Grow Your Company With Invoice Processing.
American Solutions for Business is one of the nation’s leading distributors of print, promotional products, office supplies, eCommerce and marketing solutions for businesses. ASB had become heavily focused on customer acquisition and laid out a strategic goal of double-digit sales increases with no new payroll additions. They were also acquiring multiple lower volume distributors who were accustomed to achieving quick turnarounds for their customers. Thanks in part to streamlining invoice processing with PSIGEN, American Solutions for Business achieved double-digit growth in 2016 and is on track to maintain steady increases for the coming year as well. They were able to keep up with the pace of company growth without adding any new positions as intended. Perhaps best of all, they managed to avoid eliminating any existing positions. All of the invoice processing staff members were promoted to higher roles in the company and some have even been further promoted since those initial role changes.
Their system for processing and paying out invoices, however, was manual, laborious and very, very slow. The team who managed the order process after the point of sale and facilitated back-end accounting received invoices via fax, email and mail. From there, each document required 12 touches from time of receipt to filing, with 8-10 individuals physically routing it from department to department.
The result? It took five days for a single document to be processed. The amount of time lost in simply routing paperwork was staggering considering they received anywhere from 8,000 to 10,000 invoices each week. Additionally, the chance of introducing errors was exponential. With so many people handling each of the nearly 1.6 million documents per year, the team constantly found themselves asking, “Where is that invoice?” Physical storage was also a huge liability, and the company had to maintain excess floor space for all the filing cabinets. They knew that to achieve their ambitious goals, they would need to streamline their operational processes and increase their invoice processing speed – a lot.
Any document management solution would need to handle large volumes of invoice processing with ease and be able to accommodate a myriad of different templates. Otherwise, with 7,000 suppliers, it would take multiple employee’s endless amounts of time to input data with point and click. Integration with their existing M-Files document management system and with Oracle PeopleSoft ERP was a non-negotiable. Additionally, with their busy, fast-paced business, the ASB team didn’t have the time to chase down tons of service providers to get their questions answered and needs addressed. They wanted to have one person to call to get something fixed.
PSIGEN easily integrated with both their existing M-Files document management system and ERP. Additionally, the robust template capabilities meant they could configure—and automate—unique data capture for each of their suppliers.
“We expected to get it in place and work out bumps along the way but within the first two weeks, ten people who had been doing the job had all been transitioned into new roles. It was amazing.”
-Miriah Cassidy, Senior Director of Sales Support
Today, ASB is still processing the same number of documents per day, but they are only manually touching about 50 of those. Of the documents being processed, there is a 98.5% accuracy rate, a vast improvement over manual paper processing. In terms of efficiency and cost savings, Cassidy says that the PSIGEN system paid for itself in just 14 days. Other gained efficiencies include a three-day reduction in order processing time and a near elimination of misplaced invoices.