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AP Automation Improves Efficiency During Annual Audits for Fashion Retailer
At Moda Operandi, Todd Brewton, Accounts Payable Specialist, was manually processing close to 100 checks per week and would have to print each check and sort them alphabetically. Approvals and signatures were collected manually and then bills were packaged up with the corresponding remittance details and mailed.
During annual audits, Todd found himself being inundated with constant requests for documentation. This meant he needed to search through the file cabinets for documents, pull the file, copy the document and deliver it to the CFO who then provided it to the auditors. Unfortunately, what often happened was that documents were missing, which resulted in additional time spent locating the requested information.
During an audit,workflow reporting capabilities proved to be especially helpful. Todd can use MineralTree Invoice-to-Pay accounts payable automation solution to quickly locate the invoice and print the associated documentation including a copy of the check if that was the payment method used. What was once a time consuming process for Todd has now become extremely easy. The audit still requires his attention, but MineralTree has helped to minimize the disruptions to his normal day-to-day responsibilities.
In addition, the ease-of-use allows other individuals within finance to help satisfy requests from auditors.
The bottomline is MineralTree Invoice-to-Pay integrated with NetSuite delivers benefits to organizations beyond automating the accounts payable process. The impact on organizational procedures, such as annual audits, is substantial. Having the ability to easily query on requested materials without creating inefficiencies within accounts payable ensures accounts payable operations are not disrupted.
You can read the entire Moda Operandi case study here: https://www.mineraltree.com/resources/ap-automation-case-studies/moda-oprandi
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