We just had to deal with it!
This is what Elise Byrd, AP Manager at Silver Eagle Distributors, told me about the situation prior to implementing an automated invoice workflow. The problems with Silver Eagle Distributors’ previous process were many… and affected critical business functions, such as:
- High volume of supplier invoices with no centralized logging and capturing process putting a huge burden on the AP team to keep track of invoices.
- Manual three-way matching process using excel spreadsheets, paper invoices and emails to supplier for investigation, turning the matching process into a lengthy nightmarish process.
- Low visibility into expense invoices (outside purchase orders) where invoices could get stuck on buyers’ desks or inboxes making accrual and forecasting inaccurate.
So the journey begun…
The timing was right when we sat down with Elise for dinner at a finance conference. She already knew how technology could fixed her issues using AP automation – since, it turned out, she had done it already at past companies, four times to be precise. Elise’ goal was to attain success in five distinct areas:
- Maximize automation in invoice processing
- Cutting cost and time
- Reducing errors in the process
- Gaining financial visibility and control
- Deliver better service to the organization and suppliers
The happy ending
“With more than 90% of all accounts payable invoices now automated and essentially touchless, we now have control of our true financial picture. Everyone is thrilled – the AP team, the business, our suppliers. The outcome is absolutely remarkable!” – Elise Byrd, AP Manager at Silver Eagle Distributors.
This AP automation project has truly changed the world for the entire business: everything is digitized and accounted for. It’s incredibly easy to securely approve invoices via mobile, and easy to report and research. The positive side-effects are many: the finance team can report on time and with full accuracy, managers can find answers to their budget review questions and easily forecast using simple reporting tools.
For Silver Eagle Distributors the transformation from a decentralized, paper-based process to an automated workflow with 90% touchless invoice processing was accomplished record-fast – measured in weeks, rather than months.
Download the full case study Gaining Financial Visibility in Weeks with Automated AP Workflows for more insights into Silver Eagle Distributors’ journey and benchmarks of their accomplishments so far. Or hear Elise’s own words at this recorded webinar session: The Truth Behind Accrual Surprises.
Feel free to contact me to discuss how to initiate your organization’s AP automation success saga.