One of the UK’s largest minerals hauliers is streamlining its purchasing and credit systems with paperless office technology, and increasing cashflow as a result.
Hargreaves Services, which imports and handles coal and other materials, is streamlining its purchase requisition and credit control processes by implementing systems from Version One.
These systems, which are tightly integrated into Hargreaves’ Sage Line 500 accounting package, are “significantly improving both cashflow and purchasing efficiency”, according to the firm.
With sites across the UK and 9,000 purchase orders, sales invoices, statements and remittances moving around the company on a monthly basis, Hargreaves recognised that its financial processes were over-reliant on paper.
By introducing Version One’s systems for the desktop design and electronic delivery of these documents, Hargreaves plans to eliminate the “paper chasing” inherent in its requisition and credit control procedures.
Marcus Spence, project accountant at Hargreaves Services, said, “Version One’s electronic delivery systems, DbFax and DbMail, enable the automated delivery of business documents by fax and e-mail. The system is so flexible that every customer and supplier can have their own preferred method of delivery.”
The form design solution is also being used to produce invoices and remittances directly from the desktop, eliminating pre-printed stationery.
When a purchase order is produced, Version One’s document delivery systems automatically fax or e-mail it to the supplier, and create a PDF copy for the originator's records.
To enhance credit control, Hargreaves is also implementing an automated procedure that alerts customers by fax or e-mail that they are over their credit limit.
Spence said, “As a direct result of implementing this technology we’ll be able to chase debt far more quickly, which will undoubtedly improve cashflow.“
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