20,000

invoices processed
electronically

Significant

reduction in invoice
processing costs

100%

visibility and control
over AP process

“It makes month end accruals much easier to calculate and more accurate
as you can easily review what was received and approved after month end
cut off.”

Mark Dinkin, Smyths Toys

Challenge

Smyths Toys had experienced a significant period of growth, both organically and through major acquisitions across Europe. As a result, their supplier base had grown considerably, and they faced challenges in processing invoices across multiple locations. Their manual invoice processes involved a number of different touchpoints, with AP staff needing to manually route invoices to the appropriate business user for approval. This process would sometimes take several days, particularly if an invoice needed to be queried. The process had become all the more difficult with the switch to remote working. Smyths Toys required an automated solution in order to remove the inefficiencies and high costs within their AP process.

Solution

Smyths Toys chose SoftCo ExpressAP to replace their manual AP processes and handle their growing number of invoices to speed up approval times and payments to vendors. Implementation of ExpressAP was rapid and the efficient onboarding and training coupled with the user experience of the solution ensured the benefits of the system could be experienced immediately. Smyths Toys staff can now log onto the centralized AWS hosted cloud-based solution from their remote locations with unique login details and specific permissions, in order to carry out their duties. The solution captures all vendor invoices, replacing manual data entry allowing the AP team to code the correct GL and cost center and instantly send for approval.

Results

SoftCo ExpressAP has enabled Smyth’s Toys to gain complete visibility and control over their accounts payable process and has removed the manual processing of their growing number of invoices. As a result, invoice processing costs have been significantly reduced. Invoice approval times have decreased by almost 30% in only the first 3 months of using the system, resulting in more on-time payments, enhanced supplier relations and fewer queries.

Information

Industry:Retail
Solution:ExpressAP
Region:Europe
Employees5,000+
Invoices:20,000+ per annum
ERP System:SAP

Smyths Toys were founded in 1986 in Co. Mayo, Ireland. Since then, they have grown to become a leading provider of children’s entertainment products, with over 100 stores throughout the UK and Ireland. In 2018 they acquired Toys R Us in Germany, Austria and Switzerland, adding a further 90 stores across central Europe.

“We chose SoftCo because of their proven experience in this
area. They were able to identify our issues straight away and
offer a quick and cost-effective solution. They implemented
the system in a matter of hours and provided an onboarding
service that allowed our staff to get up and running on the
system in minimal time.”

Mark Dinkin, Head of Finance, Smyths Toys

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