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.
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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.