Successful companies often encounter “problems of prosperity”. Automating processes is a key component to scaling a rapidly growing company. Learn how we helped a client eliminate the manual steps involved with reconciling and payment of thousands of invoices.
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SRS Distribution Inc. consists of a family of industry-leading, independent roofing distributors. SRS has grown rapidly through 50+ acquisitions and the opening of multiple new locations since 2008. This continual growth has established SRS as one of the fastest growing building products distribution companies in the U.S.
An important part of the acquisition strategy was to allow branches to continue to make some of the purchasing decisions at the local level. This was reflective of a core value at SRS, “supporting an entrepreneurial environment where the local manager runs his/her own business catered to their market and their unique customer needs.” The burden of receiving, reconciling, allocating, and remitting invoices for hundreds of locations every month was an ongoing burden, and put a strain on the home office.
As part of a regular business review, we set up a meeting with the controller to discuss the current process and look for efficiencies. We immediately agreed there was a better way. The next step was a huddle with their IS department to decide which billing automation option made the most sense for SRS. The client provided specific accounting requirements, and the team went to work. Using the provided reporting dimensions, Regency360 built a pre-formatted invoice which is now transmitted into the client ERP system via an X12 810 EDI integration.
Invoices are now received systematically, with 100% accuracy, and without data entry. Costs are allocated immediately, and payments are processed much quicker. Since the invoices are received on a daily basis, management has real-time access to spend data. A manual, inaccurate, cumbersome and time-consuming process has now become systematized. These cross-departmental benefits will have a significant impact on hard AND soft dollar costs for the client. This impact will continue to grow as the client grows.