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Tower Fasteners Eliminates Invoice Processing Back Log with Trapeze

Business Challenge

Tower Fasteners, an electronic hardware distributor with eight stocking locations faced a painful invoice processing experience that impacted its employees and bottom line.

The accounts payable department received thousands of invoices every month, all of which were manually processed. Tower Fasteners’ AP clerks processed at an impressive clip, averaging over 150 invoices per day. There was just one problem. The department consistently dealt with a four-day back log.

In addition, Tower Fasteners required one dedicated employee to process over 100 purchase order acknowledgements daily. Not only was this process extremely tedious, but it also generated a significant amount of errors that needed to eventually be corrected. At the same time, a purchasing expeditor spent several hours per day collecting data from suppliers to create Advance Ship Notices.

Solution

In order to streamline the accounts payable department, Tower Fasteners tapped SoftWorks AI for its exceptional data capture and processing speed. The hardware distributor required a solution that enabled them to import their data into their Epicor Prophet 21 ERP system and apply business rules that allows employees to focus on exceptions rather than every PO and invoice. Tower Fasteners desired dramatic improvement with PO acknowledgement and Advance Ship Notice in addition to line item extraction.

Results

Tower Fasteners saw dramatic improvements across all facets of its invoice processing. With Trapeze for Invoice Processing, the company eliminated its back log and now processes 150 invoices per hour. Trapeze also saw a 98 percent improvement in PO acknowledgement, with minimal time spent on PO acknowledgement.

“By using Trapeze, we have been able to streamline our invoice processing, freeing up our staff to effectively address issues and significantly reduce mindless data entry,” said Linda Marrone, Corporate Controller of Tower Fasteners.

Tasks that would have otherwise taken a full day to complete are now finished in an hour. For example, PO advance ship notice previously took several hours a day with manual processing. With SoftWorks AI’s automated invoice processing, the shipping information is instantly extracted directly from the purchase order.

Because Trapeze has automated Tower Fasteners’ invoice processing, its accounting, purchasing, and inventory management departments have all seen ancillary benefits.

“With this easy-to-use solution, Tower Fasteners gained visibility and control of spending, while improving productivity,” Marrone said. “Without question, this was a simple solution with a powerful impact.”

Benefits

SoftWorks AI’s Trapeze now processes 150 invoices in one hour to eliminate Tower Fasteners’ back log.

ObjectiveBenefits Achieved
Reduce invoice processing back-log
Reduce error rate in PO acknowledgementsTrapeze reduced errors by 98 percent over the previous year.
Improve processing efficiency of PO acknowledgementsProcessed by AP staff in near real-time.
Reduce time spent on PO advance ship noticesTower Fasteners utilized Trapeze’s line-item extraction to pull shipping information directly from the PO.
Softworks AI

Softworks AI

SoftWorks AI is dedicated to creating best-in-class intelligent automation solutions to automate document-driven workflows with minimal to no humans-in-the-loop. Using computer vision, AI, and machine learning, we’re able to analyze and understand hundreds of mortgage and financial documents with extreme accuracy.