Essentra specialises in the supply of plastic and fibre products. Their global network spans 33 countries and includes 53 manufacturing facilities.
Essentra Netherlands approached Cashbook in order to automate their bank upload process and also their electronic payment process with the twin goals in mind of reducing costs and cutting processing time.
To automate and streamline the manually intensive bank upload and electronic payment processes
Prior to the Cashbook implementation, Essentra’s business process involved:
The automated bank statement upload and the electronic payment solution was designed and tested with Essentra Netherlands and Poland. The implementation was designed over a staged basis as at the time, Essentra were undergoing a BPCS rollout.
The bank statement is uploaded daily into Cashbook and during the upload process mixed transactions are identified and the corresponding action automatically processed as required.
Bank balance and statement validation also formed part of the solution to ensure that balance information was readily available for forecasting purposes and that statement control existed to ensure that bank statements were not uploaded more than once.
Cashbook implemented the ClieOp03 file format for domestic payments and subsequently SEPA such that Essentra was able to use Cashbook for automated domestic electronic payments. A reference field containing the vendor number was included in the outgoing payment file as part of the solution. This ensured that it was referenceable on the incoming bank statement file where it could be automatically processed to the AP clearing account.
For foreign payments, Essentra Poland decided to continue with the existing process of keying the payments into ING banking software and as part of the process use a particular reference code, which Cashbook uses to recognise the transaction on the incoming bank statement file. The Cashbook upload process then identifies the vendor number (in the Netherlands) and closes the open AP foreign invoices in BPCS.