Retail & Leisure
Retail & Leisure
In recent years, Finnish discount retailer, Tokmanni, has seen rapid growth and decided to centralise its logistic operations in Mäntsälä, Finland. The growing company wanted to continue improving its operational efficiency and use automation in its Accounts Payable (AP) department.
The Tokmanni Group has grown to the largest discount retailer in the Nordics, with 192 stores in Finland. The company employs over 4,000 and has revenues of over €1 billion.
When the time came to replace its Citrix remote access software with a modern browser-based solution, Tokmanni opted for Basware P2P as the best fit.
Invoice processing control
The number of invoices at Tokmanni has been growing rapidly. Today, the company processes approximately 500,000 invoices a year, including 450,000 direct purchase orders (POs).
Tokmanni's purchase orders are housed in its Microsoft Dynamics AX, ERP system, and almost 70% of the invoices are matched to POs. E-invoicing is nothing new for Tokmanni, as the company receives 95% of its invoices electronically. Before adopting Basware's invoice processing system, Tokmanni used Rondo.
Tokmanni's AP processes were already in the Cloud, but found it was time to replace the Citrix remote access software with a modern browser-based solution. The company’s most important requirement was to improve the invoice matching level. Tokmanni requested quotes from selected providers and shortlisted two. Finally, Tokmannni decided to partner with Basware.
Tokmanni started the process of replacing its old invoice processing system with a new AP solution. The first step was to gather all the in-house requirements and expectations for a new system.
Having the right people in the right positions is crucial for success. My thanks go out to Basware's consultants, who quickly found solutions to all of the problems that arose during the project.” Heli Tolonen, Financial Manager, Tokmanni.
Tokmanni’s past IP solution implementation encountered a few speed bumps, including required development to increase the invoice matching levels and improve the batch processing features. Tokmanni was thrilled to learn that Basware’s SaaS solution included those features by default.
Tokmanni and Basware finished the project ahead of schedule, thanks to the commitment of both companies' project teams. Having the right people in the correct positions proved crucial for success.
While the system's feature of requiring validation for all purchase orders before approval was deemed an excellent function, it was something completely new for many of Tokmanni's stores. For that reason, an extensive training process was implemented to ensure validators understood approval workflows and felt confident in using the system.
Every KPI is automatically in place, and we can immediately see the total level of invoice matching, the share of e-invoices, and the invoices paid on time. We can also see which invoices are completely automated and which contain something that is preventing efficient automation on a supplier and order basis.
Heli Tolonen, Financial Manager, Tokmanni
Tokmanni's AP team can now easily manage many of the group's goods and contracts centrally.
Basware has brought new functionality for the invoices that are managed locally at the store level. Manual processing of recurring invoices is no longer required. Basware automatically processes the invoices with payment automated via the Spend Plan functionality.
In-house co-operation works better when you have an easy way of producing reports that show what needs to be done to enhance payment processes and pay invoices on time and efficiently.”Heli Tolonen, Financial Manager, Tokmanni
For smaller suppliers of goods and services, Tokmanni utilises the Basware portal to allow suppliers to convert traditional invoices into e-invoices. Tokmanni's AP professionals consider Basware's solution to be distinctly modern and user-friendly. Its out-of-the-box reporting features provide 100% spend visibility, transparency of approval times, and an invoice processing status overview.