Hoya

Hoya Gets Invoice Processing Clarity With Palette

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“PaletteInvoice has delivered the control we wanted, and ease of use for our staff by
enabling them to check and authorise their invoices wherever they are working.”
 Michiel Copier, General Manager of European Finance Headquarters for Hoya

The Challenge
Hoya Vision Care is a global leader in optical lens manufacturing, operating on a global scale. The company wanted to optimize financial management across its European operations, to improve business efficiency and give it closer control over its finances.

The Palette Solution
Hoya decided to deploy Palette in its 20+ European subsidiaries based on an initial deployment in 2005 in its Swedish offices. Hoya’s European management saw that its Swedish operation’s accounts department was operating more efficiently because of its use of Palette’s solution, and initiated a Europe-wide deployment. The European roll-out took 3 months to complete, supported by additional custom development work by Palette to closely integrate the solution to Hoya’s specific ERP configuration.

Key outcomes achieved with PaletteInvoice:

• 100,000 invoices processed per year
• Reduced the average processing time for invoices
• Streamlined authorisation procedures through automated service
• Enabled remote access to workflow via staff’s web browsers
• Simplified workflow for staff whilst providing complete visibility and auditability

Saving time and money
Through the implementation of PaletteInvoice, Hoya has optimised its accounts payable
operations across all of its European offices, reducing the average processing time for invoices, therefore saving money through efficiency gains.
Michiel Copier, General Manager of European Finance Headquarters for Hoya said: “We wanted a solution that could standardise our accounts payable processes across Europe, and simplify workflow for our staff while giving complete visibility and auditability. PaletteInvoice has delivered the control we wanted, and ease of use for our staff by enabling them to check and authorise their invoices wherever they are working.”

Enabling easier financial analysis
In addition to gaining tighter control over accounts payable activity, the Palette solution also facilitates easier financial analysis and management. The company currently processes over 100,000 complex invoices per year using PaletteInvoice,part of the PaletteArena suite of AP automation solutions. Paper-based invoices received at its offices across Europe are scanned using ReadSoft, and sent into PaletteInvoice for verification.
Hoya uses Palette’s Matching Module to handle 3-way matching with purchase orders
and other documentation from its SAP system, and for invoice approval. PaletteInvoice is used as a browser to view the invoices that have been loaded into SAP.

Fast, secure access
As PaletteInvoice can be accessed remotely in the cloud via users’ web browsers, Hoya staff can log in securely and manage their invoices wherever they have a web connection.
The solution automatically generates invoice authorisation requests and emails the requests to relevant staff, enabling them to view and prioritise invoices in their workflow.

Compliance matters
As a subsidiary of a Japanese parent company, an additional key benefit for Hoya Vision Care is that Palette’s solutions are approved under the Japanese Sarbanes Oxley (JSOX) Act, ensuring  compliance with the act and adherence to financial best practice.

Looking to the future
A further benefit of the Palette solution is the ease with which it can be deployed at a new subsidiary office, because of its web-based architecture: new deployments can be operational within a working day.
In the near future, Hoya plans to move to full electronic processing of its internal invoices using Palette, to further streamline its accounts payable operations.