Industry: Automotive
Overview:
- Processed: 3,000+ invoices monthly
- Time Savings: Reduced processing time from 5 days to 1 day
- Cost Reduction: 70% reduction in processing costs
Products Used: AP Automation, GST Validation, Expense Invoice Automation
Key Success Metric: Same-day accounting across all branches, no overtime, and zero GST errors
Objective:
Kun Hyundai, one of India’s leading automobile dealers, aimed to streamline its financial operations by eliminating manual delays in invoice processing, reducing overtime costs, and ensuring error-free GST filing. Their objective was to find a solution that could simplify complex processes, allow real-time accounting, and integrate across multiple branches.
Solution Provided:
Kun Hyundai evaluated various automation solutions, but IQInvoice stood out for its ability to provide real-time access to invoices, enable same-day accounting, and automate expense processing. By leveraging IQInvoice, the company achieved a complete digital transformation of its accounts payable system, eliminating the manual processes that once caused bottlenecks.
- Immediate Invoice Accounting: IQInvoice provided real-time invoice access across all branches, allowing same-day accounting. This eliminated the need for overtime and weekend work, leading to significant cost savings.
- Error-Free GST Filings: IQInvoice’s comprehensive GST validation feature ensured that all invoice data was correctly uploaded to the GST portal, eliminating last-minute errors and mismatches.
- Automated Expense Invoice Processing: The automation of expense invoices from the sales and service divisions reduced the manual handling process from a week to less than a day. This automation not only streamlined the process but also reduced associated costs.
Quote from Finance Manager, KUN Hyundai:
“Our experience with IQInvoice has been exceptional. Processing 3,000+ invoices used to be a time-consuming endeavor. Thanks to their automated solutions, we’ve slashed our processing time from 5 days to a mere 1 day. This has not only saved us valuable time but has also reduced our processing costs by a remarkable 70%. IQInvoice has become an integral part of streamlining our financial processes at KUN Hyundai.”
Manager – Finance, KUN Hyundai
Key Impact Areas:
- Real-Time Accounting:
- Same-day processing of invoices across all branches.
- Eliminated the need for overtime, saving significant labor costs.
- GST Filing Accuracy:
- Automated GST validation ensured error-free data uploads.
- Eliminated GST mismatches, reducing penalties and rework.
- Expense Invoice Automation:
- Automated expense processing reduced manual handling from a week to less than a day.
- Faster processing enhanced operational efficiency and saved costs.
Results and Highlights:
IQInvoice enabled Kun Hyundai to significantly reduce its invoice processing time, improve accuracy in GST filings, and automate routine expense processes. The automation led to substantial cost savings, enhanced employee productivity, and streamlined financial operations.
- Processing Time: Reduced from 5 days to 1 day.
- Cost Savings: 70% reduction in invoice processing costs.
- GST Accuracy: 100% error-free GST uploads.
- Operational Efficiency: Enhanced productivity by automating manual tasks.
Conclusion:
Kun Hyundai’s implementation of IQInvoice has revolutionized its accounts payable operations. By integrating real-time invoice access, automated expense handling, and precise GST validation, the company has reduced costs, improved efficiency, and positioned itself for sustained growth in the automotive industry. IQInvoice’s seamless solution has not only improved operational efficiency but also strengthened Kun Hyundai’s financial accuracy and overall process reliability.