Solution: AP Automation
UPM, founded in Finland, is one of the world's leading and oldest forest products companies, focusing on magazine papers, newsprint, fine, and specialty papers. The group, which employs approximately 31,000 people, is using SoftCo AP Automation (SoftCo AP) to process its supplier invoices and reduce costs.
Accounts payable employees at UPM were spending considerable time manually handling paper supplier invoices across 15 countries. UPM needed to reduce the invoice processing time and implement centralization of the entire invoice handling process. A key objective was to enable UPM’s suppliers to provide all invoices in electronic format and manage those invoices and the associated documents in a secure, central electronic archive.
SoftCo AP was deployed centrally for the benefit of over 5,000 business users who can now access documents through a web portal. Suppler invoices are scanned, invoice information extracted, and all information is stored in the SoftCo compliant archive. Automated 3-way matching of invoices, POs, and goods receipt notes enable accurate and fast approval. SoftCo AP is fully integrated with Materials Management, UPM’s line of business application.
SoftCo AP has enabled the centralization of the entire purchase invoice process for 15 countries and 5,000 users at UPM. The system has resulted in a faster, more efficient approvals process, and significant cost reductions. Automatching enables straight-through invoice processing for faster approval. Non-PO invoices are now managed in an efficient process involving coding, approval, and payment posting.
“SoftCo AP streamlines the AP process for UPM by converting paper invoices into digital images, extracting key data to enhance approval processing, and archiving them in a secure web-based repository.”
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