Implementing eye-share Invoice has meant that for the slaughterhouse and meat processing company Fatland, dunnings and debt collection claims are a thing of the past.
The Fatland Group has offices and production facilities in four different locations in Western and Eastern Norway. By implementing eye-share Invoice in 2016, the Group was able to take full control of their invoice workflow.
“The level of control we have achieved by using eye-share Invoice is essential for the Group. We always know where every single invoice is, and that all invoices flow through the same system. We know that if the invoice can’t be found there, we haven’t received that invoice. We have had a few instances where we have disagreed with the vendors, where the vendors usually have been wrong because we now have a consistent and clear way to do it. It’s very rare that vouchers disappear. Eye share and the stability of the software is great”, Roar Malmin says. He is the Chief Financial Officer in Fatland Jæren AS, and in charge of the consolidated accounts.
The level of control we have achieved by using eye-share Invoice is essential for the Group
Had to get full control
As a CFO for the Group with 650 employees, of whom 100 are users of eye-share Invoice, it was important for Malmin to get full control of the invoice flow.
“We were doing everything manually, and had different work processes at our different locations. Paper invoices were signed and delivered everywhere, resulting in some invoices arriving by mail and others by email – to multiple, and often wrong, addresses. Many invoices were sent directly to the employee’s home address. This gave us several challenges; we never had any control over the invoices we had, and we didn’t know which invoices that were in circulation by period end. For example, we were not able to evaluate accruals properly, and the risk of paying the wrong invoices was imminent. Periodically, we were also lagging behind as a company and as a result we received several dunnings and debt collection claims. Invoices used to be put in a drawer once the production department had busy periods”, Malmin explains.
He now experiences a much more transparent working day.
“Now we have one centralized scanning location to control all vouchers, add coding lines with ledger information and more. The accounting department usually doesn’t see the voucher before it is sent for control – a control that is much faster than if we had to do everything manually. If we need assistance, the quality of eye-share Support and Eye-share’s support system Quick-Share is very good. The issues will always be solved, and the response time is usually very good.
Periodically, we were also lagging behind as a company and as a result we received several dunnings and debt collection claims
Customized for the meat packing industry
The Fatland Group receives 25,000 invoices annually, and Malmin has, together with Eye-share, made several tailored customizations to the eye-share Invoice software to optimize the solution specifically for their industry.
“We usually buy meat from Germany if we have acquired all of the available meat from Norway and there is still a demand for meat in the market. I buy euros for each unit of meat we import to know the exchange rate in advance. To simplify this process we have a custom function in eye-share Invoice that adds the exchange rate upon transferring the voucher to the ERP system. In addition, we have made functionality to change currency rates at line level. It is very convenient”, Malmin says.
eye-share Invoice has had a positive impact on Fatland in several areas.
“In addition to more security and more control, we have also become more efficient by using eye-share Invoice. There is no doubt that people in the accounting department have much more time than they had before and can spend their time on other issues that are critical to the daily operation. The replacements functionality in eye-share Invoice makes us more robust during vacations and absence, allowing us to easily delegate tasks to people present at work. The possibilities for getting invoices processed is much better, and if someone is overloaded with work, it is easy for us to get in contact and solve it easily. It is important for us to pay on time when the supplier has delivered something to us”, Malmin says.
There is no doubt that people in the accounting department have much more time than they had before and can spend their time on other issues that are critical to the daily operation
The auditor also has an easier task after Fatland started to use eye-share Invoice.
“In the past, it could take several minutes to retrieve the vouchers, now it takes seconds. It makes it much easier to look up the vouchers, which also lowers the threshold to check them at regular intervals. We have also given the auditor full access to the entire system, so they can easily check what they want from their own office”.
Fatland has been in the Norwegian meat packing industry since 1892. The Group had a turnover of 4000 MNOK in 2015, with a slaughter volume of 37 000 tons (about 17 percent of the total Norwegian production), a cutting amount of 42 000 tons, and processing of 28 000 tons of meat. Today, Fatland has 650 employees working with meat in four locations in Eastern and Western Norway.
