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William Tracey Group

Solution : Procure-to-Pay

William Tracey Group is one of the UK’s leading recycling and resource management companies and is listed as one of Scotland’s Top 500 companies with revenues of over £65 million. Established in 1948, the company runs operations in 9 locations across the UK and employs 450 people. SoftCo Purchase-to-Pay (SoftCo P2P) was implemented to hand the processing of procurement through to payment.


Challenge

William Tracey manually processed over 25,000 purchase invoices throughout its 9 branches annually. The approval, receipting, and processing of invoices lacked automation and was costly and time-consuming. The risk of human error upon manual data entry was high and the group found it difficult to complete timely accruals or to promptly resolve queries. There was poor visibility of the status of supplier invoices and a lack of procurement conformity.


Solution

SoftCo P2P was implemented to provide improved control and visibility. Supplier invoices are now automatically captured and archived in the secure and compliant SoftCo Cloud environment. Automated 3-way matching of invoices to purchase orderS and goods receipt notes simplifies the approval cycle and ensures conformance to "No PO, No Pay" policy. Exceptions are managed within the query management module and there is full visibility and control over the P2P process.


Results

William Tracey has dramatically reduced the time and costs associated with manual invoice processing. The implementation of SoftCo P2P has resulted in full compliance with spend policy and the ability to automate complex approvals matrix. The automated 3-way matching has resulted in a higher level of accuracy and faster approvals. The finance team can now focus on exception-handling with substantial improvements in control and visibility over the P2P process.


Quote

“SoftCo has allowed us to build very complex rules around who needs to see a PO and approve it. Now, the finance team has much better visibility of what’s been purchased and the reason why”.

  Paul Leonard, William Tracey

 

William Tracey Group

Highlight

William Tracey achieved a 50% reduction in both PO approval times and invoice approval times since implementing SoftCo P2P. 

Quote

“SoftCo came in as we were getting our ERP project off the ground and they delivered it within a three month timeframe.”  

Paul Leonard, William Tracey 

Finance System

Microsoft Dynamics NAV

Sample P2P Clients