Flowis Enhanced Purchase to Pay cycle

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Industry

Automotive

Number of employees

67 000

Company website

Overview

Yanfeng is a world leader as an automotive supplier of interior parts. The company has a centralized Finance Shared Service Center for 60+ different ledgers in Europe, South Africa, and North America processing approximately 30,000 supplier invoices per month. Historically, different applications were used for supplier invoice Scanning and OCR, for supplier invoice routing and approval, and for approval of nonstandard payments and out-of-cycle payments. The remaining activities in the PTP team were done manually via email and excel.

Integrated purchasing process through Flowis

 

 

 

By implementing Flowis at Yanfeng

The implementation of Flowis has brought significant improvements in process efficiency, which accelerated invoice processing and exception handling. Manual workarounds and activities were eliminated leading to additional productivity of accounting team.

 

 

 

Increased compliance with full audit history and various invoice checks resulted in faster audits and lower audit fees. By reducing the number of providers, significant savings on licensing fees have been achieved.

 

 

Efficiency through an integrated system

One integrated system reduces the number of interfaces and IT resources that need to monitor them. One system means also only one support contract, one MSA, and one knowledge base.

 

 

 

In Conclusion

SoftPoint integrated PTP cycle is leading companies’ digital transformation by doing the repetitive work, so the accounting team can concentrate on creative, high-value work.