Doubled AP Productivity with Greater Invoice Visibility

One of the most recognized cannabis companies in California famous for their cannabis confections. The company has grown to encompass over a dozen varieties of edibles, with a loyal customer base throughout hundreds of dispensaries in CA, AZ, NV, IL, and HI.

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At a glance

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Challenges

• Manually processing 650 invoices per month
• Unable to track invoice statuses in real-time
• Elongated invoice approval workflow

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Benefits

• 6X reduction in the invoice lifecycle
• 2X improvement in AP productivity

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Advantages

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First advantage

• Dramatically improved workforce productivity.

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Second advantage

• Reduced the volume of inquiries received from approvers.

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Third advantage

• Streamlined the entire invoice approval workflow with real-time status updates and reminders.

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Objective

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The company works with a plethora of vendors to source what it needs to create, market, and sell its products. With a small accounting team, they were processing approximately 50 invoices per month, with the majority of the AP process being manual in nature. The lack of viability and centralization in their processing and managing of invoices was a challenge. The accounting team could not track conversations around invoices because all related conversions were scattered across hundreds of emails, which was proving to be challenging to to pay invoices on time and catch duplicates.

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Solution

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Sancode technologies helped the company in streamlining their AP and accounting processes, which offered full visibility into all invoice statuses, and the ability to better track spend. The following benefits were realized:

• Automated the manual process of importing invoices from the ERP, which not only reduced the invoice lifecycle, but also reduced the risk of data entry errors.
• Offered everybody with complete visibility over the invoice statuses and streamlined the entire invoice approval workflow with automation; with automated reminders going to approvers to complete unfinished tasks.
• The transparency around invoices helped the accounting team gain a more accurate picture of AP, which they couldn’t easily do before.
• Advanced search capabilities enabled invoice approvers across departments to see outstanding invoices and run reports on weekly payments.