The invoice process at Fatland
Invoices, either in EHF, PDF or paper format, is received in a joint scanning centre. Paper invoices are scanned, sent to an email address where the invoice is then interpreted. Ledger information is then added before the invoice is finally sent for approval.
Fatland uses a two-tiered approval process, in addition to a final control by the accounting team. The invoice is first sent to the person who is familiar with the cost – typically the person who ordered the goods as this person has first-hand knowledge and can code the invoice correctly – whether it is cost, or maintenance related.
This increases the quality of the coding. Subsequently, the invoice is sent to the approver and then to the final control. An accountant checks whether the formal requirements are met, that the coding looks reasonable and that the VAT information is correct. The invoice is then transferred to AX and remitted from there.
«We found the web interface of eye-share Invoice appealing, as well as the fact that the system could handle large amounts of data. No one else could guarantee sufficient efficiency on their web integration”, Senior System Consultant in GK, Benedikte Mydland Solend says.
GK is a leading end-to-end technical facility manager, contractor and service partner in the Nordic region, delivering solutions for new and existing commercial buildings. The group are now using a total solution from Eye-share.
“We tested different solutions but wanted a joint solution for our companies in Norway and Denmark. We found the web interface of eye-share Invoice appealing, as well as the fact that the system could handle large amounts of data. No one else could guarantee sufficient efficiency on their web integration, ” Senior System Consultant in GK, Benedikte Mydland Solend says.
It is a complex but effective integration. Eye-share adapted the system to our needs, and we are very pleased with how it works. eye-share is one of the systems we have had least problems with
GK Rør AS initially implemented eye-share Invoice in 2014, before GK Elektro AS joined in 2015. The active user profiles have increased from 195 initially to 1187 as of October 2017, after GK Gruppen AS, GK Norway AS, GK Inneklima AS, GK Sikkerhet AS, GK Denmark AS and GK Rør Abs started to use eye-share Invoice, eye-share Capture with Line Interpretation, eye-share General Ledger, eye-share e-Invoice, eye-share Claim, eye-share Report, eye-share Contract, eye-share Customs, eye-share Excel Report, AD Integration and Purchase Match.
Next up will be to implement eye-share Travel successfully.
“It is a complex but effective integration. Eye-share adapted the system to our needs, and we are very pleased with how it works. eye-share is one of the systems we have had least problems with”, Solend says.
She has been involved in the entire process, since eye-share was implemented for GK Rør AS in 2014 and up to today.
Close communication with Eye-share throughout the project has been essential in the implementation process
Practical and efficient
“To always know where an invoice is located is a great improvement. And a very important one. Approvers who were used to handling paper invoices no longer need to investigate the physical location of an invoice – they can now easily be found in seconds by using eye-share Invoice. The reminder functionality is a setup which the finance department has become very fond of, as well as the ability to search overdue invoices and send a message to the approver, with their supervisor on CC for processing. It is all very convenient and efficient. As a user of the system, I especially like the coding with suggestions, templates and calculation functionality in the coding lines, and as an IT System Manager there are few challenges compared to the large number of users and invoices”, Solend says.
GK has a license of 225 000 invoices per year, where 35 000 go through eye-share Capture and the rest via eye-share e-Invoice. GK have integrations to two completely different finance systems, and the company uses one common Eye-share database, but with company separation.
“It’s a comprehensive solution with many modules, customizations and integrations. We’ve had some challenges to get everything up and running, but we are very pleased with the result. Close communication with Eye-share throughout the project has been essential in the implementation process.
GK was established in 1964 and is Scandinavia’s leading end-to-end technical facility manager and contractor. They work with all technical systems in all kinds of buildings, and have departments within project design, installation and service. The team consists of more than 3000 employees in Norway, Sweden and Demark and their track record comprises large, complex installation projects, such as a new hospitals, museums, theatres, hotels and data centres. The largest divisions are ventilation, electricity, plumbing, cooling and building automation.
