Esker Helps Multinational Electronics Conglomerate to Achieve 100% Paperless Processing for Accounts Payable
Derby, UK — February 5, 2015 — Esker, a worldwide leader in document process automation solutions, has recently helped a Multinational Electronics Conglomerate to remove 100% of the paper involved in processing hundreds of thousands of vendor invoices in over ten European countries.
Many of the organisation’s operations throughout Europe were requesting a more efficient way to process their invoices which developed into a large scale invoicing project involving both Accounts Payable and Receivable.
Esker was contacted by the organisation’s European division based on the previous work that had already been undertaken by Esker with their divisions in Asia and France. Esker was asked to streamline their processes of Accounts Payable in Austria, Belgium, Czech Republic, France, Germany, Hungary, Netherlands, Portugal, Spain and the UK.
Before the Esker solution was implemented, each of the organisation’s locations would have to process their individual Accounts Payable manually using a conventional paper-based system. Each vendor invoice that was received had to be manually sorted, read, re-keyed and archived.
With hundreds of thousands of vendor invoices being received each year and all of them having to be processed in this way meant that financial planning, vendor relationships, employee productivity, inter‐enterprise communication and even regulatory compliance were subject to being affected negatively.
The Esker Solution
The Accounts Payable solution provided by Esker will now allow them to offer a standard process to be rolled out for multiple European sites quickly and easily. With the Esker solution in place, all vendor invoices will now be automatically read from a scanned image, the information extracted and prepared for a business system import (using Esker’s leading Dynamic Document Capture technology), validated, and then finally the document is stored electronically.
Due to the vast number of invoices that will be processed each year by multiple European locations it was imperative to the organisation to have a reliable solution with the flexibility to easily handle this amount of data.
For example additional flexibility was offered by Esker’s Dynamic Document Capture technology which allows the recognition of information on the content of the invoice using keywords located anywhere on the document. This offered a vastly improved extraction accuracy (over traditional Optical Character Recognition) with the ability to continuously “learn” how to handle different types of document formats automatically. This has led to lower data errors, simplified validation of information and increased processing speeds.
Benefits to the organisation
The benefits that have already been realised from Esker’s automated Accounts Payable solution are enabling each of the organisation’s locations to lower error rates of information received, speed up the way the information is processed from extraction to validation, plus having instant archive and retrieval capabilities. In summary, now that automated Accounts Payable is in place for multiple sites across Europe, they now have the ability to further accelerate their cash conversion cycles.
About Esker
Esker is a worldwide leader in document process automation solutions. Addressing all types of business processes, from accounts payable and accounts receivable to order processing and procurement, Esker cloud computing solutions enable companies to automate the reception, processing and sending of any business document with one platform. Esker helps over 80,000 companies around the world to reduce the use of paper and eliminate manual processes while improving their productivity, efficiency and environmental impact.
With 46.2 million euros in sales revenue in 2014, Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France, and U.S. headquarters in Madison, Wisconsin. Esker is listed on the NYSE Alternext in Paris (Code ISIN FR0000035818).
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