Integrating with Xero, Breakthrough Accounting discusses how ProSpend completely transformed their spend management.
Deborah Ambrosini, CFO tells how Acrux have implemented the ProSpend Purchase Order and invoice module to control their spend and streamline their accounts payable process.
About Acrux Limited
Acrux (ASX: ACR) is a pharmaceutical company dedicated to developing and commercialising topical pharmaceuticals. Incorporated in 1998 and using in house facilities and capabilities, Acrux has successfully developed and commercialised through licensees a number of topically applied pharmaceutical products in the US and Europe.
Problem with AP invoices
Prior to implementing ProSpend (formerly expensemanager), we had a paper-based approval process where the invoices needed physical approval from the managers. This caused issues such as delays in payments and increase in time spent by the accounts payable team on follow ups with the approvers and getting the invoices through to payment.
Automating AP process
Just before the COVID-19 pandemic, Acrux had decided to automate their AP process including the approvals. We had also decided to introduce purchase orders to increase our spend visibility and enhance budget control.
ProSpend Purchase Order and Invoice modules
ProSpend's (formerly expensemanager) PO and invoice module matched to our needs perfectly. The system allowed the users to create POs, get them through the approval process and automatically match the approved POs to the invoice when they come in. This process helped us in cutting down the time taken to process AP invoices by almost half (please review this). Some of our POs and invoices don’t follow the usual approval process and with ProSpend’s agile workflow tool, we were able to replicate our delegation of authority without having to change the policy around it.
One of the added advantages with ProSpend is that the approved POs and invoices can easily be exported to MYOB Advanced, Acrux’s finance system. There is no need of re-keying the data or manual export and import of data but the data is pushed through simply by a click of a button. This also enhanced our reporting capabilities because of timely export of data especially the purchase orders.
When we signed up with expensemanager (now ProSpend), one of our requirements was to implement the system in less than 2 weeks. ProSpend’s implementation team fully understood this and worked with the team at Acrux in getting the system live within that time period.
“We certainly have found expensemanager (now ProSpend) to be a significantly more efficient and effective approach to our purchase processing and has proven to be well worth the investment. Deborah Ambronsini, CFO”