Flux Group uses eye-share Invoice in the cloud, thus eliminating server expenses, backup routines and time-consuming upgrades. The company estimates that they will save one FTE (full-time equivalent) after six months use.
By using eye-share Invoice as a cloud-based service, Flux is ensured to always be on the latest version of the software. Upgrades are quick and efficient and improvements are automatically rolled out. Backup and server maintenance is taken care of by Eye-share.
“It hasn’t even crossed our mind, it works perfectly in the background,” Group Controller in Flux Group, Jan Ove Grasdal says.
Flux Group is a provider of products and services in the flow and fluid control sector of the oil and gas industry, and started using eye-share Invoice in early 2017. As a cloud customer, the implementation process was executed quickly and took no more than a week’s work. Including the pre-study, the entire process took two to three months from signing to implementation.
“The implementation process was smooth, and a lot was in place within the first month. We started production quite early and progressed from there. There are always some minor issues with IT systems, but we fixed them as we went on. Now we are moving to a private cloud to be able to make our own customizations to the system, ” says Grasdal.
By implementing eye-share Invoice we save a workload equivalent to a full-time position – and we’ll probably save even more over time as we grow and as we get better at using eye-share Invoice
Saves a full-time position
Flux Group has developed the company through several acquisitions in selected market niches in the oil and gas industry, and Flux Group now consists of Valvision, Norwegian Piping, Active Service, and Analytic. After an acquisition in late 2016, the company started searching for an invoice management system.
“We suddenly got a huge number of invoices and found it impossible to process these manually. By implementing eye-share Invoice we save a workload equivalent to a full-time position – and we’ll probably save even more over time as we grow and as we get better at using eye-share Invoice. We still have a lot to learn about coding rules, automation and matching purchase orders. When this is in place, we will save a lot more time,” Grasdal says.
Today, Flux Group has a license of 7 500 invoices in eye-share Invoice, but this number will increase over time. About 60 employees, basically everyone in the company, have been set up as users in eye-share invoice.
The invoice process at Flux Group usually starts with invoices being sent directly to a dedicated email address before being automatically forwarded to eye-share Capture. From here, the invoice is interpreted before it is sent to eye-share Invoice where it is processed by the relevant buyer associated to the purchase order. If the invoice and order match, the invoice goes straight to accounting in the ERP system.
“It saves us a lot of time. The best part is being able to receive invoices in EHF format (format for electronic invoices between businesses in Norway) because these invoices go straight to eye-share invoice without having to be interpreted in eye-share Capture first”, Grasdal says.
Furthermore, the training of new employees is easy.
“For approvers, it’s basically just clicking on a thumbs-up button. For master users it’s a bit more to learn, but it’s pretty straight-forward,” he says.
Flux Group is a provider of products and services in the flow and fluid control sector of the oil and gas industry, and Flux Group today consists of Valvision, Norwegian Piping, Active Service, and Analytic. Through acquisitions and organic development, Flux Group has established attractive positions in selected market niches. The company has ambitions for expanding its footprint, in
The company has ambitions for expanding its footprint, in addition to secure further growth within their current markets. Flux Group’s current market position comprises expertise and product offering within valves, special items, hoses and couplings, and measurement and analysis. The company is located in Norway, Italy, United Kingdom and in South Korea, and has a close relationship with several reputable international manufacturers.
NorDan, specialists in production of doors and windows, has an abundance of empty binders after implementing eye-share Invoice.
“Implementing purchase order matching in December 2016 saves us approximately 70 binders each year. In addition, we save three to four binders every month by using eye-share General Ledger to process Norwegian customs declarations. It is wonderful to be able to get rid of paper and to process documents electronically. Now we have plenty of empty binders and a paperless office. eye-share Invoice has opened up a new world for us”, says Siv Turid Haukland Hellesmark, responsible for payments in NorDan.
