From the November 2008 issue of Treasury & Risk magazine

Silver AHA Award Winner in Middle Market Treasury

In 2005, Composites One processed 145,000 invoices. Most went through without a hitch, but 5,800, or 4%, were held up because of unacceptable variances between the invoice and purchase order amounts. "Each time that happens, someone has to look into the discrepancy to determine if the invoice amount is correct," says Mary Bravo, assistant treasurer. The extra 20 minutes it takes to further research each reject, or purchase pricing variance (PPVs), adds up to higher costs and lower productivity.

That was not acceptable. So the distributor of fiberglass and composite materials launched a mission to improve accounts payable efficiency through automation. From the outset, the goal was to eliminate unnecessary additional key strokes or further communications with suppliers, while also reducing opportunities for inaccurate cost reporting


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