Our client, a rapidly scaling healthcare company, was burdened with a manual, error-prone accounts payable process that proved to be cumbersome and inefficient. Relying predominantly on Excel, the client’s AP methodology involved the painstaking process of invoice entry, approvals, check writing, and bank reconciliations. With business growth, the surging volume of transactions was outpacing their administrative capabilities, resulting in delayed vendor payments, stressed supplier relationships, and obscured financial insight. Through DeMar Consulting Group, a Healthcare Company’s Automated Accounts helped Accounts Payable and Streamlined Approval Processes.
The Challenge
The pressing challenge was to restructure and automate the client’s AP workflow to cater to increasing transaction volumes, bolster accuracy, elevate financial transparency, and maximize time efficiency. This process necessitated an expeditious, unobtrusive transition to maintain business continuity and uphold vendor relations.
The Solution
DeMar Consulting Group suggested the deployment of Bill.com, an industry-leading digital business payments platform renowned for its automation of comprehensive accounts payable and receivable processes. The platform was selected for its scalability, seamless integration with the client’s existing accounting system, robust capabilities, and intuitive interface.
DeMar Consulting Group commenced the implementation with a meticulous examination of the client’s extant AP process, pinpointing areas of enhancement and devising a tailor-made implementation strategy. Subsequently, we configured the Bill.com system to align with the client’s requirements. This involved setting up vendor profiles, inputting outstanding payables, and establishing approval workflows.
We conducted extensive training sessions for the client’s team to ensure they were adept at handling the new system. These sessions emphasized the uploading and approval of bills, making electronic payments, utilizing the digital approval workflow, and conducting transaction reconciliations.
The Results
The outcome of the implementation was transformative. The client’s AP process was significantly streamlined, halving the time dedicated to managing payables. Manual errors were practically eradicated, and the company now had immediate visibility into their payable status, enhancing cash flow management.
A crucial component of the new system was the digital approval workflow, significantly enhancing the speed and efficiency of bill approvals. Executives could now approve payments remotely, expediting approval timelines, and circumventing payment delays.
Moreover, the eradication of check writing was a welcome change. Digital payments reduced the potential for errors, saved time, and provided an additional layer of security. This shift also contributed to the environmental sustainability goals of the client.
Improved vendor relationships were an added advantage, with timely, automated payments strengthening trust. This, in turn, allowed the client to negotiate improved terms with several vendors, resulting in further financial benefits.
Conclusion
The deployment of Bill.com revolutionized the client’s accounts payable process, highlighting the transformative potential of digital solutions in managing business transactions. With a newly efficient and automated AP system, the client could now refocus resources on their primary business operations, secure in the knowledge that their payable commitments were being effectively managed.
