Invoicing process automation for leading procurement company

#Web application development services #Web development #Communication and collaboration portals #Budgeting and quote tools #.NET Core #Angular #Azure #SASS #Typescript #ML/AI

Bloom_consult (NDA)

Project goals

Revolutionize the industry by streamlining the Accounts Payable and Invoicing process

Result

A cutting-edge product designed to automate the Accounts Payable and invoicing process while ensuring compliance with purchasing requirements and future-proofing to PEPPOL standards powered by AI

About the client

Our client is a leading procurement solution and services company with a wealth of experience in procurement transformation and change management. Their reputation as a trusted partner is built on a customer-centric approach and unwavering commitment to helping the clients achieve their business goals. Working with some of Australia's biggest brands in both the private and public sectors across various industry verticals, the company has successfully delivered large-scale procurement projects in the Asia Pacific region.  The company understands the pain points associated with manual invoicing and Accounts Payable processing. These processes can be error-prone, time-consuming, and resource-intensive. That's why the team of dedicated Procurement and Transformation Consultants, driven by a passion for innovation, embarked on a mission to revolutionize this narrative.

Project goals

Our primary goal was to revolutionize the industry by developing a product that streamlines the Accounts Payable and invoicing process, offering automation while maintaining compliance with purchasing requirements and future-proofing to PEPPOL standards.  Additionally the client was looking for a way to eliminate human errors and mistakes, improve efficiency meanwhile reduce the amount of effort and pain. 

Key challenge

During the project implementation, we encountered several challenges that required careful attention and innovative solutions. Here are some of the key challenges we addressed:
  1. Integration with various invoicing systems: We successfully integrated with popular invoicing systems such as Ariba and SAP, taking into account their unique responses, limitations, and requirements. This ensured seamless data exchange and interoperability between our system and the invoicing platforms.
  2. Support for various types of invoices and AI-powered invoice processing: the system provides comprehensive support for different types of invoices, including PDFs, images, and electronic formats. Leveraging the power of AI models, we implemented intelligent invoice processing capabilities to extract and manage invoice data accurately, enabling streamlined invoice management within our system.
  3. Implementation of configurable business rules: We designed a flexible rule engine that allows for the configuration of various rules based on specific criteria. This includes raising exceptions or warnings based on invoice information, as well as assigning specific approvers or approver groups based on invoice type, errors, currency, and other relevant factors. The configurable nature of these rules enables adaptability and customization to meet the unique requirements of each customer.
  4. Efficient management of customer suppliers: We developed a robust system that effectively manages customer suppliers using their unique identifiers. This includes accommodating various identification methods, such as ABN (Australian Business Number), ensuring accurate and reliable supplier information across different systems.
By successfully overcoming these challenges, we have created a robust and scalable solution that automates the accounts payable and invoicing processes while providing flexibility, accuracy, and efficient management of customer suppliers.

Our solutions

Combining clients’ expertise and deep understanding of the challenges faced by businesses and our technical knowledge, we successfully created a solution that eliminates manual tasks, reduces errors, and optimizes the invoicing workflow. Our solution automates key steps, such as invoice processing, validation, and payment reconciliation, saving valuable time and resources for our clients.
Furthermore, we have incorporated PEPPOL standards into our system, ensuring seamless integration with other platforms and enabling electronic data interchange for efficient communication with suppliers and customers. This future-proof approach allows businesses to stay ahead of evolving industry requirements and technological advancements.
Our solutions are designed to address key challenges and provide value across multiple areas:
  1. Accounts Payable Automation: The platform streamlines and automates the accounts payable process, reducing manual effort and improving efficiency. By digitizing invoice processing, automating approval workflows, and facilitating seamless integration with ERP systems, the platform helps organizations save time and resources while ensuring accuracy and compliance.
  2. Supplier Management: We offer a comprehensive supplier management solution that enables organizations to effectively manage their supplier relationships. From onboarding and qualification to performance monitoring and collaboration, our platform provides a centralized system for managing supplier information, contracts, and interactions. This helps organizations enhance supplier visibility, mitigate risks, and drive operational excellence.
  3. Insights-Driven Analytics: Our solution includes powerful analytics capabilities that provide valuable insights into your financial and procurement data. By leveraging advanced analytics and reporting tools, organizations can gain a deeper understanding of their spending patterns, identify cost-saving opportunities, monitor key performance indicators, and make data-driven decisions to optimize their financial operations.
  4. Single Platform for All Systems: We offer a unified platform that integrates with various systems and applications used by customers. Whether it's ERP systems, CRM tools, or other business software, our platform acts as a central hub, allowing users to access and manage data from different systems in one place. This eliminates the need for multiple logins, reduces data silos, and improves overall efficiency and user experience.
By leveraging these solutions, organizations can streamline their financial processes, enhance supplier relationships, gain valuable insights, and achieve greater efficiency and control over their operations. Our comprehensive platform offers a holistic approach to managing accounts payable and supplier-related activities, providing a unified and user-friendly experience for our customers.
Web-based application operates in a multi-tenant mode, empowering customers to efficiently manage their invoices, purchase orders, and contracts. It facilitates seamless communication and collaboration with suppliers, allowing users to review and make necessary changes to invoices. The application supports various methods of invoice upload, including email, direct web app integration, and synchronization with other systems. It also accommodates PDF and IMG file uploads, ensuring flexibility and convenience for users.
With a strong focus on providing a great user experience, our application is designed to meet all the requirements necessary for efficient invoice management. It streamlines administrative tasks, enhances communication with suppliers, and ensures smooth data synchronization. By leveraging our application, customers can effectively streamline their invoicing processes and enjoy a seamless user experience.

Result

Our client’s ongoing platform is designed to automate invoice processing and accounts payable, providing users with a convenient and efficient solution. With this platform, individuals can easily manage their invoices, purchase orders, and contracts, while also having the ability to configure business rules, set up approvers, and handle supplier connections.
 
The platform offers a user-friendly interface that simplifies the process of working with invoices and managing accounts payable. Users can access and process invoices, track their status, and ensure timely payments. Additionally, the platform allows for the configuration of various business rules to streamline workflows and ensure compliance with internal policies.
 
Furthermore, users have the capability to manage supplier connections through the platform, facilitating seamless communication and collaboration. It provides a centralized location to store and access supplier information, track performance, and maintain important documents.
 
With a user satisfaction score of 100%, over 18 million payments saved, and a remarkable 75% reduction in cycle time, the product has proven to be a resounding success. The impressive results that the product achieved are a testament to the effectiveness and value it brings to the customers. We take pride in delivering a solution that has exceeded expectations and made a significant positive impact on clients’ businesses.
 
With a deep understanding of the challenges faced by businesses, the company created a procurement solution — a cutting-edge product designed to automate the Accounts Payable and invoicing process while ensuring compliance with purchasing requirements and future-proofing to PEPPOL standards. Powered by AI, Invoicing software has the ability to accept invoices in any format and seamlessly integrate with various ERP systems.
The impact of the project on businesses in Australia has been remarkable. Company solution has transformed the way businesses operate by enabling error-free transactions, providing better insights on intuitive dashboards, and delivering a host of other benefits. Notably, accounts payable automation project is approved by PEPPOL and has garnered endorsements from industry leaders such as SAP and Microsoft, solidifying its status as a true game-changer in the field.

Industries

Finance/Accounting

Client location

Australia

Technologies

.NET Core

Angular

Azure

SASS

Typescript

ML/AI

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