RXR Realty, LLC processed over 2000 invoices a month received by their more than 100 office properties throughout the Tri-State area. Invoices sat on desks awaiting manual approval, were routed via FedEx or simply lost in the paper shuffle and gave the accounts payable (AP) team no visibility to the status of outstanding invoices.
Vendors called frequently about the status of their invoices and were told, “I don’t know, or I’ll have to get back to you.” Their paper-based process caused invoices to make multiple trips between offices to get all appropriate approvals, making it difficult to turn payments around quickly.
The AP team had no control over when invoices would arrive at corporate and required lots of overtime to locate and enter outstanding invoices into their accounting system before they could close. Their month-end close was often delayed to after the 15th of each month and put needless stress on the AP team…