Crest Nicholson - Property Developer
- Name : Crest Nicholson
- Industry : Property Developer
- Employees : ND
- Revenue : ND
- Business Locations : ND
- Number of invoices per year : 50,000
- ERP : Agresso
Crest Nicholson Builds Efficient Accounts Payable Department
Crest Nicholson, one of the UK’s leading property developers, is using ITESOFT’s processing solution, ITESOFT.FreeMind for Invoices, to help streamline data capture from invoices.
Crest Nicholson is dedicated to excellence in the design and construction of the homes they build, the quality of the locations they choose and the customer service provided. They are an award winning company with a whole host of industry and consumer accolades.
Receiving in excess of 50,000 invoices per annum, invoice processing was managed across several regional offices. Previously the company was using a Coda ledger but this was fast becoming obsolete. As a result the company examined its Accounts Payable (AP) process with a view to improving efficiency.
Main Challenges for the AP Department:
- Fragmented AP Process - delivery notes and invoices processed from several regional offices.
- Labour intensive, manual data entry, photocopying, distribution and checking of documents
- Lengthy and costly invoice processing
- Obsolete financial system for processing invoices
- Lack of visibility of regional office activity
Other challenges that a manual system brought were:
- Data errors caused by manual data entry from paper invoices
- Loss of paper invoices
- Complicated audit trail
Boost efficiency with ITESOFT
To boost efficiency across the purchase to pay process, Crest Nicholson selected ITESOFT.FreeMind for Invoices, for automated invoice capture. The solution is seamlessly integrated into their Agresso financial system.
The invoices are now scanned at the company’s headquarters and the data is captured, validated within ITESOFT.FreeMind for Invoices and then uploaded as a batch process into Agresso. Invoice header information (index data) and the relevant image of the invoice is up-loaded into the company’s Agresso image repository.
- Accounts employees can then view corresponding invoice images from anywhere within the Agresso system, greatly assisting in query resolution, speeding up search and retrieval etc.
"We chose ITESOFT.FreeMind for Invoices for its powerful character recognition capabilities which has reduced the need for administration and re-keying of data"
Like many organisations, Crest Nicholson has been under pressure to reduce costs while improving process efficiency. ITESOFT.FreeMind for Invoices has enabled Crest Nicholson to streamline their AP Department and achieve measurable benefits.
Crest Nicholson have realised the following benefits:
- Total automation of a manual process
- Centralised, more efficient finance department
- Reduction in headcount
- Team of AP staff freed from manual tasks
- Reduction in time spent processing invoices
- Reduction in invoice processing costs
- Full integration into Agresso
In the future the company will have the capability to extend the document capture solution to include statements, delivery notes and other documentation.