Industry: Automotive
Client Overview
Jubilant MotorWorks is a leading luxury car retailer in India, representing prestigious automotive brands such as Audi, Porsche, Lamborghini, Maserati, and new electric vehicle brands like Ather Energy and Altigreen. With 14 touchpoints across Karnataka, Maharashtra, and Goa, managing operations for such a diverse portfolio of brands presented unique challenges.
Challenges
- Manual Accounts Payable (AP) Processes: Managing vendor invoices across multiple branches and brands led to delays and errors in payments and financial reconciliation.
- Vendor Onboarding: With multiple vendors across different locations, onboarding new vendors and ensuring compliance with regulatory requirements was cumbersome and prone to mistakes.
- Compliance and Auditing: Ensuring that all financial transactions, vendor details, and compliance information met the regulatory standards was resource-intensive, particularly in light of multiple brands and locations.
Solutions Implemented
To address these challenges, Jubilant MotorWorks partnered with IQInvoice to implement AP automation and streamline vendor onboarding and compliance processes.
- AP Automation: By automating the accounts payable workflow with IQInvoice, Jubilant MotorWorks eliminated manual data entry for vendor invoices, ensuring accuracy and reducing the processing time for each invoice by 70%. Invoices are now automatically scanned, approved, and synced with the company’s accounting systems in real-time.
- Vendor Onboarding & Compliance: IQInvoice enabled seamless vendor onboarding with automated data validation and document verification. Vendors were quickly integrated into the system, with real-time compliance checks, reducing onboarding times from weeks to days.
- Compliance Monitoring: IQInvoice’s integrated compliance feature ensured that Jubilant MotorWorks stayed on top of evolving regulatory requirements. It automatically verified vendor GST details, and other compliance parameters, minimizing the risk of regulatory penalties.
Results
– Reduced Processing Time: The time to process and approve vendor invoices was cut from 5-7 days to less than 2 days.
– Increased Accuracy: The automation reduced the risk of human error, resulting in 98% accuracy in invoice and payment processing.
– Cost Savings: The company realized a 60% reduction in processing costs by streamlining the AP process and minimizing the need for manual interventions.
– Improved Vendor Relationships: Faster payment cycles and smoother onboarding processes improved relations with vendors, enhancing trust and collaboration.
– Regulatory Compliance: The automated compliance checks eliminated errors, ensuring that all vendor transactions were compliant with GST and other statutory regulations.
Testimonial
“With IQInvoice, managing our accounts payable has become incredibly efficient. The automation has drastically reduced manual errors, improved vendor compliance, and saved our team hours of work every week. We’ve seen improvements in financial accuracy and significant cost savings.”
– Financial Controller, Jubilant MotorWorks
Conclusion
IQInvoice played a key role in transforming Jubilant MotorWorks’ financial operations by automating AP processes, streamlining vendor onboarding, and ensuring regulatory compliance. This allowed the company to focus on its core business of providing a premium experience in luxury automotive retail while enjoying improved financial performance and vendor relationships.