She was involved in the process when NorDan implemented eye-share Invoice as far back as in 2003. Hellesmark and her colleagues use a wide range of eye-share products, including eye-share Invoice, eye-share Capture, eye-share General ledger and the eye-share customs declaration module.
eye-share Invoice has opened up a new world for us
NorDan is a big manufacturing company with expertise on doors and windows, and with 35 000 invoices each year spread over several locations it is important to keep track of the invoice flow.
“We went from some control to full control. Stacks of invoices used to accumulate in offices across the country, meaning it was a struggle to get invoices processed in time. This included manual stamping, punching and posting. When we received overdue notices, we had to try to guess if the invoice was in Oslo, Stavanger, Trondheim or Kristiansand. Now we have full control”, Hellesmark says.
In December 2015, NorDan’s Head Office at Moi in southwestern Norway was struck by a flood that affected the whole company dramatically. At the time, NorDan only had about half of their invoices electronically in eye-share Invoice.
“We had to dry invoice after invoice and binder after binder for ages. This will not be an issue if it should ever happen again, now that all our invoices are stored electronically”, Hellesmark remarks.
We went from some control to full control
At NorDan, 127 of their 1500 employees use eye-share Invoice. Invoices arrive by email as PDF’s and are sent to eye-share Capture for interpretation and verification via Mailreader.
“Mailreader saves us from a lot of manual work by automatically sending incoming invoices to eye-share Capture. When we included all our PO invoices in December as well, we streamlined the process even further. We no longer need to separate invoices in our inbox and as a result are benefiting from the full effect of eye-share. The entire process runs automatically and works very well”, according to Hellesmark.
Since NorDan replaced DokuStar with eye-share Capture a few years ago, the invoice processing is faster than ever before.
“The verification process is much faster with eye-share Capture. With the large amount of invoices we are processing, we have saved several FTE’s with eye-share. There is no doubt that it is very timesaving. Just by adopting eye-share Capture, we saved a half FTE”, Hellesmark says.
With the large amount of invoices we are processing, we have saved several FTE’s with eye-share. There is no doubt that it is very timesaving. Just by adopting eye-share Capture, we saved a half FTE
Easy to use
NorDan has its headquarters at Moi in southwestern Norway, where 340 of the company’s 1500 employees work.
“The system is very much liked by the users, and especially accounting templates have been well received. We are doing a fair share of pre-coding for both sales offices and department managers, and they appreciate how easy it is to approve invoices. Additionally, the log in eye-share Invoice is a very nice feature to easily see the full history of each invoice”, says Hellesmark.
NorDan AS, established in 1926, is a window and door manufacturing company with approximately 1500 employees and a consolidated turnover of 2.3 billion NOK. 55 percent of sales are outside Norway, with the largest overseas markets being Sweden and the UK. The company’s Head Office and main factory is in Moi in southwestern Norway. The company has factories in Otta and in Egersund in Norway, as well as three factories in Sweden and two in Poland. The company has sales offices in England, Scotland, Sweden, Poland, China and Lithuania as well as Oslo, Stavanger, Kristiansand, Porsgrunn, Bergen, Trondheim, Ålesund and Moi in Norway.
SalMar, one of the largest fish farming companies in the world, has now been using eye-share Invoice for a decade.
Salmar is one of the largest and most efficient producers of farmed salmon with an operational EBIT of 7.3 billion NOK (2015). The Group has experienced significant growth since implementing eye-share Invoice in 2007.
“Since then, SalMar has become a completely different organization, both in terms of national presence, and in number of employees. The need for eye-share Invoice has only increased over the years. Being able to easily get an overview of running costs means that we can trust and are confident with our financial data, according to Tonette Bjørgård, Group Accounting Manager at SalMar.
Being able to easily get an overview of running costs means that we can trust and are confident with our financial data
Decentralized, with a large invoice flow
All invoices in the company are sent to SalMar’s head office at Frøya outside Trondheim, Norway, where 600 of their 1,250 employees are located. 200 of them are eye-share Invoice users.
The farming operations are more widespread, with locations at the coast of Møre and Trøndelag in Western and Mid-Norway, and Senja and Finnmark in Northern Norway.
