The Russell Group reckons it is saving more than £100,000 per year after automating its purchase-to-pay process.
The Glasgow-based third party logistics provider has switched from a manual process to m-hance’s electronic invoice system, Invoice Approvals and Accruals (IA & A).
Ronnie Johnstone, group ICT manager, said: “Previously it took approximately four weeks from distributing an invoice to the relevant person to manually authorise it and then return the approved invoice to the finance department to process. As the organisation grew this became extremely inefficient as we used to spend inordinate amounts of time chasing people for approval.
“The lack of visibility as to where invoices were in the approval chain also impacted the control we had over our finances and our supplier relationships who are very important to us.”
Now the 75,000 invoices that the Russell Group receives each year are electronically scanned or emailed directly to its head office. IA & A tracks the status and location of all unapproved invoices using its finance system’s query tool, speeding-up its approval process and reducing the amount of wasted time associated with lost or missing documents.
“By automating a range of paper-based processes m-hance’s solution is saving us in excess of £100,000 each year and has given us much greater financial control,” said Johnstone.
The group is considering implementing eInvoicing, m-hance’s cloud-based invoice rocessing solution. Johnstone said: “By dramatically cutting paper consumption we anticipate that eInvoicing will support our green agenda and deliver us additional significant efficiency savings by reducing our processing costs by up to 80 per cent, further improving our bottom line.”