Toyota Industrial Equipment’s Invoices Were a Heavy Burden for their Accounts Payable Team
Friday, 15 Mar 2019
It’s not just Toyota Industrial Equipment’s forklifts that carry a heavy burden – their accounts payable team does too. Or at least they used to, before they put Basware in place.
Imagine that you are a manufacturer of industrial equipment – in this case, bespoke forklift trucks. Each piece of equipment is incredibly valuable and critical to the day-today business of your customers. This means that if things go wrong, spare parts need to be issued promptly. However, as spare parts can be expensive (never mind the cost of the original equipment!) and margins are tight, the burden falls on the accounts payable (AP) team to ensure that payment is received promptly, and invoices are issued correctly.
Removing the Pressure on Invoicing and Litigation Management
Unfortunately, things sometimes go wrong, leading to disputes. Litigation management is a necessary but time-consuming process in this industry, especially when you’re dealing with an average of 2,500 invoices per month. Invoices need to be validated – and fast.
How do you remove the tedious and time-consuming work associated with both issuing invoices and paying suppliers on time for every component that goes into the manufacturing process? The answer—you automate them.
Toyota Industrial Equipment decided to automate their AP process when business was booming to remove the pressure on invoicing at the end of each month and to help improve the litigation management process. Together, the invoicing peaks and litigation management required a solution that could help them avoid significant time loss.
“These two elements highlighted the need to modernize the whole of the finance and administration function to increase productivity.” – Mickaël Bourdin, Head of Accounting, Toyota Industrial Equipment
Saving 58 Working Hours a Month
Since implementing Basware, the Finance and Administration Department has seen a 60% saving in time (around 8 working hours a month) and those responsible for dispute management have saved around 50 working hours per month.
Download the full case study to find out more about:
- How budget monitoring has been significantly optimized
- How invoice tracking and the ability to do on-screen checks has made dispute management more efficient
- What rapid implementation of a new software solution had to do with time savings.
Ready for More?
To find out how it’s possible to get an ROI of 307% and payback within 12 months, take a look at the Forrester Report on the Total Economic Impact of Basware’s Purchase-to-Pay Cloud Solution. It may sound impossible, but it’s true!