A Payables Solution that Gets the Vote from Olmsted County
Olmsted County in Minnesota has responsibility for services for its nearly 151,000 residents, but with buildings, parks, and municipal buildings generating 24,000 invoices annually, and a shrinking accounts payable workforce, the county needed a more efficient and scalable accounts payable solution. As a governmental office, Olmsted County was required by law to pay invoices within 35 days, so it was essential that they be able to see what invoices are in the system and for how long. This became increasingly difficult as five of their eight AP processers were due to retire.
Olmsted County chose Corcentric Payables, a solution that not only provides speed, accuracy, and visibility; it also provides reports that enable transactional data to become actionable. The transition took only 90 days, and the results have been impressive:
- 2 days to process an invoice instead of 25 days/invoice
- 5 days to complete the payment process instead of 45-60 days
- 100% visibility into all 24,000 invoices (vs. 0% visibility before implementation)
- 80%-90% improvement in reconciling P-card transactions
The case study details how Olmsted County not only resolved many of their issues, but achieved greater control over their cash flow and more flexibility with existing resources.