Atlanta Spirit LLC was processing and paying all of their A/P invoices manually. The A/P process was dependent upon timely and accurate data entry and required extensive supervision, and despite staff efforts, still had a reputation for slow and inefficient processing.
A/P transactions often touched too many hands, which delayed the approval process, slowed the invoice cycle times, and sometimes resulted in lost invoices. This resulted in long invoice cycle times, late payments, and a lack of visibility to liabilities and accruals. Atlanta Spirit not only wanted cost savings, they needed a solution that offered material impact to their overall operations.
Atlanta Spirit chose a modular SaaS solution from API Outsourcing to improve their A/P processing system. Using a combination of technology, and skilled U.S. based production staff; API Outsourcing provides a systematic process from invoice receipt to payment. Invoices are ready for online approval within 24 hours of mailroom receipt,and checks are printed and mailed within one day of receiving payment check information. The solution includes:
· Imaging and Data Capture
· Vendor Matching and Workflow Assignments
· Duplicate Invoice Check
· Electronic Approval Routing Process
· Check Printing and Mailing
· Online Invoice and Check Image Retrieval
The A/P Automation Solution by API made a material impact at Atlanta Spirit through:
Cost Savings:Invoice processing cycle time compressed to 3-4 days, 50% savings on invoice processing costs, reduced late payments and penalties, and reduction of two full-time headcount.
Higher-Value Focus: Re-purposed staff to manage the new A/P processes and workflow, along with additional duties relating to on-line expense reporting, billing, and A/R management.
Transparency:Improved visibility over invoices and approval processes resulting in more accurate accruals and internal control compliance.
For more information on API Outsourcing and how they can provide A/P processing solutions to your organization, visit www.apifao.com, or call 651.675.2600.
ABOUT ATLANTA SPIRIT, LLC
Atlanta Spirit LLC owns the Atlanta Hawks and Atlanta Thrashers, and the operating rights to Philips Arena, in Atlanta, Georgia. The Hawks and Thrashers compete in the NBA’s and NHL’s Southeast Divisions. Philips Arena hosts nearly 200 events annually, including concerts, family shows, and other sporting events in addition to Hawks and Thrashers games.
“Cost savings and headcount reduction was the initial goal when we considered API Outsourcing. In addition, we achieved significant benefit in workflow efficiency throughout the organization as a result of using the API solution.” - Phil Ebinger, CFO, Atlanta Spirit