Retailers deal with hundreds (if not thousands) of different vendors, large volumes of complex invoices with endless invoice lines that need to be matched to purchase orders and goods receipts.   

Medius for retail enables full control of the accounts payable process, from quickly matching invoices to ensuring on-time payments to suppliers. This helps manage unregulated indirect spend and provides the efficiency needed for retailers to survive in a fast-paced, competitive industry. 

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, Silver Eagle Distributors

With Medius AP automation & Medius Pay for retail, you’ll get:

  • An advanced invoice matching engine that automatically matches even the most complex scenarios from any invoice source, scanned, emailed PDF, XML or EDI
  • Automation tools to accelerate both PO and non-PO invoices enabling the highest rate of touchless invoice processing in the industry 
  • Visibility and control of the accounts payable process, including non-merch spend, with full access to data for process performance KPIs and financial reports
  • Pre-packaged connector to Microsoft Dynamics AX/365, as well as other leading ERP systems on the market 
  • Streamlined payment process with a single user interface using the most efficient and cost-effective manner for each supplier - whether by card, ACH or electronic print check
  • Market-leading take-up of virtual card payments generate substantial rebate revenues for your business

 

How it works: AP automation for retail

By automating every step of the invoice management process, Medius allows you to reduce manual work, accelerate invoice processing, and gain greater financial control and visibility.

We automate even the most complex retail accounts payable scenarios  

Retailers often receive numerous and complex invoices from a large number of vendors with detailed information about the ordered goods including item number, color and size. For accounts payable, the task to match each invoice line to the corresponding rows in a purchase order and goods receipt can be lengthy and complicated, to say the least.  

Medius’ advanced invoice matching engine has been designed to automate even the most complex matching scenarios and enable a high degree of fully automated – touchless – invoice processing. In fact, retailers using Medius achieve an average touchless ratio of 71% with leaders hitting 90% - meaning 9 out of 10 invoices are automatically matched to the purchase order and goods receipt, coded and posted in the ERP for payment without any user intervention whatsoever.  

In the case a human does need to be involved, such as when a deviation is identified by the system, Medius makes the process smooth and easy by presenting only the deviating invoice line to the correct buyer or approver in the organization.

Our vendors are extremely happy. In the past, we were struggling to pay an invoice in less than 45 days. With Medius we have been able to shorten our invoice processing lead time to in average 11 days.

- Regis Litre, CIO, Marc Jacobs


Efficient and scalable accounts payable supports retail growth  

The retail industry is characterized by rapid growth, high consumer expectations for speed and quality, disperse locations as well as low margins on products and fierce competition. In this challenging environment, streamlined and efficient business operations is a must for any retailer to simply stay in business.  

Medius allows retailers to automate and accelerate their invoice processing for PO-based as well as non-PO based invoices for indirect or non-merch spend.

 

 

With invoice processing lead time dramatically reduced, you can ensure vendors are always paid in time and even take advantage of early payment discounts. In addition, the reporting capabilities in MediusFlow provide easy access to the data you need to gain full visibility of the AP process, take control of indirect spend and provide accurate month-end numbers to the financial statements. 

With 20+ years of experience automating the AP process for hundreds of retailers around the world, Medius applies tried and true best-practice workflows tailored to remove the specific challenges that retailers face. Contact us to discuss how Medius can support your retail business growth. 

 

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Learn more

Learn more about how Medius supports retail businesses.

Product Guide: Medius Pay

Download this guide to learn how you can manage payments across all payment methods and geographies, delivering a simple, secure process for supplier payments that turns a cost line into a revenue stream. 

Case study: How furniture retailer Bohus increased automation level by 100%

Norwegian furniture retailer Bohus has achieved best-in-class AP invoice automation, with 80% touchless processing, by upgrading to MediusFlow in the cloud.

Video: 10-min solution demo

Watch a full video demonstration of MediusFlow and discover the benefits of true accounts payable automation.

Retailers who successfully have automated their AP with Medius