Company Summary

A fast-growing retail company established in North America was planning to expand their footprints across all major cities in the U.S. By providing memorable shopping experience to customers, the company had already carved a niche for themselves in the retail space. The company was quite positive about their expansion, and they had a strong sense of belief in their grit, determination, and far-reaching vision. Not to mention their ability to tap into new markets and decode customers’ needs and behavior in no time.

Challenges

Although the company was experiencing steady and quick growth, they had growing concerns over their accounts payable process. The relationships with suppliers were getting sour owing to their inability to pay the suppliers invoices in the given time. As the company grew and more and more suppliers came in, the struggle to accurately track, record, and analyze invoices from hundreds of suppliers in real-time became apparent. 

Even the finance team was losing the uphill battle of keeping pace with fast growing amount of payable invoices exceeding 500-600 per day. In some cases, a single invoice could take 1-2 weeks to get the approval leading to backlogs and improper documentation.

As a result, the company’s productivity decreased and that led to payment delays hindering them from meeting the expectations of suppliers and hurting their reputation in the industry. For the company, gaining complete control over their account payable process and streamlining payment delivery became the need of the hour.

 In fact, it became a key priority over their expansion.

Solution

The company decided to implement an invoice management solution that leveraged cutting-edge technologies to automate their account payable process. In order to meet this need, they approached a renowned invoice management solution provider who had prior experience in helping retailers meet their invoice processing requirements. 

Understanding the situation the company is in, the solution provider armed them with a state-of-the-art invoice management solution that would enable suppliers to submit e-invoice themselves. The solution was highly customizable and also allowed suppliers to even integrate this into their own tools to streamline their operations. 

The implementation of the solution enabled the company to receive invoices that had already been digitized and also eliminated the need for emails and data entry and other tedious tasks, besides verifying the data and making the payment. It also saved a lot of time for the company as suppliers had their own access to submit and track invoices.

Benefits

From digitizing the accounts payable workflow to saving time and increasing productivity, the company has had reaped a host of benefits implementing the invoice management solution. The strategic benefits such as faster invoice processing, lower costs per invoice, and decreased error rates totally changed the way the company approached the account payable process. Since implementing the solution, the company was able to:

• Reduce invoice backlog by 60% in one month

• 80 % faster invoice approvals

• 100 % proper documentation of invoices

• 50 % increase in accounts payable productivity

• Returned valuable time to overworked finance team

 While the solution immediately addressed all the challenges associated with invoicing and payment delays, it also brought transparency and visibility into their account payable workflow, making it a predictable and seamless process to handle for the finance team.

Not only did this strengthen the relationship with suppliers, but also paved way for new collaborations that could assure continuous growth. This, in turn, improved the morale of the finance team at the company and gave them the confidence they needed to focus on their future business endeavors. 

With the right invoice management solution in place, now the company could direct all their attention to their future expansion.

Read more about Cassini’s Smart Invoice Management here. Contact Cassini Technology Consulting to learn more about how the Smart Invoice Management solution can turnaround your vendor invoice management process. Call +91-915-6738-110 or visit www.cassinitech.com to schedule a live demo.