Panasonic Batteries has cut invoicing processing costs
by 60% by implementing an automated system across its European
sales network.
The company said the BasWare
invoice automation system had also helped streamline financial
operations and boost productivity.
"We operate over such a wide geographic area and trade with
partners and customers in so many languages, it was vital to
automate our accounts," said Kurt De Smet, accounting manager at
Panasonic batteries.
Supplier invoices are scanned using the Xtrata products from
Kofax and then processed using the BasWare invoice automation
software, which integrates with company's SAP system.
Invoices are then sent into the approval workflow for the
relevant country managers, who can approve payment remotely from
any location.
Invoices are automatically forwarded on approval to the accounts
department for payment.
The invoicing system has also simplified VAT claims from
countries where Panasonic Batteries is not registered for VAT
purposes.
"Finance staff can work from the electronic version of all
invoices while sending the original documents to various countries
to support VAT refund claims," said De Smet.
Panasonic Batteries plans to roll out BasWare's KPI reporting
tool across the company's European network. This will enable
accounting staff in Brussels to get performance data from all cost
centres to identify where operational improvements can be made.