The Russell Group, one of the UK's leading logistics and warehousing firms, is achieving efficiency savings of over £100,000 per annum after automating its purchase-to-pay process using m-hance's electronic invoice solution, Invoice Approvals and Accruals (IAA).
Before implementing IAA, the Russell Group's purchase-to-pay processes were extremely time-consuming and costly as a result of handling paper. Purchase invoices would arrive into its head office in Glasgow and then have to be circulated to its 15 different sites across the UK where they would require signatory approval. Invoices would often get lost or mislaid, resulting in further delays to the approval process.
Using m-hance's IA A solution the 75,000 invoices that the Russell Group receives each year are now electronically scanned or emailed directly to its head office. IAA accurately tracks the status and location of all unapproved invoices using its finance system's query tool, speeding-up its entire approval process and significantly reducing the amount of wasted time associated with lost or missing documents.
m-hance's invoice matching workflow provides added functionality for users to approve, reject or query scanned invoices via a web browser. This functionality also incorporates enquiries for entering and approving requisitions in addition to checking and approving invoices that have been marked as requiring approval, improving financial visibility and accounts payable reporting.
To streamline its accounts payable processes, the Russell Group is considering implementing eInvoicing, m-hance's new cloud-based invoice processing solution. eInvoicing, which seamlessly interfaces with IAA, enables users to process text PDF invoices received via email, further cutting the costs associated with manual processing and eliminating the need to print, scan and circulate paper invoices.