Loomis Sayles Challenges
Invoices were processed manually, which was time-consuming and inefficient. Further complicating matters, invoices were received at the company’s regional offices and then routed to headquarters in Boston.
Check request forms were then sent back into the field for approval and returned to Boston for central processing. Missing invoices and late payments were unintended consequences of this manual process.
Daniel Garuti, vice president and accounting supervisor of Loomis Sayles, was charged with finding ways to reduce costs, create efficiencies and gain visibility into the company’s accounts payable processes. Corporate executives wanted to promote more environmentally sustainable initiatives and reduce the number of paper-based invoices.
How Loomis increased invoice processing 38% faster with Basware
Garuti evaluated several automated purchase-to-pay technologies based on these goals and finally selected Basware’s AP Automation solution. Loomis Sayles implemented the core Basware AP Automation solution and the payment plans features that allowed them to manage the recurring payments for their real estate holdings and frequent consultancy invoices.
The implementation was so easy that it was practically plug-and-play. We were even able to send test invoices within three days of system configuration.” Daniel Garuti, Vice President and Accounting Supervisor, Loomis, Sayles & Company.
A scanning service was established to convert any paper invoices into digital. Once the invoices are captured electronically, the system collates and delivers the invoices with any supporting documents directly to the appropriate reviewers for online authorisation.
The Basware solution was then integrated with Loomis Sayles’ ERP(Lawson) to close the audit trail and provide complete spend visibility. Every invoice now has a complete audit trail that contains information on everything that happens, from when an invoice is received to when it is archived, a key requirement for Loomis Sayles compliance purposes.
Basware Analytics reporting capabilities, something that had originally impressed during the evaluation phase, have become vital in the delivery of month, quarter, and year-end accruals.