Company: DEF Manufacturing
Size: 1000 employees
DEF Manufacturing, a mid-sized manufacturing company, was facing several challenges with their accounts payable process. Their manual process was time-consuming, prone to errors, and lacked transparency. The process involved manually entering data from paper invoices into the accounting system, which was both labor-intensive and error-prone. Additionally, there was a lack of visibility into the status of invoices, making it difficult for the company to manage cash flow and vendor relationships.
To address these challenges, DEF Manufacturing implemented an accounts payable automation solution. The solution included the following key features:
- Automated data capture: The solution uses optical character recognition (OCR) technology to automatically extract data from paper invoices and digitize them. This eliminates the need for manual data entry and reduces the risk of errors.
- Electronic invoice processing: The solution allows vendors to submit invoices electronically, which streamlines the process and eliminates the need for paper invoices.
- Workflow automation: The solution includes a built-in workflow that routes invoices to the appropriate approver for review and approval. This ensures that invoices are processed in a timely manner and reduces the risk of delays.
- Reporting and analytics: The solution provides real-time visibility into the status of invoices, allowing the company to better manage cash flow and vendor relationships.
DEF Manufacturing has seen significant benefits from implementing the accounts payable automation solution. The automated data capture and electronic invoice processing have reduced the time and effort required to process invoices. The workflow automation has improved the efficiency of the process and reduced the risk of delays. And the reporting and analytics have provided valuable insights into the company’s cash flow and vendor relationships. Overall, the solution has helped DEF Manufacturing to improve the accuracy, efficiency, and visibility of their accounts payable process. This has also helped the organization to keep a better track of the expenses and keep the cash flow stable.