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Sanyo Metal Corporation Embraces the Invox Invoice System for Enhanced Efficiency

In a strategic move to streamline their payment processing and prepare for business succession, Sanyo Metal Corporation has recently adopted the Invox invoicing system. This transformation has enabled the company to cut its payment processing time in half, reducing it from two days to just one. The introduction of Invox is particularly timely as the company confronts challenges related to operational dependency.

The Challenge of Operational Dependency

Historically, Sanyo Metal's payment operations were heavily reliant on the company's president, who managed nearly all aspects of invoice processing. Each month, approximately 100 invoices arrived, necessitating time-consuming manual processing. The president was tasked with entering each invoice into online banking, creating a system fraught with inefficiencies. Physical invoices were hole-punched and bound with string for storage, making past invoice retrieval a cumbersome task requiring significant manual effort. This operational structure, while stable for many years, carried the risk of becoming unsustainable, especially in light of upcoming leadership transitions.

The president's exclusive control over the payment process posed a potential roadblock for future growth, highlighting the urgency to address the issue of dependency. Given the sensitive nature of financial operations, delegating such tasks to other employees was a daunting prospect. Nonetheless, the lengthy hours dedicated to invoice management called for a review of the existing operational setup, especially with a change in leadership on the horizon.

Rethinking Payment Operations with Invox

Recognizing the need for a more efficient payment structure, Sanyo Metal began exploring system solutions that would align with its succession planning. Initially considering various competing services with monthly subscriptions around ¥70,000, the company was concerned about the potential costs escalating with increased transaction volumes. As Sanyo Metal seeks to expand its business, managing costs effectively while growing remains a critical consideration.

In contrast, the Invox invoice system offers a straightforward pricing model, combining a base monthly fee with a pay-per-usage structure. After putting the system into practice, Sanyo Metal discovered that their costs had dropped to about ¥5,000 per month, a welcome surprise for the management team.

Upon integration, invoices received in paper form could be scanned and processed using AI OCR technology, simplifying data entry significantly. The previous requirement for meticulous one-by-one entry was eliminated, allowing for multiple payments to be processed simultaneously and fostering a more collaborative approach to payment tasks.

Enhanced Workflow and Reduced Processing Time

With the implementation of Invox, the burdensome practice of having the president single-handedly manage payment operations has transitioned to a shared responsibility within the team. By distributing duties related to invoice data entry and verification, employees can gain a comprehensive understanding of the payment process. Consequently, the duration of payment processing has been reduced from two days to one, alleviating the need for manual data input and verification.

Moreover, with invoices now maintained in digital format, retrieving necessary documents has become swift and efficient. This improvement has eased communication with accountants and administrative personnel, eliminating previous challenges surrounding physical document organization.

Future Prospects and Back-Office Optimization

Sanyo Metal Corporation has recognized that its prior operational methods, while effective within a limited team setting, require reevaluation in light of upcoming changes in leadership. As the company gears towards its 65th anniversary, there is a clear commitment to transitioning towards more sustainable and replicable processes. Plans are in place to expand beyond invoicing to optimize all facets of back-office functions, including the digitization of payroll statements and in-house invoice processing.

Each step forward will empower the leadership to concentrate on strategic decision-making while allowing team members to engage in their core responsibilities. By cultivating a work environment where roles align closely with specific tasks, Sanyo Metal aims to evolve and strengthen its more than six-decade legacy even further.

About Sanyo Metal Corporation

Sanyo Metal Corporation specializes in recycling spent batteries and copper slag. Based in Okayama Prefecture, the company operates primarily in the western Japan area, managing non-ferrous metal collection and intermediate processing in a seamless manner. With a vision that embraces flexibility and harmony in the face of change, Sanyo Metal is committed to contributions towards a sustainable society through resource recycling.

About Invox

Invox Inc. provides the industry’s leading cloud-based invoice receipt system, which automates the entire process from receipt to payment and entry. With extensive application across various sectors such as manufacturing and IT, Invox offers a reliable solution to streamline invoice processing, characterized by high accuracy and compliance with legal standards for document retention.