Panasonic Batteries, the world’s largest battery manufacturer, has deployed an advanced invoice automation solution from BasWare to streamline its finance operations, boost productivity and reduce invoice processing costs across its European sales network by 60 percent.
Using BasWare’s Invoice Automation solution and Kofax scanning and capture products, Panasonic Batteries’ data capture and invoice processing workflow solution has boosted overall efficiency and streamlined the handling of supplier invoices and administrative documents. These are received in multiple languages, from over 25 countries across Europe and Russia.
Supplier invoices arriving at the company’s Brussels headquarters are scanned using Kofax Xtrata, and then processed using the BasWare Invoice Automation solution, which integrates seamlessly with Panasonic Batteries’ SAP system. Xtrata extracts critical data from the paper invoices and feeds it into BasWare Invoice Automation. Invoices are then sent into the approval workflow for the relevant country managers, and automatically forwarded to the accounts department for payment when approved.
Kurt De Smet, Accounting Manager at Panasonic Batteries said: “We operate over such a wide geographic spread and trade with partners and customers in many languages. So it was vital for us to automate our accounts payable activity in order to manage the flow of invoices effectively and ensure streamlined and efficient financial operations.
“In addition, a key benefit of partnering with BasWare is its standard, fully certified integration with SAP – as a result, the solution has been seamlessly integrated into our existing SAP ERP infrastructure. Once they are scanned and into the workflow system, invoices can be automatically routed for approval and action. BasWare Invoice Automation gives us greater control over the AP process and ensures more timely processing and payment. It also enables us to make more accurate financial forecasts and to better manage cash flow.”
The BasWare solution has also simplified the process of claiming back value added tax (VAT) from the countries where Panasonic Batteries is not registered for VAT purposes. By creating an electronic version of all invoices, finance staff can work from the electronic version and send all original documents to the relevant country finance ministries, ensuring all VAT is claimed back.
Previously, invoices were handled manually in a central facility in Brussels, categorized and faxed out to the relevant country managers for approval. This was a time-consuming and labor-intensive system, and faxed documents would also be misplaced, leading to additional delays in processing.
With Panasonic Batteries expanding into new countries across Europe, this approach would place additional burden on the finance department, and so the company looked to automate the handling of supplier invoices, improve processing times and minimize the need for manual inputting.
A further benefit of the BasWare solution is that country managers can approve invoices remotely, from any location, to ensure a streamlined and efficient process.
Panasonic Batteries is currently working with BasWare to roll out its KPI reporting tool across its European network. This will enable senior accounting staff in Brussels to drill down and get performance data from all its individual operational and cost centers, in order to see where further operational improvements can be made and processing times enhanced.
About BasWare
BasWare Corp. is the global leader in Enterprise Purchase-to-Pay and Financial Management solutions. More than 650,000 end-users in over 50 countries use its software to automate back-office financial operations to enhance efficiency, gain process control and transparency, and meet compliance requirements. BasWare’s products are widely used in Shared Service Centers. In addition to SAP integration, BasWare Invoice Automation integrates with over 120 ERP systems.
In 2006, net sales reached approximately $80 million. The growth target for net sales for 2008 is 15 – 20 percent and will continue to be supported by a growing network of value-added resellers. Founded in 1985, BasWare Corporation (HEX:BAS) is a public company listed on the Helsinki Stock Exchange. Headquartered in Helsinki, Finland, it has eight subsidiaries in the U.S. and Europe. The company’s U.S. business, BasWare, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.
About Panasonic Batteries in Europe
Panasonic Batteries is the world's largest battery manufacturer. It is part of Matsushita Electric Industrial (MEI), a global leading company in the field of electronics and electrical products. Thanks to Matsushita's many years of experience and know-how in the area of consumer electronics, Panasonic Batteries in Europe has a unique position in the market. It employs around 900 people, supplying ‘mobile’ energy in more than 30 European countries. As well as its European headquarters in Brussels, the company has factories in Belgium (Tessenderlo) and Poland (Gniezno), which produce more than a billion batteries each year. The comprehensive Panasonic Batteries offering includes Oxyride, alkaline, digital still camera batteries, zinc carbon, rechargeable, photo-lithium, silver oxide, zinc air, mini cells, etc. For more info: www.panasonic-batteries.com