This company is one of the largest drinks companies in Europe, formed in April 2004. They are part of the largest wine company in the world and a leading producer and exporter of wine from the USA, Australia and New Zealand. The company has a strong portfolio of brands from the wine, cider, fortified wine, wine_style drinks and bottled water categories.
One of the key strengths of the automated invoice processing operation is the tight integration between their finance system and IMS. This is based on a transfer of Shared Reference Data that happens nightly that ensures each system contains the most up to date information e.g. PO numbers, GL codes and new vendors. The outcome of automation _ The new invoice processing solution has considerably automated the AP department, this is resulting in an increase in control over the process. At the end of each month, the ERP system produces an AP Log report that lists all the invoices that are with the business users. It is expected that the slicker and faster process will lead to a considerable reduction in the number of items on this log.
Advantages of Invoice Factoring Besides providing fast access to capital, invoice factoring offers a number of other important advantages. It gives you unlimited access to funds without adding liability to your balance sheet. Because invoice factoring isn't a loan, there's no debt or monthly payments involved. Plus, invoice factoring is a flexible arrangement because it doesn't require any long_term contracts. Additionally, invoice factoring makes it easier for you to offer credit terms to customers. This can help you increase your sales without negatively impacting your cash flow. Invoice factoring also can help you take advantage of the early payment discounts many vendors offer on bills within ten days. Ultimately, invoice factoring can help build business credit. The cash flow you create from invoice factoring can make it possible to pay your vendors on time and establish a stronger credit rating. And this can assist you with securing credit from other vendors and financial institutions.