William Tracey Group
William Tracey Group is one of the UK’s leading recycling and resource management companies and is listed as one of Scotland’s Top 500 companies with revenues of over £65 million. Established in 1948, the company runs operations in 9 locations across the UK and employs 450 people. SoftCo P2P was implemented to handle the processing of procurement through to payment.
William Tracey manually processed over 25,000 purchase invoices throughout its 9 branches annually. The approval, receipting, and processing of invoices lacked automation and was costly and time-consuming. The risk of human error upon manual data entry was high and the group found it difficult to complete timely accruals or to promptly resolve queries. There was poor visibility of the status of supplier invoices and a lack of procurement conformity.
SoftCo P2P was implemented to provide improved control and visibility. Supplier invoices are now automatically captured and archived in the secure and compliant SoftCo Cloud environment. Automated 3-way matching of invoices to purchase orderS and goods receipt notes simplifies the approval cycle and ensures conformance to "No PO, No Pay" policy. Exceptions are managed within the query management module and there is full visibility and control over the P2P process.
William Tracey has dramatically reduced the time and costs associated with manual invoice processing. The implementation of SoftCo P2P has resulted in full compliance with spend policy and the ability to automate complex approvals matrix. The automated 3-way matching has resulted in a higher level of accuracy and faster approvals. The finance team can now focus on exception-handling with substantial improvements in control and visibility over the P2P process.
"The approval process that used to take 40 days now takes 10 days and we have complete visibility of month-end over all our invoices in the system."
Paul Leonard, William Tracey Group