“All invoices are directed into the same electronic system regardless of where they come from, making it a very efficient process. Without a system like eye-share Invoice we would have had great difficulty in reporting our financial data. Since we are decentralized and have such a large invoice flow, the cost control would have been difficult to handle”, Bjørgård says.
Accountant and eye-share responsible in SalMar, Bente Reppe, lists more advantages.
“Now we’ve got an entirely electronic archive allowing us to look up exactly what we want, whenever we want, and this is a great advantage. eye-share Invoice is a good system to work with; it is user friendly and easy to maneuver. Simply brilliant”, Reppe says.
“The same applies for those of us who are reporting. Our finance function is decentralized and our accounting department is scattered across different geographic regions. With eye-share Invoice we have access to all documents regardless of where we are located, this is very important for us”, Bjørgård adds.
Now we’ve got an entirely electronic archive allowing us to look up exactly what we want, whenever we want, and this is a great advantage. eye-share Invoice is a good system to work with; it is user friendly and easy to maneuver. Simply brilliant
Low entry barriers
The company processes 50,000 invoices per year through eye-share Invoice.
“Eye-share has made a special customization for us to suit our trading business. We’ve also got extra functionality added to the search engine and to the invoice lines that we hope will streamline the process even further. Additionally, we use eye-share Contract, enabling us to look up invoices, contracts and other important document types in the same system”, Bjørgård says.
In 2017 SalMar has had eye-share Invoice for 10 years.
“eye-share Invoice is a very user-friendly system, and feedback from the users are all positive. It is easy to train new users and they quickly understand what to do and what not to do. They get used to it almost instinctively. Functions like accounting templates are very helpful for the users, and overall there is a low entry barrier for users to start using the application”, Reppe says.
SalMar is one of the largest and most efficient producers of salmon in the world. The Group has production activities in both Central- and Northern-Norway, as well as a substantial harvesting and processing activity at InnovaMar located at Frøya and Vikenco at Aukra. In 2015 the company had a turnover of NOK 7.3 billion, and an operating profit of NOK 1.4 billion. The company’s vision is “Passion for Salmon”, and SalMar aims to become the world’s leading fish farming company with focus on sustainability, animal welfare, technology, management, handling of sea lice and more.
eye-share Invoice is a very user-friendly system, and feedback from the users are all positive. It is easy to train new users and they quickly understand what to do and what not to do. They get used to it almost instinctively. Functions like accounting templates are very helpful for the users, and overall there is a low entry barrier for users to start using the application
The global Geoscience company CGG has greatly enhanced its day-to-day invoice approval operations by implementing the eye-share Invoice system. Sending paper invoices or individual pdf´s around the world for approval is now history. After evaluating several solutions, eye-share Invoice was chosen due to its simplicity and ease of use.
CGG is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. CGG has a total workforce of approximately 9,800 staff operating across the world. At present 900 users process approximately something like 95.000 invoices annually in 11 countries worldwide.
They all use the eye-share Invoice solution, which means that they all simply receive an email with a link, and approve or don’t approve within the same system. The screen image is the same whether they are located in London, Singapore or Mexico.
Approvers spread around
After two years of using eye-share Invoice in production, IT support team leader for CGG in France, Thierry Malezieux, is praising the system.
“CGG is an international Geoscience company with global operations, so invoice approvers are spread around over multiple sites around the world. One of our main objectives was to find a user-friendly tool to manage the invoice approval process i.e. allowing approvers to log in from anywhere in the world and be able to see all the documents, attach files, add comments and include a digital stamp,”says Malezieux.
At CGG we view this as a success as Eye-share is one of our common core IT tools. It also provides us with an online archive system. Cost controllers and auditors just need to log in to gain access to any invoice or any document relating to its approval, such as an email to a supplier or any comments made
Common core IT tool
The words of the IT support leader leave no doubt that the company has found the IT solution they were looking for.
“At CGG we view this as a success as Eye-share is one of our common core IT tools. It also provides us with an online archive system. Cost controllers and auditors just need to log in to gain access to any invoice or any document relating to its approval, such as an email to a supplier or any comments made,” says Malezieux.
