As a company committed to continuously improving its environmental performance, Green Mountain Power was looking for an accounts payable solution that could reduce paper by providing a more electronic procedure. In ReadSoft, they found that – and a solution that fit so well with their existing ERP system from Oracle, Green Mountain Power staff see ReadSoft as an extension of it.
Green Mountain Power is anelectric utility transmitting, distributing and selling electricity and utility construction services. It serves around 94,000 customers in Vermont, USA with an over 90 percent customer satisfaction rating. During its 100-year-plus history, Green Mountain Power has gone through numerous changes, but its commitment to meet the challenges of the times with innovation and foresight has not changed. The company sought out ways to streamline back office operations, including accounts payable, to continue its strategy of meeting the challenges of the times.
Better managed invoices
In the quest for a way to better manage incoming invoices, Green Mountain Power started looking for an AP automation solution. With offices in seven different locations, invoices tended to get lost in inter-company mail, so one of the requirements was for the software to be able to scan and house the original invoice for easy and quick retrieval and help optimize the invoice process. The company chose to implement ReadSoft’s solution, and now Green Mountain Power has a much more efficient process – and the staff knows exactly where invoices are, where they have been, how long they were there and how much the value is.
Why ReadSoft?
“We chose ReadSoft because they are a one-stop shop,” says Jan Ferro, Green Mountain Power’s Purchasing Manager and the driving force behind the purchase of the AP automation solution. “The software also mimicked the distribution lines within Oracle, so we felt it would be very easy for our staff to use and they wouldn’t feel frightened or – like with any change – turn the other way. And that’s exactly what happened. The users just accepted ReadSoft’s solution like it was another piece of Oracle.”
ReadSoft’s imaging and workflow components are certified by Oracle to run inside Oracle E-Business Suite. All screens look just like the familiar Oracle display, which creates ease of use and a comfort level from day one. According to Ferro, this has even caused a minor issue at Green Mountain Power: “The users quickly became so accustomed to being able to go right to the solution and find their invoices, so they got upset when they couldn’t find an invoice that was pre-ReadSoft,” she says with a smile.
The benefits
With ReadSoft’s AP automation solution, Green Mountain Power is able to pay its invoices quicker, take advantage of early payment discounts and cut down on vendor complaints for lost invoices. “We’re also able to better manage our money – we know what’s outstanding in people’s workflow, waiting to be coded and then paid,” says Ferro. In addition, the majority of its top vendors now send PDFs, rather than paper invoices, thus saving the amount of paper being used which aligns with the company’s eco-friendly nature.
An ecological invoice process
By using ReadSoft invoice automation software, Green Mountain Power saves trees and helps reduce CO2 emissions. A manual process involves copying invoices a number of times so they can be passed around for approval. With the automated AP process, Green Mountain Power dramatically reduces the number of paper copies, which not only creates a greener company, but also minimizes the need for document storage.
Conclusion
Streamlining the AP process with ReadSoft software has helped Green Mountain Power gain control over its invoice management. With the electronic workflow, invoices don’t get lost, which among other things helps the company avoid late payment penalties. And the staff truly appreciate being able to handle invoices inside Oracle. As a closing remark, Ferro mentions the benefits of working closely with ReadSoft during the implementation phase: “They have a lot of great ideas to help streamline the process.”