Our client, a prominent financial services company, manages a vast network of suppliers, vendors, and partners. Their Accounts Payable (AP) process was manual, time-consuming, and error-prone. They sought efficiency gains and accuracy improvements to streamline their financial operations. 

Challenge

  • The existing AP process involved manual data entry, leading to errors, delays, and inefficiencies. 
  • The approval workflow was cumbersome, causing delays in payment processing. 
  • The client lacked real-time visibility into payables, hindering decision-making and cash flow management. 
  • Manual handling of invoices incurred high operational costs.

Solution

  • We seamlessly integrated an automated AP solution with NetSuite, leveraging its robust financial management capabilities. 
  • Optical Character Recognition (OCR) software was deployed to extract data from invoices accurately. 
  • We designed an approval workflow within NetSuite, ensuring timely approvals and reducing bottlenecks. 
  • Vendor self-service portals allowed suppliers to submit invoices electronically, enhancing collaboration. 
  • Custom dashboards provided real-time insights into payables, enabling better financial planning. 

Results

  • Manual data entry time reduced by 70%, allowing AP staff to focus on value-added tasks. Faster Approvals: Invoice approval cycles shortened by 50%, improving payment timelines.
  • Operational costs decreased significantly due to streamlined processes.
  • OCR technology minimized data entry errors.
  • Vendor portals led to better communication and transparency.
  • Decision-makers gained instant visibility into payables for strategic planning.

Interested in transforming your AP process? Get in touch with our team for a personalized consultation and learn how NetSuite automation can revolutionize your financial operations.