#Japan #Tokyo #Document Management #invox #Mitsumi Electric

Streamlining Business Operations at Mitsumi Electric with Invox

Mitsumi Electric Corporation recently reported the successful implementation of Invox, a solution designed to enhance the management of tax-related documents. This innovative tool allows the corporation to efficiently manage approximately 100,000 tax-related documents annually, transitioning from around 1,200 monthly FAX communications to email-based sending. This shift represents a significant improvement in operational efficiency and substantial cost savings through in-house processing.

The Need for Change

Historically, Mitsumi Electric utilized outsourcing for the issuance of monthly summaries and payment notifications, a practice that proved costly and cumbersome due to the need for corrections and resends. With the upcoming changes in the invoice system and the requirement for updates to document formats and the inclusion of qualified invoice issuer registration numbers, continuing with their old methods became increasingly challenging.

In parallel, the company initiated considerations to comply with the Electronic Bookkeeping Law. Previously, all tax-related documents were stored in paper form, resulting in chronic issues concerning storage space and the time spent searching for necessary documents. Following adjustments to the regulations that eased the requirements for scanned storage, Mitsumi Electric adopted a forward-looking policy toward transitioning to a paperless environment.

Evaluating Solutions for Improvement

To effectively address these regulatory requirements and enhance operational efficiency simultaneously, Mitsumi Electric explored several service options. After careful comparison, the company opted for Invox's electronic bookkeeping and invoice issuance systems, which were seen as the most suitable in terms of features and pricing.

Key Improvements After Implementing Invox

The introduction of Invox has led to two substantial positive changes for Mitsumi Electric:

1. Elimination of FAX Communications: Transitioning to Invox's invoice issuance system enabled the complete discontinuation of FAX communications, allowing the company to in-house the document issuance previously handled by outsourcing. This shift to email not only streamlined corrections and resend processes but also improved information sharing. The ability to include material personnel and business partners in CC during email transmissions has enhanced internal controls and operations.

2. Achieving Paperless Documentation: With the integration of Invox's electronic bookkeeping capabilities, Mitsumi Electric has successfully transitioned most of its crucial tax documents to a paperless format. Previously, locating historical documents was labor-intensive, but post-implementation, the ability to search for necessary documents on-demand has greatly accelerated daily operations and audit readiness. Moreover, significant space savings have resulted from reducing physical document storage needs.

Additionally, Mitsumi Electric receives monthly updates from Invox regarding new features, allowing the company to check for relevant updates. One particularly beneficial feature provided is the 'Designated Area Reading Capability' within Invox's electronic bookkeeping system. This function allows users to specify reading areas for AI OCR when handling large volumes of standardized documents, making the process more efficient and user-friendly.

Future Plans to Enhance Efficiency

Looking ahead, Mitsumi Electric aims to further enhance operational efficiency by considering the implementation of Invox's incoming invoice system. While currently complying with the Electronic Bookkeeping Law through Invox, the data entry into accounting software remains a manual task that poses challenges.

By adopting the incoming invoice system, Mitsumi Electric plans to automate the digitization of detailed invoice information, streamlining the entry of journal entries. Moreover, the company is exploring the potential of leveraging Invox's data output capabilities to strengthen integration with its accounting systems. Establishing appropriate links between these systems could further reduce manual processes in invoice handling and boost the accounting department's overall operational efficiency.

Mitsumi Electric is committed to fully utilizing the Invox series of features as it continues to advance its business improvements.

About Mitsumi Electric Corporation

Mitsumi Electric Corporation is a comprehensive electronic component manufacturer with a diverse product range that includes connectors, switches, coils, ICs, power supplies, and high-frequency products. The company has a strong international presence, bolstered by its merger with Minebea Co., Ltd. in 2017, and has consistently pursued aggressive business expansion through the fusion of ultra-precision processing technology and electronic component expertise to contribute to advancements in Japan's electronics industry.

About Invox

Invox offers solutions designed to enhance productivity and facilitate a more prosperous society by making various business processes easier and more accessible. Their services include electronic invoice issuance and electronic bookkeeping systems, which comply with current regulations and significantly reduce environmental burdens by promoting paperless operations.