Invoice automation frees companies from routines and saves costs, Mall.cz saved millions30. March 2021
Automatic processing of received invoices not only streamlines routine work but can save companies up to millions of crowns. One of the largest e-shops, Mall.cz, knows about this, saving more than 4 million crowns last year thanks to the automation of document flow.
Mall.cz, together with Alza or Datart, is one of the first e-shops in the Czech Republic to introduce EDI - a standard for Electronic Data Interchange. Mall.cz has been working with the ORiON EDI solution, thanks to which, among other things, it automates the receipt, control and posting of invoices. It is currently used by 500 suppliers and 600,000 invoices have passed through it.
"At the beginning of March, we did an evaluation of the project again. It turned out that we saved a total of 13 million crowns on the processing of received invoices, in the last year alone it was over 4 million. This is a net saving on the cost of the accountant's work, after taking into account all the costs of acquiring and running EDI. As a result, accountants do not spend time on routine work and work on more strategic tasks, ” says Mall.cz CFO Jakub Chalupecký.
Mall.cz can also handle those who do not have EDI
Invoices from overhead suppliers who do not use EDI are handled by Mall.cz using a tool called Invoice Flow for automatic data extraction from documents.
"Invoice Flow automatically reads basic data from received invoices so that our accountants do not have to overwrite them manually. Thanks to this, we were able to introduce digitization of the internal process of approving orders and invoices, thus reducing the administrative burden across companies. In addition, the new digitized process helped us to ensure easy and safe operation at the time of the covid, when most employees work at the home office. ” Chalupecký continues.
Electronization also helps cash flow
Thanks to invoices in a standardized electronic form, Mall.cz suppliers can also use the Mall Invoice Financing service - payment of the invoice before the due date. The service runs on the Roger Payment Institution platform and is useful for both parties.
Suppliers can work flexibly with their cash flow through Invoice Financing. If necessary, they will have part of the invoice repaid three days after issuance, under conditions often better than in the bank.
Thanks to Mall Invoice Financing, Mall.cz saves the time of the financial manager and accountants in the administration of previous payments and improves their relations with suppliers. Mutual cooperation on both sides minimizes administrative costs.
"When I look back at electronic invoices, our high number of suppliers and project documents was a quick return. We were also helped by the supplier GRiT, who guided us through the project from the initial setup through the involvement of suppliers to the daily support of users and thus significantly contributed to the successful digitization of our internal processes, " concludes Chalupecký.