Freight Capital Launches quick AP Payments Using Fidesic
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kevinp
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Freight Capital continues its track record of innovation by starting the flagship company of paperless accounts payable (AP) processes through its application of Enliven Software's Fidesic Platform; this company is known as Logistics Financial. Logistics Financial uses this new technology platform to eliminate paper and manual data entry from the AP process, saving time and money.
The Problem
Logistics Financial needed an end-to-end Accounts Payable processing system that would integrate directly with Dynamics GP. For this AP process to function correctly there were several requirements which Logistics Financial needed in a solution. The first was a location for their brokers (vendors) to enter invoices electronically into a web based portal. In addition to the ability to enter invoices, they needed to be able to add discounts, and enter invoices on behalf of multiple trucking companies. These end user companies then needed the ability to review payment status and opt in for electronic payment; again all from a web based location.
The Solution
Logistics Financial now uses the Fidesic Platform to facilitate their complex AP process while still interfacing directly with the robust Dynamics GP ERP system. From a payables invoice processing perspective, Logistics Financial has a 100% paper free process. All invoices are entered directly into the Fidesic Platform by the brokers, completely removing all data entry from the AP Process. Logistics Financial employees then have the ability to review these invoices from the Web Portal and approve them for payment.
After the invoices have been approved, this data interfaces directly into GP with just a few clicks. Logistics Financial can then build a payment batch based on the discount terms imported, and submit a single batch of payments into Fidesic. The Fidesic Platform then dynamically sorts the payments for distribution based on the preferred method of receipt. After submission of a payment batch, the Logistics Financial AP process is now complete as Enliven then handles both ACH and paper check fulfillment on their behalf.
Results
Logistics Financial now has an industry leading AP process that is end-to-end 71% paperless. Through this highly electronic process, Logistics Financial is able to complete an end-to-end transaction in an amount of time that was previously thought as impossible. From invoice submission, to the receipt of payment by the end company; Logistics Financial can now complete this process in as little as two business days. This has enabled Freight Capital's newest endeavor, Logistics Financial, to offer aggressive payment terms and enhance the overall profitability of their business.