Reduces a Net 45 to a Net 20 day payment schedule
For businesses like a nationwide retailer that has valuable inventory in its stores to secure, working with multiple security vendors in each location or geography can be a management nightmare. That’s where Nationwide Security Service shines, as it’s a one-stop shop that provides complete security coverage for many types of businesses that have up to thousands of locations in the US.
Nationwide works with hundreds of subcontractors to provide these security services to its clients. Upon receipt, Nationwide’s accounting team printed each invoice and manually entered data into QuickBooks Desktop (QBD). Any errors in data entry impacted revenue and Nationwide’s ability to bill its clients for services procured. It often missed its goal of paying subcontractors on a Net 30 day schedule, which became a Net 40 to Net 45.
To eliminate the delays in paying its subcontractors, Nationwide Security needed to modernize its accounts payable (AP) processes. Sarno and team evaluated AP automation solutions that would integrate with its enterprise resource planning (ERP) system Quickbooks Desktop (QBD), including Concur, Ariba, and Stampli.
“Concur and Ariba were older looking programs and about five times the cost of Stampli. One one of the things I liked about Stampli was the look and feel of the platform. It’s modern, and it was easy to learn. In fact, we have some older, non-tech savvy employees, who all love working with Stampli,” said Dan Sarno, Controller and Vice President.
Read the new Nationwide Security Service case study to learn how Stampli has enabled it to pay subcontractors 55% faster and bill its clients 75% faster.