Scanned invoices being emailed around to approvers in the company system are now history at CGG. Prior to implementing the eye-share Invoice solution, controllers and auditors in different countries had to deal with a multiple set of systems, which was both time-consuming and cost-ineffective. With all invoices in eye-share Invoice, all 900 users at CGG now possess an online archive system accessible from all around the world.
Furthermore Malezieux says that the infrastructure impact during implementation of the system was minimal.
“Two virtualized servers and the creation of a dedicated schema in an already existing database was the only impact. rolling out the solution, which required multiple scanning sites worldwide, is extremely easy. For scanning requirements, each site only had to purchase a standard scanner, set it up and that was it,” Malezieux says.
Because Eye-share is so user-friendly, new users have been trained by their co-workers
Two Eye-share consultants came to France for one week for the implementation of the system.
One day session training
Not only does Malezieux praise the efficiency of the eye-share Invoice system in company operations, he also emphasizes how user-friendly it is.
“Our first key users were trained by an Eye-share consultant during a one-day session. Since then, because Eye-share is
so user-friendly, new users have been trained by their co-workers,” he says.
His company evaluated another vendor two years prior to the implementation of eye-share Invoice, but the project was abandoned because it was far too complex for CGG’s needs.
CGG is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. CGG has a total workforce of approximately 9,800 staff operating across the world. At present 900 users process approximately something like 95.000 invoices annually in 11 countries worldwide.
Implementing the eye-share Invoice system at London based MOL Tankship Management Ltd has been a success. Information Technology Manager, Mark Adkins, lists several reasons why.
“Basically we are able to track where invoices are at any time of the approval process. Previously invoices were registered, printed onto paper and delivered to the approver’s desk. The chances of the invoice being approved and returned to the Accounts group, within the stipulated payment window without getting lost were low. The Accounts group would spend a proportion of each day, answering call from suppliers chasing invoices. They would then waste more time trying to locate the missing invoice and payment approval,” Mark remembers.
With eye-share Invoice as a common tool in the company, Mark says that all staff members are now able to, easily and immediately, access invoices and confirm the status via the eye-share Invoice solution.
“Staff members who purchase equipment for our ships for instance, are able to use the system to query old invoices for reference. Previously this would have meant the retrieval of an archive box from an off-site storage facility. Now all invoices are retained in the system for ten years,” he says.
“The implementation of eye-Share Invoice means that 96% of all the invoices are now paid on time. The consequences being a reduction in supplier queries, which has led to the Accounts group becoming more efficient. They no longer waste time running around looking for invoices or status of invoices.”
Once an invoice is registered, the system will check if all the details are correct, and then automatically decide the workflow it should take for approval
Major international company
MOL Tankship Management Ltd. is part of the major Japanese shipping company Mitsui O.S.K. Lines. It is a highly international company, with operations worldwide. The office in London has a staff of 55, operating 30 chemical- and oil tankers. The office deals with about 18,000 incoming invoices per year. With eye-share Invoice implemented, the flow of invoices does not demand a lot of human resources.
“We now have only one staff member dealing with incoming invoices. I would guess that it takes this employee two to three hours a day working with these invoices,” Mark says.
One of the main reasons for the efficiency of the eye-share Invoice system is that invoices are recognized automatically.
“Once an invoice is registered, the system will check if all the details are correct, and then automatically decide the workflow it should take for approval. This has saved considerable time for all staff, especially in Purchasing and accounting groups. Human input is only necessary when the system detects incorrect numbers that needs to be checked,” says Mark.
Eye-share in sister companies
According to the IT manager, new systems are not always well received among staff members. However, this was definitely not the case for eye-share Invoice.
“Staff members really like this system because it simply saves them so much time. So the system was very well received,” Mark remembers.
The company implemented eye-share Invoice three years ago, and are now in a process of also implementing it in sister companies.
“We have purchased one more eye-share Invoice system for the company MOL LNG, and we are in a process of maybe purchasing a third system for our new China office” Mark says.
