“This was so much easier than anything I've ever done before. It was just a no brainer.”
- Controller, Financial Services.
In today's fast-paced business environments, the adoption of automated accounts payable (AP) solutions has proven to be a game-changer for many organizations — revolutionizing the way financial processes are managed. Let’s see how one financial services client found success with the help of Quadient AP by Beanworks.
Challenges
"Everything was manual... from the receiving of the invoice, to the printing of the checks, to the mailing . Everything was manual." The controller of a financial services company recalls just how labor-intensive things were before they adopted Quadient AP. Managing a portfolio of 32 different entities processing approximately 350 invoices a month, the lack of automation meant a tremendous amount of time and effort was dedicated to manual data entry and document handling.
Solution
The adoption of Quadient AP marked a significant turning point. The Controller emphasizes how "This has allowed us to go from 100% manual to 100% automated. We've gone paper-free in just six months. It's been fantastic."
When selecting an AP automation solution, simplicity and ease of use were key factors in the decision-making process. The Controller explains, "Just how easy it was to work it... this was so much easier than anything I've ever done before. So, it was just a no brainer." Quadient AP provided a seamless transition from manual processes to a fully automated system. The intuitive interface and straightforward implementation allowed the Controller and their team to quickly adapt and maximize the benefits of automation without the complexities experienced in previous attempts.
Results
Prior to implementing Quadient AP, the Controller estimates that payables monopolized approximately 50% of their workweek — leaving limited time for other responsibilities. However, after embracing automation, this percentage plummeted to just around 10%. This radical streamlining allowed the Controller and their colleagues to reclaim valuable time, enabling them to focus on other critical tasks. By automating data entry approvals and filing, Quadient AP significantly reduced the time spent on manual tasks — empowering the Controller to become more productive and efficient.
Aside from saving valuable time and effort, Quadient AP also brought tangible cost savings. The Controller notes how "you're saving us money on postage, saving us money on paper products." Removing manual document handling reduced the expenses associated with physical materials, leading to long-term cost reductions for the organization. Additionally, the Controller highlights the increased security and reduced risk associated with AP automation. By utilizing Quadient AP, their organization minimized exposure to personal accounts, since payments were made through Quadient's account. This enhanced security added an extra layer of protection for their financial transactions.
Quadient AP has transformed the way this financial services organization manages their accounts payable processes. By leveraging automation, they have achieved remarkable efficiencies, cost savings, and increased security. The transition from manual processes to a fully-automated system was seamless, allowing the Controller and their team to embrace the benefits of automation without complexity. As the Controller emphasizes, "my God, it's a no brainer!" Their story demonstrates how, with Quadient AP, financial professionals can unlock the full potential of their organization, driving productivity and success.
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