Moda Operandi Saves Precious Time By Streamlining AP Process
Automated Invoice Capture, Approval Workflows and Data Storage Together With Search and Reporting Features Save Moda Operandi Staff Hours That Are Ordinarily Wasted, Especially During an Audit
Moda Operandi is a high-end fashion company that provides a luxury retail experience that includes expert styling advice and tailored wardrobe recommendations.
Todd Brewton, an Accounts Payable Specialist at Moda Operandi, manages accounts payable for the operations side of the business. This role includes handling bills from a range of vendors for items such as rent, office supplies, electricity and even interns. Before implementing AP automation with MineralTree, Todd 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. Since adopting MineralTree, Todd has significantly increased his efficiency and minimized his workload.
The Challenge: Managing high volumes of paper-based invoices and payments while responding to requests from auditors
Managing the day-to-day operations of accounts payable is difficult enough, but while doing so and undergoing an audit is really challenging. When your day is interrupted by ongoing document requests from the auditors, one struggles to accomplish their core responsibilities.
Auditors require a significant amount of data to complete their job, including remittance details for payments made, invoice approval history, invoice documentation, etc.
As an accounts payables specialist, Todd found himself being inundated with constant requests. 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.
With the demands growing on Moda’s day to day financial operations, not to mention during an Audit, the company recognized the accounts payable process was not as efficient as it could be. They realized that an AP automation solution was the most logical next step.
“I cannot stress enough the ease of audits since we started automating accounts payable with MineralTree. No more filing cabinets, no more missing documentation and the assurance that our annual audit is not going to be disruptive to my responsibilities is a huge benefit.”
– Todd Brewton, Accounts Payable Specialist, Moda Operandi
The Solution: MineralTree’s AP Automation solution provides accurate invoice capture, approval workflows, unlimited document storage and powerful reporting and search features
After extensive research, Moda Operandi made a decision to automate their accounts payable process using MineralTree’s Invoice-to-Pay product. The built-in features that MineralTree offered, such as automated invoice capture, active two-way sync to NetSuite, and workflow reporting capabilities ensured that invoice details and documentation were captured every time and were easy to query on-demand.
During an audit, this has proven to be especially helpful. Todd can use MineralTree 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.
The ability to track an invoice’s progress from end-to- end has also been revolutionary for Todd. The inbox feature provides a quick review of new invoices that have come in and need to be processed. As invoices are routed for approval he can also easily monitor when payments are due and keep tabs on the status on invoice approval.
The Benefits: Traceability, workflow reporting and improved efficiencies
MineralTree’s robust feature set helped the Moda Operandi team team to easily manage large volumes of invoices and payments without allowing the workload to impact other responsibilities. Todd’s late nights at the office processing payments no longer happen. He’s managed to cut the payment processing time down from 7 hours a week to 45 minutes.
Reporting capabilities remove the daily disruptions during an audit and make it easy to access documentation. In 2018, Todd expects the company
to save a significant amount of time spent researching invoices and digging up supporting documentation for the auditor by using advanced search filter functionality. Having to manually photocopy invoices, file them and accurately record for future requests is no longer necessary for Moda Operandi.
“Because of the time saved during an audit and processing payments throughout the year, I am now able to focus on researching invoice discrepancies, responding more quickly to vendor inquiries and providing accurate information regarding the status of their payment,” shared Todd Brewton, Accounts Payable Specialist at Moda Operandi.
The Bottomline: Why Choose MineralTree Invoice-to-Pay?
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.
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