Stampli, a provider of Accounts Payable (AP) automation, has been selected by Nationwide Security Service, a company that offers security management solutions to small firms and Fortune 500 companies, to streamline the company’s accounts payable process.
Because 99 percent of Nationwide’s business is subcontracted work, it was business critical for Nationwide to simplify and automate its AP processes so the company could reduce late payments and eliminate the risk of subcontractor churn. It also needed to find and implement an AP automation solution that would integrate with QuickBooks Desktop (QBD), its existing financial system.
“There was always a bit of uncertainty regarding when we could pay subcontractors and, in turn, accurately bill our clients, which impacted our entire business,” said Dan Sarno, Nationwide’s vice president and controller.
After evaluating several companies in the space, Stampli emerged the clear choice.
Stampli’s AP automation application offers an agent-based file integration that automatically syncs invoice coding and information and payment data between QBD and Stampli. This enables Nationwide to still depend on QBD as its financial system of record.
“With Stampli, if we complete a job on the first of the month and we get the subcontractor’s invoice five days later, we’re able to bill the client by the seventh day,” Sarno said. “Stampli expedites every aspect of invoice payment and receipt.”
Using Stampli has paid dividends for Nationwide, including:
- Billing clients 75 percent faster.
- Net 20 payment cycle, which is a 55 percent reduction.
- Subcontractor onboarding has been shortened by two weeks.
- Vendors can log in and see the status of their invoices. This reduces unnecessary communication (phone, email, etc) and allows the vendor to utilize self-service features. It also promotes transparency between Nationwide and its vendors.
“We’ve put measures in place in Stampli that ensure that a subcontractor is only paid when we’re certain that the client got billed appropriately based on the invoice received,” Sarno said. “Instead of toggling between Google Drive, Google Calendar and QBD, we store subcontractor files in Stampli’s vendor profiles, which helps us simplify the approval process.”
Automating AP also made Nationwide more prepared for a catastrophe such as the COVID-19 pandemic. If the company didn’t already have something in place that automated the process and allowed for remote working, it would have had many more obstacles and struggles to overcome this year.
For more information, visit www.stampli.com.