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How Coca-Cola saved more than €140,000 per Country in the Accounts Payable departments

 

Total savings over €1million 

 

Company background 
Coca-Cola Hellenic (CCHBC) serves approximately 550 million people in 28 countries. They are one of the largest bottlers and vendors of The Coca-Cola Company’s products in the world, and the largest based in Europe.
Their territory extends from as far west as Galway in Ireland, to Petropavlovsk, the easternmost point of Russia.

Reason for project 
Many CCHBC countries had a centralised AP department within their country (either for the whole country operation or for the operations of two countries). The need for the implementation of a scanning, workflow, and archiving solution had been raised by several CCHBC countries, and particularly the need for scanning of AP invoices and credit memos had been requested by several countries.

Key problems before implementation
Before implementation of the solution CCHBC followed a paper based approval process, involving a huge number of paper documents. Documents would be transferred between branches/countries/HQ making it hard to control and monitor documents. This caused significant delays in processing; typically it was one to two weeks from an invoice being received to the invoice being posted.

Extra costs and working time were involved to overcome process weaknesses, including searching for lost documentation, dealing with vendor queries, and time spent searching and investigating issues.
In addition, the problems in processing led to payment delays, and VAT reporting problems resulting in lost opportunities.

Full article

 

Other things you might want to look at:

Accounts Payable and Invoice Processing

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