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.