Automated Invoice Processing System Delivers Cost Savings for Entire European Sales Network
Panasonic Batteries decided to deploy an advanced invoice automation solution that would streamline its finance operations, boost productivity and reduce invoice processing costs, whilst ensuring compliance. Panasonic Batteries receives documents in multiple languages from over 25 countries across Europe and Russia in its central Financial processing department. “Our main challenge was to automate the handling of supplier invoices in order to improve processing times and minimize the need for manual input,” says Kurt De Smet, Accounting Manager at Panasonic Batteries.
Key Challenges
- Integrate invoice processing solution with existing SAP ERP infrastructure.
- Automate accounts payable activity to manage the flow of invoices effectively and efficiently.
- Increase visibility and efficiency across the organisation for employees throughout Europe
The Solution: Basware Invoice Automation
The unique Basware Invoice Automation suite, comprising Basware Invoice Processing and Basware Matching solutions, enables fully automated workflow from data capture to review, approval, cost allocation and transfer to payment and is designed to integrate with the organisation’s existing processes.
Supplier invoices arriving at the company’s Brussels headquarters are scanned using Kofax Xtrata software, which extracts critical data from the paper invoices and feeds it into Basware Invoice Processing for automatic matching with approved purchase orders in accordance with the business rules set. Invoices are then sent into the approval workflow and automatically forwarded to the accounts department for payment when approved.
“The solution has been seamlessly integrated into our existing SAP ERP infrastructure. Once they are scanned and into the workflow system, invoices can be matched to purchase orders in SAP and automatically routed for approval and action,” said Kurt De Smet, Accounting Manager at Panasonic Batteries.
Key Benefits
- Invoice processing times and costs reduced by 60%
- Electronic versions of documents have simplified the process of reclaiming VAT.
- Country managers can approve invoices remotely
- Enables more accurate financial forecasts and better management of cash flow.
- Boosted overall efficiency and streamlined administration