Renova Energy Reduces Invoice Processing Time by 50%
About Renova Energy
Renova Energy is an employee-owned company that delivers practical, sustainable solar energy production and battery storage to residential and commercial customers. Renova was the first company to achieve The North American Board of Certified Energy Practitioners (NABCEP) accreditation. For more than a decade, the 200+ employee company has been wowing customers and providing the most reliable, efficient and best value solar systems available.
The Challenge & Solution
Challenge
Renova Energy is an employee-owned company that delivers practical, sustainable solar energy production and battery storage to residential and commercial customers. As the company grew, they upgraded other financial systems to NetSuite but were still manually processing over 700 vendor bills every month. It was taking up 80% of the AP teams time entering data and chasing approvals. Worst of all, it was completely un-trackable.
Solution
With seamless integration into NetSuite, Stampli was the perfect solution for Renova. Hundreds of hours of manually entering vendor bills were eliminated by automatically sending bills that have been coded, verified, approved, and ready for payment from Stampli into NetSuite. Additionally, the Stampli integration keeps vendor list, account codes, purchase orders, departments, locations, and other required NetSuite data in sync between the two applications — removing the need for manual updates. Best of all, the implementation was a breeze.
With automation, the accounting team now spends 50% less time on AP processing. The time savings has given them more time to focus on forecasting and reporting.
Hear it from the customer
By automating vendor bill processing with Stampli, my job has become much more pleasant. Everything now comes to me rather than me having to go to different people directly. And everything is accurate and trackable.
Bottom Line
Value Add Projects
With automation, the accounting team now spends 50% less time on AP processing. The time savings has given them more time to focus on forecasting and reporting. Manual data entry is significantly reduced with the NetSuite API integration and Stampli’s AI, Billy the Bot that uses machine learning to learn Renova’s processes automating invoice coding and approval workflows. Andrea just needs to quickly review the data before sending the bill on for approval.
Easy Communications
Stampli’s communications tools make it easy for both Andrea and approvers in other departments to easily ask questions or get more information from other people. “A lot of times, accounting does not know who needs to be involved with an invoice. Stampli makes it easy for anyone to be involved,” said Andrea.
Faster Approval
Approvals are happening quicker since all interactions and invoice updates can be easily viewed right along with the invoice details. Automatic notifications and reminders from Stampli prompt approvers to respond faster. Management reports that highlight delays and bottlenecks provide further motivation for prompt approvals.
On-time Payments
Most of Renova’s bills are related to direct procurement and from strategic suppliers of direct materials. Consequently, on-time payments are critical to the business. With Stampli, it is easier to meet payment due dates with automated data entry and workflows, and centralized communications, especially when 700 invoices are being processed per month.
How Renova Energy Stepped It Up
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