Panasonic Batteries Automates Invoice Processing Across Entire European Sales Network

PRLog (Press Release) – Jan 11, 2008 – 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%.

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 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 off all original documents to the relevant country’s finance ministry, ensuring all VAT is claimed back.

Previously, invoices were handled manually in a central facility in Brussels, categorised and faxed out to the relevant country managers for approval.  This was a time-consuming and labour-intensive system, and faxed documents would also be mislaid, 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 automating the handling of supplier invoices, improving processing times and minimising 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 centres, in order to see where further operational improvements can be made and processing times enhanced.