MN Services streamlines Purchasing & Accounts Payable processes with PROACTIS spend control solutions

MN Services is an independent financial services organisation, offering a wide range of services covering pension administration, insurance, employee schemes, fund management and asset management support. With 650 employees, they administer the pensions of more than a million people in the Netherlands, and manage assets of €56 billion for their clients. MN Services uses PROACTIS spend control and eProcurement solutions to streamline and control the purchase-to-pay cycle, from requisition through to invoice processing and payment.

Prior to PROACTIS, the purchasing and invoice processing within MN Services was completely manual. When invoices were received in Accounts Payable, they were physically sent to the purchase originator for review and approval, and the invoice was returned to Accounts Payable for payment. This was a time-consuming process that added unnecessary cost.

MN Services approached PROACTIS’ Netherlands partner, Black Peacock Procurement Solutions, for a solution to streamline and automate its purchasing and invoice management processes.

PROACTIS invoice management solutions completely automate processes to reduce costs through manual capture of paper invoices, via document scanning and electronic invoice transmission/receipt, to 3-way matching, invoice processing and troubleshooting.

At MN Services invoices are now scanned on receipt to capture an electronic image and immediately registered into the system. Using workflow and authorisation rules established within PROACTIS, invoices requiring approval are routed electronically to the appropriate person for review. Exception handling tools automatically route failed invoices based on the type of exception for increased ease of use, Authorised invoices are then sent electronically to the CODA-Financials accounting system for payment.

By automating this process, Accounts Payable now spend significantly less time processing invoices. Invoices are authorised quicker, they no longer get misplaced and MN Services can clearly see opportunities for payment discounts.

In addition to streamlining the invoice handling process, MN Services also wanted to gain better control and visibility of purchase commitments in advance of invoice receipt. The PROACTIS purchasing solution will be used to ensure that all purchases are pre-approved and visible at the point of commitment. Having full visibility of the cost pipeline with full traceability of transactions, will support MN Services in spend analysis and commitment reporting.