Automate accounts receivable to ensure the integrity of data
Even large companies occasionally need to take a look at their existing systems and processes—especially in an era when customers are looking for high quality digital experiences.
One of our clients, a sporting equipment company, was in the process of examining its systems and processes. This impressive company had been growing rapidly. It was producing more than 65,000 invoices a month, and up to 3,000 were being disputed on a monthly basis. The accounts receivable staff was large, but they couldn’t handle all the work manually and meet the deadlines.
So the company needed to automate its processes and digitize the accounts receivable. In order to do so, they needed to digitally coordinate the different teams to ensure consistency between all the processes and information they shared. But changing systems and processes is not that simple for such large companies. Luckily, there are solutions! Here is a detailed account of how our client overcame the challenge.
Multiple legacy systems that didn’t work well together
The company was established a number of years ago and had grown at a rapid rate, so it ended up with several systems. And those systems were not totally compatible. As a result, their data was not always reliable. Invoices sometimes had errors, leading to late payments by customers.
There was also a lack of consistency between the company’s various documents. In fact, each system had its own design and templates. The company sometimes had several types of documents that were quite different from one another. Making changes to all of those documents would have required an outside consultant and a great deal of time.
A need to automate and ensure data integrity
So they needed a solution that would allow them to make their existing systems compatible in order to continue using them. At the same time, they wanted to automate their processes and ensure the integrity of their data. To cut down on the manual work and reduce errors, the accounts receivable had to be automated.
The company first considered a custom SAP solution. But it would have taken years to implement and the company couldn’t wait that long. Moreover, they couldn’t give up all their existing systems, not to mention the costs it would entail.
OL Connect, the key to automating and digitizing accounts receivable
The company needed a solution that would meet all of these criteria, yet one that was affordable and quick to implement.
With OL Connect, Objectif Lune’s solution, the company managed to connect all of its various systems, making it possible to access all data and ensure that the invoices were accurate.
Here are some of the things they achieved, thanks to the OL solution:
- Automate their accounts receivable processes, such as verifying that the order, proof of delivery and invoice match.
- Save on mailing costs. By automating the printing and sending of paper and digital mail, the company has saved $200,000 in postage fees.
- Reduce manual work. Since the processes have been automated, the employees can now focus on more strategic tasks.
- Cut down on the number of invoice disputes. With better communication between systems, the data is more reliable. In addition, by eliminating some of the manual tasks, fewer errors occur.
- Offer electronic invoices, which is something their customers wanted. This contributes to a better user experience, among other things.
The company successfully adapted its circumstances to the digital world, all the while respecting its customers’ wishes. At Objectif Lune, we are ready to support the company in its next steps—but at its own pace! If you want to optimize your accounts receivable processes, get in touch with us.