Business Issues -> Costs
Released: 10th September 2012
The Russell Group, one of the UK’s leading logistics and warehousing firms, is achieving efficiency savings of over £100,000 per year after automating its purchase-to-pay process using m-hance’s electronic invoice solution, Invoice Approvals and Accruals (IA & A).
Before implementing IA & A, 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.
Ronnie Johnstone, Group ICT Manager, from the Russell Group, explains, “Previously it took approximately four weeks from distributing an invoice to the relevant person to manually authorise it and then return the approved invoice to the finance department to process. As the organisation grew this became extremely inefficient as we used to spend inordinate amounts of time chasing people for approval.”
Johnstone continues, “The lack of visibility as to where invoices were in the approval chain also impacted the control we had over our finances and our supplier relationships who are very important to us.”
Using m-hance’s IA & A solution tightly integrated into its finance system, the 75,000 invoices that the Russell Group receives each year are now electronically scanned or emailed directly to its head office. IA & A 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.
The solution’s powerful 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.
Johnstone comments, “By automating a range of paper-based processes m-hance’s solution is saving us in excess of £100,000 each year and has given us much greater financial control. IA & A is so easy to use and has given us remarkable time savings by reducing our invoice approval times from four weeks to just ten minutes, transforming staff productivity levels. Furthermore, paying our invoices in a timelier manner has enhanced our supplier relationships, and will place us in a stronger position to negotiate early payment discounts in the future.”
To further 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 IA & A, enables users to easily process text PDF invoices received via email, further cutting the costs associated with manual processing and eliminating the need to ever print, scan and circulate paper invoices.
Johnstone adds, “As a leading supply chain and logistics company we take our responsibilities to the environment extremely seriously. By dramatically cutting paper consumption we anticipate that eInvoicing will support our green agenda and deliver us additional significant efficiency savings by reducing our processing costs by up to 80%, further improving our bottom line.”
About The Russell Group www.johngrussell.co.uk
Founded in 1969, The Russell Group works in partnership with customers to provide cost-effective solutions and services to enhance their supply chain, consistently delivering value added logistics. This encompasses domestic and international transport, rail freight terminals, warehousing and storage and packing and rework services.
Over 40 years on, The Russell Group has established itself as a market leader, having built an enviable reputation servicing some of Europe’s largest blue chip organisations and the world’s strongest brands. Along with the continual success in the transport and logistics sector, The Russell Group has diversified into new markets, expanding the Russell brand into property, self storage, container leasing and both consumer and commercial electronics.
About m-hance www.m-hance.com
m-hance is a UK-based company providing innovative and functionally rich business software solutions to 2400 mid-market sized organisations including Innocent Drinks, RFU, Viridor, Millennium Hotels, Make-A-Wish, Met Film School, Hewden and Endsleigh Insurance. m-hance’s core solutions offering consists of financial management, CRM, enterprise social networking, HR & Payroll, managed services and software development in a variety of vertical markets including distribution, manufacturing, not-for-profit, professional services and infrastructure.
m-hance has been formed following the acquisitions of Calyx Software, Gyrosoft, Trinity Computer Services and elements of MentecPlus, Touchstone Group and Maxima Holdings plc. m-hance is currently supported by 230 staff from offices in Manchester, London, Loughborough, Dublin, Glasgow and the United States. m-hance also has offshore development capabilities in India.
Ben Carey, PR Manager
T: 07713 196971
Published by: electronicdawn Ltd.