Growth supported by P2P Automation
A growing business
KEW Electrical is one of the UK’s fastest-growing independent electrical wholesalers, with a strong reputation for same-day stock availability and customer-focused staff.
The impact of rapid expansion
As the company’s pace of growth began to exceed its capacity, the finance team were manually processing over 96,000 supplier invoices a year. These individual paper trails made it hard to track the accrual of goods that had been received but not invoiced. Without proper oversight of costs, the rapidly expanding business was also suffering from a lack of cashflow.
KEW Electrical needed a process management solution that could scale up with the business.
Digital transformation with Canon Purchase to Pay
By forming a strategic partnership with Canon, KEW Electrical was able to transform its Accounts Payable process with an automated end-to-end Canon Purchase to Pay (P2P) solution.
This digitised workflow automates 80% of KEW Electrical’s Accounts payable process under a single platform, automatically matching, recording and filing electronic invoices according to PO numbers. Working faster and smarter, Canon’s Purchase to Pay solution means KEW Electrical can sustain and support its business growth with high productivity, complete compliance and clear spend visibility.
Tim Standing,INVOICES ARE NO LONGER LOST IN THE POST OR PROCESSED LATE, THANKS TO THE IMMEDIACY AND EFFICIENCY OF THE AUTOMATED SYSTEM.
Financial Director at KEW Electrical
Workflow automation for scalable growth
Implementing P2P automation enabled KEW Electrical to regain full visibility and control over cashflow and spending. This improved purchasing power means additional staff are no longer necessary and supplier costs are reduced – the company can even take advantage of settlement discounts for paying suppliers quickly.
In KEW Electrical’s executive division, the reporting and dashboard functionalities of the P2P solution provide clear oversight of the entire Accounts Payable process, minimising the risk of fraud and duplicated payments.
The automated solution has proved so successful in the company’s finance team and executive division that KEW Electrical has now rolled Canon Purchase to Pay into its overhead expenses management as well.
WE HAVE ENORMOUS GROWTH POTENTIAL AND WE WANT TO CONTINUE WORKING WITH A PARTNER THAT CAN BOTH SUPPORT AND CONTINUE ON THIS JOURNEY WITH US.