Maverick helped streamline invoice processing

One of our clients, a multi-national holding company managed to realize considerable savings by using Maverick for the handling of their purchase invoices. The optimized process reduced elapse time and handling cost, while the self-service facilities for managers and creditors reduced pressure on the accounting department.

Situation

This organization was struggling with their purchase invoices and expense declarations. Although they where using SAP as their main ERP and reporting solution the number of invoices they had to process did not justify a SAP based solution. They where actually doing a lot of the invoice routing and approval steps by sending paper back and forth between subsidiaries and the finance department at the holding.

Development process

Together with our client we specified their approval and payment processes in little more than one week. After some minor customization a pilot was started with a small selection of managers who started approving invoices using Maverick, mostly from their Smartphones. The companies CIO who was one of the guinea pigs was rather skeptical in the beginning, but turned out to be one of the most enthusiastic promoters of Maverick. After completion of the pilot period the application was rolled out to all the managers within the holding. 

Results

As a result the organization managed to realize considerable savings on the overall invoice processing and the total elapse time of handling invoices was reduced to 1/3 of the time and therefore they can start claiming discounts for on-time payment. The track-n-trace facility of Maverick allowed creditors to monitor the status of their invoice without having to pick up the phone. This reduced pressure on the accounts payable department.

The finance department was used to sending out letters to their creditors before summer-holiday season, stating that payment of invoices would be delayed due to the fact that most managers would be on holiday and therefore not able to approve invoices. Last summer there was no reason to write such a letter. All managers where able to approve invoices while on holiday using their mobile devices. Payments where made on time.

Overall this client is very happy with this solution and is currently rolling it out to some of their business units around the globe.