Staff members really like this system because it simply saves them so much time
The Norwegian shipping company Wilson ASA has achieved major cost savings after implementing the eye-share Invoice system in 2010. Invoices are now kept track of at all given times, and you know what is due every day.
Finance Manager Trond Borge recalls the incentives for updating the administrative routines concerning invoices:
“Previous routines were based on papers, and we had to physically send invoices back and forth for approval. We wanted to achieve cost-savings, and see that our goals and expectations have been met by implementing eye-share Invoice”, says Borge.
He says that Eye-share has contributed to a much more effective financial administration and cost management.
We wanted to achieve cost savings, and see that our goals and expectations have been met by implementing eye-share Invoice
Wilson has a staff of about 100 administrative employees with headquarters in Bergen, Norway. The administration is spread on different locations throughout Europe.
“We have invoice approvers in many locations. With eye-share Invoice they now only need a computer with Internet access, and all invoices in all phases are constantly available. This is a huge improvement from how it used to be. Before eye-share Invoice we could get a reminder from one of our subcontractors, and sometimes we had no idea where the invoice was. For all we knew it could be on the desk of an employee having a vacation. Today all approvers at Wilson can track any invoice at any given time”, Borge says.
More automation – less work
As a big shipping company Wilson naturally has to deal with quite a lot of subcontractors. Eye-share Invoice has greatly enhanced and simplified the whole purchasing process.
“All orders have a unique project number. When we at a later stage receive an invoice from a subcontractor, this code, along with the sum, is checked by the system. If all numbers match up, the invoice will automatically be approved for payment”, Borge says.
Borge estimates that approximately 40 000 invoices are being processed with eye-share Invoice annually, and approximately 20 000 of these are related to ship management and purchase orders. As eye-share Invoice provides automated approval, the Technical Management department only has to deal with invoices where there are differences between the invoice and PO.
Borge estimates that 25 % of all invoices related to ship management are approved automatically, which gives the Technical Management department 20 less invoices per day to process. This number, however, may in time increase because eye-share Invoice has the ability to learn.
“As soon as one invoice is being scanned, eye-share Invoice will recognize the second invoice from this particular subcontractor”, Borge says.
In 2013 Wilson bought the eye-share Contract Module as well, thus moving even further in the direction of a paperless administration.
“We wanted the same control over contracts as we now have over invoices. Today we operate with huge archives of folders we physically have to search through to find the right documents. Besides making administration of contracts a lot easier, eye-share Contracts Module comes with the feature of access restrictions. Everyone does not need to know everything”, Borge says.
eye-share Invoice has greatly enhanced and simplified the whole purchasing process
Wilson ASA is a “short sea” shipping company working hand in hand with major players within the Norwegian and European industry. The Wilson fleet consists of 113 vessels, ranging from 1,500 to 8,500 DWT, of which the Wilson group owns 86. The number of vessels places Wilson Group among the largest shipping operators within the European “short sea” segment.
With customers, branches and subcontractors spread worldwide, oil service company Sub Sea Services chose eye-share Invoice to achieve better control of, and save time on the accounts payable process.
”The invoice will be ready for payment at due date the very same day it is received from one of our subcontractors,” says Chief Accountant Kristen Kildal at Sub Sea Services.
Considering his company receives approximately 10 000 purchase order invoices from a variety of subcontractors each year, it is easy to imagine the time and cost saved when all invoices are being automatically processed.
Now a lot of the information is captured automatically and additional coding only needs to be done once, and we can keep track of all invoices at any given time
More efficient than before
Kildal explains how the new system rationalizes day-to-day administrative tasks at Sub Sea Services.
”Until now we have spent a lot of time processing purchase order invoices. Our secretary received all invoices in envelopes, opened them, and had to send them to a variety of locations for approval and coding. When receiving them for the second time, she had to punch the information into our accounting system. There was always a backlog of invoices, it was hard to keep track of them, and they were not always paid on time. Now a lot of the information is captured automatically and additional coding only needs to be done once, and we can keep track of all invoices at any given time,” Kildal says.
