Automation of Accounts Payable for a leading FMCG player

Overview

The company is part of the leading FMCG player. The parent company markets a large portfolio of products such as beverages, food, and health, home and personal care goods. Several of its products are the market leaders in their respective categories. The company is a major R&D spender, and constantly innovates superior products.

The Challenge

With the rapidly growing operations of the company, the Accounting and Finance department was unable to timely process the large influx of invoices. The complex, manual process was labor-intensive, error-prone, costly, and time-consuming. The company also wanted to integrate the Advance Payments process with the Accounts Payable system.

The Newgen Solution

The company discovered an exact-fit BPM solution from Newgen comprehensively addressing its pain areas in the Accounts Payable system. The fully automated solution, which spans multiple geographies, is integrated with the back-end ERP system, MFG-Pro, for automatic three-way matching between Invoice, PO, and RC. The solution enables automatic rejection of duplicate invoices, automatic generation of credit vouchers, and integration with the Advance Payments process for final calculation of settlement amounts.

The Benefits

Centralized processing of vendor payments eliminated payment delays and cash flow problems has lead to vendors satisfaction, and the company establishing lasting relationships with them. Improved transaction accuracy, productivity gains, and better tracking of transactions are some other major benefits accrued.