CTI Increases AP Productivity by 40% with Paperless Invoice Processing

Small team processing 600+ manual invoices a month increases productivity with paperless Accounts Payable

100%
Paperless Invoice Processing
40%
Increase in AP productivity
About

CTI Clinical Trial and Consulting Services is a global, privately held, full-service contract research organization (CRO), delivering a complete spectrum of clinical trial and consulting services throughout the lifecycle of development, from concept to commercialization. CTI’s focused therapeutic approach provides pharmaceutical, biotechnology, and medical device firms with clinical and disease area expertise in rare diseases, regenerative medicine/ gene therapy, immunology, transplantation, nephrology, hematology/oncology, neurology, infectious diseases, hepatology, cardiopulmonary, and pediatric populations. CTI also offers a fully integrated multi-specialty clinical research site that conducts phase I-IV trials.

Challenge

CTI had switched to a new financial system to electronically capture invoices and use electronic payments instead of manual check payments. However, the approval process was manual and the AP team spent a significant amount of time chasing hundreds of approvals a month. As the company was experiencing growth, the manual process was creating quite a bit of paperwork with invoices, some even getting lost or misplaced, and requiring the small AP team to spend countless hours to process. Part of the mission was to make the AP process completely paperless.

Solution

Stampli was the missing link for CTI.  Fitting into their existing process, Stampli allowed AP and purchase requester to review and comment on invoices digitally in a similar way they were handling it via paper invoices. With Stampli, they had the additional benefit of full visibility and audit trails for communications.

Integration into their ERP, Sage Intacct, was easy and made key data automatically available including vendor list and GL accounts. Once an invoice is processed in Stampli and ready for payment, the invoice is automatically sent to Intacct. Once the invoice is paid, payment information is sent back to Stampli.

Stampli provided the missing link to make AP completely paperless for CTI. Nothing gets lost and we can scale to meet future growth in invoices without immediately adding headcount.
— Marty Budke, Director of Finance and Accounting
CTI Clinical Trial and Consulting Services
Quotes Quotes

Bottom Line

Scalable Invoice Management Software

Scale for Growth

CTI is currently processing 500 to 600 invoices a month with a small AP team. Marty expects the number of invoices to grow by up to 40% in the next year but he does not see a need to immediately increase headcount. Stampli will enable his current team to handle the increased volume since invoice processing has become more efficient and streamlined – especially in saving time in chasing people for approvals or handling exceptions.

Easy to Use AP Automation Software

Easy to Use

Marty appreciates the ease-of-use of Stampli. Both his team and the dozens of approvers find the platform extremely easy to use, regardless of whether someone is on the platform daily or use it infrequently. “Stampli is working extremely well for us.”

Paperless Invoice Processing

No More Paper

Everyone is happy that AP has become paperless. There are less errors and lag time in the process. Vendors are paid on time. “Our CFO is happy to no longer go through mountains of paperwork to approve payments – now she can quickly view invoices and approve them all within Stampli,” remarked Marty

Stampli Valued Partner

Valued Partner

Marty and his team like the responsiveness of the Stampli team via the live chat that is available directly within the product. Additionally, he appreciates the customer sessions in which the Stampli team provides insights into best practices and ways that CTI can use the platform more effectively. “Stampli plays an important part of our daily AP process.”

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