HPC Group have expanded significantly both organically and through acquisition and required an automated Accounts Payable system as part of a group-wide digital transformation initiative to support this growth. HPC needed to solve a number of key business challenges including removing the manual processing of invoices, centralizing the AP function to allow continued acquisitions without requiring a liner increase in AP headcount, and integrating with their bespoke ERP system “Remedy”.
HPC group chose SoftCo Accounts Payable Automation to automate their AP process. SoftCo AP automates the capture, matching, and approval of the 90,000 invoices that the group receives each year. The solution also includes full integration with HPC Group’s existing bespoke ERP system, Remedy.
SoftCo Accounts Payable Automation has given HPC Group full control over its entire Accounts Payable process and removed the manual processing of invoices. It has improved visibility and has saved hundreds of hours in invoice approval times, with 75% straight-through processing of their 90,000 invoices. SoftCo AP’s query management workflow allows finance personnel to manage the once-complicated query process between stores and suppliers through the one platform. This change has led to significantly reduced query times. HPC pay suppliers on time, avail of increased amounts of tiered discounts on supplier settlements and as a result, support better working capital management. Whilst HPC were previously aware of blockages within the AP process, they were not able to identify where they were. SoftCo Accounts Payable Automation gives complete visibility over all blockages resulting in reduced accruals, a cleaner set of financial statements, and a faster year-end close.
|Solution:||Accounts Payable Automation|
|Region:||UK & Ireland|
|Invoices:||90,000 per annum|
HPC Group is a privately-owned independent Builders Merchants Group with 15 Branches. HPC was formed following a Management Buyout in 2012. The Group’s core activities are timber, building materials, plumbing, heavy landscaping, and DIY.
“When we originally engaged with SoftCo, they immediately identified all of the issues that we were about to tell them we had. Thanks to SoftCo, I’m able to provide better information to the Financial Director on our cash flow.”Martina Boyce, AP Manager, HPC Group