With the help of Causeway’s Tradex e-Invoicing solution, Balfour Beatty’s Procure to Pay (P2P) efficiency programme has achieved over 82% of total transactional volume passing through the Tradex platform.
The P2P efficiency programme is helping Balfour Beatty to reduce transactional costs whilst improving visibility and control of the invoice payment process. It is also enabling quicker resolution of invoice issues & queries, reduction of invalid PO numbers and a higher rate of on-time invoice payment. Thus, the benefits are shared across the 4,187 suppliers currently participating in e-Invoicing.
Balfour Beatty introduced mandatory e-Invoicing for suppliers (excluding sub-contractors) early in 2017 to reduce manual processing of transactional documents and create a more efficient process from invoice receipt to payment. The over 82% usage achieved so far exceeds the initial target of 69% by the end of June.
Paul England, Balfour Beatty’s Finance Transformation Director, commented: “This is a fantastic achievement for the P2P project team and a testament to their hard work and relentless collaboration. The next key milestone in this work stream is reaching 90% of transactional volume through Tradex by the end of 2017.”
Causeway Chief Customer Officer Paul Madeira added: “We have been working closely with Balfour Beatty in the implementation and fine-tuning of the P2P programme. We are delighted that the partnership between our two companies has contributed to surpassing this initial milestone and look forward to building further on this highly productive relationship.”