Rogers, a leading engineered materials provider, was experiencing a period of rapid growth. This expansion meant their accounts payable department simply could not keep up with the increase in volume of inbound invoices. They struggled to maintain their 5-10 day turnaround policy, and in some cases, ended up losing invoices. This inability to keep the increase in volume under control caused the department to miss opportunities for quick pay discounts, and sometimes ended up having to pay late fees. Some services were even shut off for not paying on time due to lost invoices and slow approval processes.
Additionally, Rogers did not have a system in place to effectively process email invoices, which were becoming more and more common at a rate they couldn’t keep up with. Staff ended up printing each invoice, which they readily acknowledged was not an efficient way to process them, but they didn't have the resources to design and execute a better alternative.
Rogers chose to outsource their invoice boarding process to Recordsforce. The first step was to establish a PO box, email account, and fax number for Rogers to direct all vendor invoices. Today, the process is as follows:
The data passed to Rogers for import into PeopleSoft includes all invoice images and all of the header (Invoice Number, Vendor Name, Invoice Date, Total, PO Number, Vendor Number, Terms, Currency, Tax, Freight) and footer (Line Number, Quantity, Description, Price, Extended Price) as well as any status indicators, (Perfectly Matched, Non-PO, PO # Non-Match, New Vendor, Quantity Non Match, Price Non Match, etc).
Recordsforce implemented a same day processing policy for all invoices received. This meant that all invoices received by 2pm EST each day were indexed and sent to Rogers by 8pm that evening. Rogers was also provided access to their own private online invoice exception management system. This allowed Rogers and their vendors to resolve processing issues via the internet in an organized system that tracks the status of all exception invoices.
Thanks to Recordsforce, Rogers now has their email processing and invoice volume under control. The accounts payable department is now able to focus on improving the business, not just treading water. Their automated process has resulted in happier vendors while eliminating the problems of late fees and the threat of cancellations. Rogers’ partnership with Recordsforce has also greatly improved their quality control - invoice data accuracy has increased to 99%, and 99.5% of invoices are now processed on the same day they were received.
Additional results from Rogers' parternership with Recordsforce are as follows:
Best exception report I’ve ever seen - awesome job team! So proud of you guys!
Melanie Galton, Accounts Payable Associate III, Rogers Corporation
In addition to providing immediate, tangible results, Recordsforce strives to build long-term partnerships with their customers to drive ongoing excellence with their accounts payable processing systems.
If you’re experiencing similar challenges to the ones listed above or want to get the results Rogers achieved, request a consultation and learn how Recordsforce can drive improvement in your invoice workflows.