US Farathane (USF), a supplier of highly engineered plastic fabricated components for the automotive industry, has begun deploying an advanced, web-based invoice automation solution from enterprise purchase-to-pay specialist Palette, to enhance its financial management and improve efficiencies.
USF is using PaletteInvoice, part of the PaletteArena suite of accounts payable automation solutions, to ensure that the 40,000 invoices received annually are processed, approved and scheduled for payment quickly and efficiently.
The decision to deploy automated invoice processing was made to minimize paper handling and reduce the amount of time spent by accounting personnel on administrative tasks involved with manual invoice processing. USF also wanted improved visibility of the progress of invoices through the organization and better control of plant purchase requisitions.
USF evaluated systems from a range of suppliers to determine which solution would be the most suitable to meet its financial management requirements. USF chose Palette due to its high level of functionality, its ability to meet technical demands, and because it was the most user-friendly system of those tested.
Roxanne Imrick, Accounting Manager for US Farathane said: “We wanted a solution that could standardize accounts payable processes across our business, and simplify workflow for our staff while giving complete visibility and auditability of our financial position. With PaletteInvoice, we expect to be able to focus more on financial analysis, management and control, instead of routine tasks such as chasing authorisations or lost documents.”
USF’s personnel will use Palette to generate purchase orders and process invoices for payment. USF’s accounting personnel will begin by scanning invoices received and loading them into PaletteInvoice. Next, matched invoices are sent to the appropriate individual for authorization. Lastly, the approved invoices are uploaded into USF’s ERP system and scheduled for payment.
PaletteInvoice integrates with USF’ ERP system to provide an up-to-date view of the company’s active invoices and open purchase orders resulting in more efficient financial analysis and oversight. Although the company has not calculated the time savings following the Palette deployment, it anticipates the solution will deliver enhanced control over costs and enabled accounting staff to work more productively.
PaletteArena is a complete enterprise purchase-to-payment suite, enabling users to achieve significant, measurable cost savings and efficiency gains in processing supplier invoices and purchase orders. It includes the PaletteInvoice, PaletteBuyer, PaletteContract and PaletteSupplier Portal products, giving a web-based end-to-end solution that improves invoice management from receipt to payment. It integrates easily with accounting, information and business systems to automate and streamline accounts payable activity across the organization.