Image credit: Joe Holland on Unsplash
All accounting departments are being asked to do “more with less.” 😓
👉 And, that’s precisely what Accounts Payable Automation solutions help them accomplish.
For example, we recently interviewed one of our construction clients. A large, national construction company that is known for innovation.
Their AP team receives 300-500 emails a day with PO invoices for material, building, and project supplies.
Prior to using Contexture, four AP clerks spent 65-70% of their time on manual invoice data entry. They sorted incoming invoices into 70+ folders.
The AP team was so busy that it only had time to reconcile statements for critical vendors.
On top of that, the Accounting team was trying to move forward on eight new innovation projects. 👀
Hence the question: “How can we free up time for our AP team?” 🕚
💡That’s when they contacted Contexture.
Since their Contexture AP Automation go-live date in May 2022, the company has automated the processing of 36,862 invoices (approximately 2,000 invoices per month), with a total invoice value of $92 million. 🚀
- Contexture ensures that invoices come from one of the company’s 13,290 approved vendors.
- The AP Manager said that 500 invoices can now be imported in 30 seconds.
- Contexture is helping them process invoices faster in their construction ERP. That gives them comfort that month-ends include all invoices, and there’s better visibility into cash flow.
- It’s much easier now for project managers (PMs) to review and approve invoices from Contexture’s secure cloud application. The AP team no longer has to chase PMs for approvals or spend time manually entering invoice data.
- The AP team runs a days payable outstanding (DPO) report on a weekly basis. The report is much cleaner now.
- Relationships have improved across the board – with Customer Service, vendors, internal project managers, and other stakeholders.
- The company is getting its payments out on time. The team now has more time to answer phone calls and email inquiries. Before, vendors would’ve gone to voice mail or their emails would’ve piled up in an inbox. Now the company responds to all inquiries within 24-48 hours.
- With Contexture, the AP team now has time to reconcile statements for ALL vendors. That was a “pipe dream” before. Reporting is more accurate. They’re able to reconcile GL accounts.
- And they’re able to take on more projects that they didn’t have the capacity to consider before implementing Contexture AP Automation.
Looking for a way to free up time for your AP team to work on higher-value projects? Our team is standing by. We’d be happy to help.
Another example of how Contexture and AI are making life easier for Accounting departments and solving business problems.
A flexible AP automation solution provides the flexibility of "planes, trains, and automobiles" to ensure you arrive at your destination.
Repetitive invoice entry tasks, document matching, and GL coding can all be automated, freeing up employees to focus on more creative and challenging aspects of their work.
Have you ever experienced the exhilarating feeling of driving on the Autobahn in Germany? That's a good analogy for what it's like to use AI and machine learning to automate invoice processing.
