The Record - Issue 16, Spring 2020

79 our accountants doing accounting, rather than dealing with paperwork,” says Bulanan. With more defined workflows, the company has achieved a major reduction in the invoicing cycle. Where an invoice would previously take 35-37 minutes to process, the team has reduced processing times to around 11 minutes – all thanks to the greater efficiency and visibility that the software delivers. “We’re able to track each document from invoicing to approval, making sure that it reaches the right people and they review it on time,” says Bulanan. “Now, rather than have a central team do everything, the responsibility is distributed throughout the company.” The positive impacts of these efficiency gains are being felt right across the business, from tighter control of company cash flow to faster decision-making. “We’re able to actually recognise and plot our expenses, which is a fundamental account- ing principle,” says Bulanan. “And because we’ve consolidated our invoices and approvals, decision-making has become much easier.” Given its success in using Invoice Automation to power their back-end processes, the Guild team has its sights set on a rollout of purchase order processing software to compound the ben- efits of automation. “Every time an invoice comes through, it will automatically get checked against a pur- chase order, giving us full control over the entire process,” says Bulanan. “It will reduce our invoice processing times even further to around five or six minutes. That’s basically the pinnacle of efficiency.”  F I NANC I A L S E R V I C E S