Tag Archives: accounts receivable automation

Parts Town Awarded Order-to-Cash Department of the Year at Inaugural AR & O2C Spotlight Awards

 

Adoption of Esker’s business process automation solutions improved cash conversion cycle and customer experience leading to recognition.

logo Parts town

 

 

Sydney, Australia — August 2, 2016 — Parts Town, a leading parts distributor in the food service equipment market (www.partstown.com), was named the AR & O2C Spotlight Awards’ Order-to-Cash Department of the Year winner. Hosted by The AR Network (TARN), the inaugural awards are an expansion of the Institute of Finance and Management’s (IOFM) Spotlight Awards and recognise outstanding achievements in financial operations.

Parts Town earned this distinction by successfully automating its manual cash conversion process, improving customer service and increasing productivity and efficiency while reducing days sales outstanding (DSO).

Last year, Parts Town’s O2C team recognized the need for a new process to sustain its high annual growth rates while increasing workflow efficiency and visibility, high-quality customer care and turnaround time. They decided that a cloud-based solution would enhance their productivity and enlisted the help of Esker, a leading document process automation solution provider.

Esker’s solution automated the entire order processing cycle starting with the reception of the order, scanning of the order and creation of the order into the ERP application, as well as creating and processing invoices for collection. With this implementation, Parts Town is steadily making progress toward its goal of processing 60 percent of its orders by 3 p.m. every day.

“Parts Town is growing rapidly and we need solutions that put us in a position to continue that growth, as well as streamline the processes to maintain it,” said Amy Argentine, Director of Technical Service at Parts Town. “Providing excellent customer service was the driving force behind our decision to partner with Esker, and we are now able to provide an improved process from start to finish in less time.”

With the automated order processing solution, Parts Town’s Distribution Center (DC) benefited greatly as well. The DC has full visibility using this platform, which allows the data to be allocated and used to forecast supply chain and staffing demands.

“The O2C cycle is crucial to the success of a business because it affects customer satisfaction and the company’s bottom line. Parts Town was awarded this honor due to its commitment to prioritising the customer experience while sustaining growth and improving visibility,” said Brian Cuthbert, executive director at IOFM.

About Parts Town

 
Parts Town (www.partstown.com) supplies genuine OEM replacement parts for commercial cooking equipment to the restaurant industry. For over 20 years, Parts Town has been focused on delivering the highest level of customer service for food equipment replacement parts, commercial kitchen accessories and selected food equipment. By recruiting and retaining the industry’s leading talent and living its core values, Parts Town has been able to achieve the unique combination of providing the industry’s most complete set of value-added capabilities while continuing to provide enthusiastic and expert customer service.

 
Parts Town has been named to the Crain’s “Fast 50” list, recognising the fastest growing companies in the Chicagoland area for six consecutive years as well as the “Inc 5000” list of fastest growing privately held companies in North America for eight consecutive years.

 

Parts town

 

 

Esker’s New Supplier Self-Service Portal Enables Smarter Accounts Payable Interactions for Fit Processes and Healthy Businesses

Sydney, Australia — June 2, 2015 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced the launch of a new supplier self-service portal to complement its Accounts Payable automation solution. The new tool improves the way organisations interact and collaborate with their suppliers. Esker’s portal provides suppliers with real-time status information on their invoices, strengthens supplier relations and increases the buyer’s productivity.

Esker’s portal provides both suppliers and buyers with a single view of data which enables the two parties to improve their ability to share information, enhance supply chain performance and facilitate dispute resolution. The use of electronic exchanges also leads to lower transaction costs.

The portal reduces supplier inquiries by providing them with the status information on all their invoices, (e.g., received, approved, paid, etc.), without ever having to pick up the phone. Suppliers have visibility into when they will be paid and can therefore better manage their working capital treasury.

Our new supplier portal reinforces our commitment to building a network of business collaboration, enabling meaningful connections between organisations, suppliers and customers,” said Jean-Michel Bérard, CEO at Esker. “Our goal is to connect companies with each other so they can do business more efficiently. Our new portal, combined with our solution dashboards, delivers the perfect platform to enable effective and intelligent interactions.

Simplified Process for Suppliers, Minimised Workload for AP Staff

In addition to looking up the status of any of their invoices, suppliers can also submit invoices directly and electronically on the portal. This allows buyers to reduce unnecessary paper handling, improve the timeliness of payments and lower their Days Payable Outstanding. By accelerating the payment cycle, buyers can benefit from early payments discounts. Suppliers get paid faster and are able to reduce their Days Sales Outstanding.

Based on Esker research, AP staff performing their tasks using manual methods can spend as much as 30% of their time responding to supplier calls, impacting both costs and productivity. On average, it takes an AP clerk five minutes to manage one invoice status inquiry. This equals approximately $2.5 per call, which can add up quickly and cause unnecessary expenses that would otherwise be used more productively. With fewer supplier calls to manage, an AP department is able to focus on more value-added tasks, increase its efficiency and reduce costs.

Improved Communications

Designed to optimise the buyer-supplier interaction, both parties can conveniently exchange information and chat directly via the portal, removing communication barriers. All conversations are kept together and always available for reference when needed. With improved relations, suppliers feel more informed and confident on what is happening with their invoices and when they will get paid, and buyers can negotiate greater payment discounts.

The portal features an intuitive, easy-to-use interface, which helps maximise supplier adoption rates. Suppliers can also contact Esker to take advantage of a wide range of beneficial e-invoicing features, such as automated invoice submission via the portal.

As an integral part of Esker’s Accounts Payable automation solution, the new portal enables Esker customers to offer their suppliers a valuable, free-of-charge service that’s available 24/7 year-round.

Esker Acquires American Cloud Company TermSync

TermSync’s collaborative platform reinforces Esker’s Accounts Receivable solution for U.S. customers and paves the road for future Esker solutions.

Sydney, Australia — January 29, 2015 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announces the acquisition of TermSync™, a cloud-based accounts receivable (AR) platform.

Based in Madison, Wisconsin, which is also home to Esker’s U.S. headquarters, TermSync develops and markets an innovative, collaborative portal enabling businesses to modernise their AR processes. Fully developed on cloud-based technology, TermSync optimises invoice management by reducing costs, accelerating payments and reducing DSO (Days Sales Outstanding). Today, TermSync connects thousands of companies on its network, including the U.S. National Association of Credit Management (NACM), which has selected the solution as a preferred partner.

Following the success of an intense development and market validation phase, but with limited resources, TermSync was looking for a strategic partner to support its commercial development throughout the U.S. At the same time, Esker sought to strengthen the capabilities of its existing AR solution in order to meet the expanding needs of U.S. companies. Combined, Esker’s Sales and Marketing capabilities and TermSync’s platform will generate growth for their respective offerings.

Beyond the operational aspect, Esker will build on TermSync’s experience and technologies to enhance the collaborative aspect of all its solutions.