Know your liquidity
As yet another great benefit with eye-share Invoice, Sub Sea Services now have a much better overview over the company liquidity.
”When all invoices are registered immediately, we can always see the actual liquidity in the company,” Kildal says.
Before eye-share Invoice was implemented actual costs were in reality hidden in papers “flying around” in the company system. Kildal has experience with eye-share Invoice from his previous position at the Norwegian grocery cooperative Coop, and thus knows the inherent business potential in the system.
Sub Sea Services implemented the system in December 2013, and Kildal praises the follow-up from Eye-share personnel during start-up.
”Getting new system applications up and running in big organizations can be troublesome and there will always be some type of issues. Staff from Eye-share constantly asks us for feedback, and has been a great support for us after the go-live. Now the whole process is starting to run quite smoothly,” Kildal is happy to say.
When all invoices are registered immediately, we can always see the actual liquidity in the company
Sub Sea Services is located with its headquarter in Stavanger, which is considered the “oil capital” of Norway. The company has additional offices in the Norwegian cities Kristiansund, Jørpeland and Bergen, as well as an office in Rio de Janeiro, Brazil. Sub Sea Services engineers and manufactures tailored niche products for the sub sea drilling industry. The company has gained a central position in the market, as well as a solid financial base.
The major Scandinavian entrepreneur and real estate developer Veidekke chose Eye-share Invoice for several reasons. One of them being Eye-shares willingness to standardize functionalities specific to Veidekke’s needs.
”Initially we were looking for a standard product, but none of the alternative we looked at would fully suit our needs. The standard Eye-share Invoice had a lot of the functionalities we needed, and Eye-share proved to be flexible when it comes to developing the product according to our needs,” Project Manager Terje Solli says.
eye-share Invoice had a lot of the functionalities we needed, and Eye-share proved to be flexible when it comes to developing the product according to our needs
Solli continues explaining why his company needed a tailor-made product.
”Veidekke is 100 % project oriented, which means that project numbers are being used very actively, and they are essential to correct workflow and attestation. Eye-share Invoice incorported project numbers as standard in the system. We also needed routines on complaints, as well as a system for dealing with internal invoices. All these things, among others, are now part of the standard Eye-share Invoice,” Solli says.
He adds that costs regarding future system updates are kept low as long as Eye-share have incorporated specific functionalities in their standard product.
Valuable approval process
Solli continues explaining the life cycle of an incoming invoice in the Veidekke system.
”All invoices are sent to Mo i Rana north in Norway, where they are opened, scanned and all required fields for posting an invoice are interpreted instead of keyed in manually. Then Eye-share automatically sends out an email notifying the respective approvers, who can then approve directly, or make any necessary adjustments to the invoice. In the final step the accounting department receives all approved invoices, which are then ready for payment at due date,” he says.
Veidekke has just over one thousand Eye-share users, and processes approximately 250 000 invoices through the system every year.
Paid at due date
The processing of invoices prior to the Eye-share Invoice implementation clearly illustrates the cost-effective potential in the system. Solli explains the old life cycle of invoices:
”Invoice handling required manual labour, but also involved extra postage and handling costs for each invoice. The time it took from receiving an invoice by mail, for it to be ready for payment could stretch out for weeks,” Solli remembers.
Today this process seldom exceeds one week, and all invoices are paid at due date.
Veidekke has been using Eye-share Invoice since November 2012, and Solli says that Eye-share personnel have been very supportive during the implementation.
”They always understood our problems and challenges. With our decentralized organization, there are many individuals involved, and we chose to implement the system in stages so that everyone involved should get the proper training”, Solli says.
There are many individuals involved, and we chose to implement the system in stages so that everyone involved should get the proper training
Veidekke is a Scandinavian construction company and property developer based in Oslo with approximately 6,300 employees in Scandinavia. Veidekke was established in 1936 and listed on the main list on the Oslo Stock Exchange in 1986. In 2013, the turnover was NOK 21 billion.