Accelerating Accounts Payable Efficiency: Insights from FleetPride

FleetPride, the nation's largest distributor of heavy-duty truck and trailer parts in the nation, experienced rapid expansion.  

This expansion resulted in a significant increase in AP invoice volume. Further, the invoices were complex PO based invoices averaging hundreds of lines per invoice.  Processing these invoices was a labor-intensive task, as each one had to be manually keyed and matched to a PO for approval.

FleetPride also received non-PO invoices, which were sent through an E-Signature tool for GL coding and approval. This was great for documentation purposes but was incredibly inefficient for AP staff to process and pay. 

Due to the above manual processing, FleetPride routinely missed early payment discounts and lacked visibility for suppliers. Suppliers had to reach out to AP to inquire on the invoice payment status. This slowed both the suppliers and the AP team down.

With the implementation of Transcepta AP Automation, Fleet Pride achieved 100% capture accuracy, eliminated invoice exceptions, automated 2- and 3-way PO matching and more.

• With Transcepta PO Cloud Match, FleetPride enjoys over a 95% straight-through invoice processing rate for PO based invoices.
• Transcepta Cloud Code enables the non-PO invoices to be automatically assigned, coded, and approved with almost no human intervention. The AP team now has time to focus on strategic initiatives, propelling the company forward.
• The AP transformation has also provided invoice status visibility for vendors. Real-time updates on invoice status have eliminated inquiries to AP. Suppliers love this visibility, which has strengthened their partnership with FleetPride.

For years FleetPride established themselves as industry leader and now as a AP automation leader. FleetPride’s focus on efficiency and collaboration ensures they will remain ahead in the industry for years to come.

Want to learn more? Watch the 3-minute video for a testimonial from James Thurmond, AP Leader at FleetPride. Hear his insights on the successful journey to a fully automated AP Department.

Want to see it for yourself? Get in touch today.