Streamlining Vendor Invoices with AP Automation

Paying bills on time is critical for maintaining strong supplier relations and ensuring the best available pricing. Yet manually processing invoices is expensive, inefficient, and slow. Labor-intensive reconciliation processes and delayed payment cycles can erode profitability by risking early payment incentives and introducing late fees. Download this case study to learn how CAPP/USA was excited to streamline their accounting practice with Conexiom® Invoice Automation

Conexiom
Conexiom
Background CAPP/USA is a leading supplier of process instrumentation controls, HVAC, and electrical and flame safeguard controls. Founded in 1950, CAPP/USA has earned a reputation as a trusted partner serving the pharmaceutical, chemical, petro-chemical, steel, food, pulp and paper, government, utility, and supplier industries. In addition to an impressive portfolio of brand name products, they’ve honed their internal engineering expertise to manufacture their own line of quality HVAC and process instrumentation products. With over 80,000 customers, CAPP/USA offers a massive inventory with over 1.8 million products carefully sourced from trusted brands. To ensure customer needs are always met, they’ve built relationships with hundreds of leading vendors from around the globe. Naturally, working with this many suppliers adds complexity to business processes, especially when it comes to managing thousands of vendor invoices. Inspired to become more efficient to better serve their customers, CAPP/USA was eager to improve their accounting processes. Challenges Need to Manually Enter High Volume of Vendor Invoices As a busy supplier, CAPP/USA easily receives hundreds of vendor invoices every day. With only a small percentage of EDI-enabled vendors, they found themselves spending countless hours manually processing vendor invoices. In a typical day, several hundred invoices are received and need to be entered, verified, and approved by the accounts payable team. “We often found our team working two hours of overtime daily, which was frustrating and sending operational costs through the roof,” described Elizabeth “Sis” Richardt, Operations Manager at CAPP/USA. Need to Process Invoices Faster Paying bills on time is critical for maintaining strong supplier relations and ensuring the best available pricing. Yet manually processing invoices is expensive, inefficient, and slow. Labor-intensive reconciliation processes and delayed payment cycles can erode profitability by risking early payment incentives and introducing late fees. Processing errors can further delay payment cycles too. “Getting invoices in and out faster and with better accuracy is the key to maintaining high vendor and staff satisfaction,” shared Richardt. Key Results • Accelerated invoice processing speeds • Maximized early payment discounts • Saved thousands of overtime hours • Increased employee satisfaction Need to Reduce Invoice Processing Errors Manually processing supplier invoices introduces the opportunity for natural human error. Shuffling a mountain of paper means that invoices can sometimes be lost or misplaced, resulting in time- consuming vendor inquiries, payment reminders, and possibly late payment penalties. On the other hand, one simple mistake while re-keying data can create a host of challenges that further delay processing times and risk dynamic discounting options. “Mistakes are unavoidable when working with these volumes, but making time for resolutions places additional strain on our already over-worked team,” shared Richardt. The Solution CAPP/USA was excited to streamline their accounting practice with Conexiom® Invoice Automation. “Manually processing vendor invoices was simply taking far too much time,” proclaimed Richardt. “We were ready for change and we turned to Conexiom for help.” Conexiom was a natural fit because it captures critical data from computer-generated invoices and automatically processes them in the existing financial system without requiring human intervention. By mapping vendor invoices directly to their ERP, it also solved the problem of manual re-entry and long reconciliation times. While Conexiom is a popular choice in the world of sales order automation, this was its inaugural application on the invoice automation side. “We’d heard about Conexiom and instantly a light bulb went off,” shared Richardt. “We immediately began Streamlining Vendor Invoices with AP Automation CAPP/USA  866-860-3388  info@conexiom.com exploring its application for vendor invoice processing.” The fit was obvious and CAPP/USA eagerly started to forage into new territory. “The mapping process was extremely smooth and after the initial learning curve, it became lightening fast and now new vendors can easily be ready in less than one week.” Benefits Faster Processing Speeds with Higher Accuracy Now invoice processing happens in seconds rather than hours or days. From receiving invoices to capturing and entering data, Conexiom has completely transformed the accounting process. “By minimizing human intervention, we’ve increased processing speeds while ensuring total accuracy. We’ve achieved our goal to get invoices in faster, as well as our goal to reduce the AP team’s stress levels. It’s a big win,” exclaimed Richardt. No More Manual Reconciliations Without requiring any changes for CAPP/USA’s suppliers, Conexiom processes invoices immediately without having to wait for the AP team, regardless of invoice format. Reconciliation against purchase orders happens in seconds rather than hours using multiple criteria like invoice numbers and dollar figures. “Since the team is no longer overloaded with volume, it’s quick and easy to spot exceptions where the data isn’t 100% aligned,” said Richardt. “Now the team just focuses on the issues and their workload has easily been cut in half.” Eliminated Overtime and Maximized Discounts Reducing the bottleneck of vendor invoices waiting to be processed has eliminated overtime and saved the company thousands each week. “Conexiom has significantly reduced the cost of processing vendor invoices, which ultimately makes us more profitable,” shared Richardt. “As an added benefit, not only does automation provide instant visibility the moment we receive an invoice, but it’s accelerated processing speeds ensuring we maximize our early payment incentives. Our suppliers are thrilled and our staff is too!” The Future CAPP/USA is delighted by the change and eager to continue to add more vendors as their business grows. “We’ve already enrolled our largest 25 vendors and we’re working on our next 25 right now,” stated Richardt. “The experience of working with the entire Conexiom team has been an absolute pleasure and they’re incredibly understanding. They’ve done everything possible to make our lives easier and we’re extremely grateful.” The fit for CAPP/USA has been natural and the results have already exceeded expectations. “Our suppliers are pleased with the move to automation and our vendor relationships are stronger than ever. Internally we’ve never been more efficient and it’s very exciting,” exclaimed Richardt. “We highly recommend Conexiom because it’s the total package. It’s undeniably more accurate and faster, while removing the tedious manual tasks from our AP team to make their lives easier, which creates happier employees and a better work environment.” About Conexiom Conexiom® allows manufacturers and distributors to focus on serving customers and managing supplier relationships instead of entering data. The patent-pending Conexiom solution was created by ecmarket, a cloud solutions developer. Conexiom revolutionizes critical sales and accounting business practices by automating manual entry with 100% accuracy. Conexiom effortlessly converts emailed and printed customer purchase orders and supplier invoices into automated sales orders and invoices, enabling companies to focus on driving growth. Conexiom helps organizations across the globe maintain a competitive edge. For more information visit conexiom.com “We would highly recommend Conexiom because it’s the total package. It’s undeniably more accurate and faster, while removing the tedious manual tasks from our AP team making their lives easier, which creates happier employees and a better work environment.” Elizabeth “Sis” Richardt Operations Manager at CAPP/USA