices using the exact naming conventions as dictated by accounts payable policies. This was very taxing on our client, which sought to find a solution that was accurate and less time consuming. In doing so, the client wanted to:

Minimize clerical data entry • Create up-front controls • Minimize physical paper • Create clear and easily traceable audit trails • Minimize clerical data entry • Increase transactional efficiency • Be able to verify invoice data.



The goal of this ERP system was to be able to help member companies by collecting and analyzing data for business intelligence, as well as to create controls and transactional efficiency by coding invoices using the exact naming conventions as dictated by accounts payable policies.


the workflow

Coding invoices is one of those functions that does not receive sufficient attention. But handled inefficiently and inconsistently, it leads to duplicate payments and opens the door to fraud. Consider the company IBM. Its name could be coded:

• International Business Machines
• IBM
• IBM, Inc.

It is conceivable to see how two competent accounts payable team members AP specialists could code the company name in any one of several ways, none of which would be inaccurate, but would allow for the opportunity to create duplicate payments.



We created a system in which clients would run a web-based automation that had a dynamic dropdown vendor list to rename the PDF for submission into the ERP’s accounting system.





We created a system in which clients would run a web-based automation that had a dynamic dropdown vendor list to rename the PDF for submission into the ERP’s accounting system.


in conclusion

Not only did this eliminate the duplication of accounts payable invoices, our custom PDF naming system saved time for team members by minimizing data entry and respective errors using dropdown menus to ensure naming convention compliance.