AP Automation: Transforming Educational Financing
Dean Close: reducing human data handling by 93%
Achieving Financial Excellence: How Dean Close School's Used AP Automation to Boost Efficiency by 85%
About Dean Close School's:
Co-educational school, Dean Close is situated in the beautiful 50-acre parklands of central Cheltenham. Educating children from two to eighteen years of age, this renowned institution boasts a rich history dating back to 1886.
Over the years, Dean Close has expanded to include senior, prep, and pre-prep schools, all of which seamlessly merge to offer an extensive range of state-of-the-art facilities, including theatres, sports grounds, swimming pool, and more.
In their ongoing pursuit of excellence, the finance team at Dean Close embarked on a journey, transitioning from a manual invoice approval and payment process to a more streamlined, digital approach.
By integrating an AP automation solution, their finance team established a more efficient, cost-effective, end-to-end approval process. Automation saved them 12 days per month, as this time was previously spent on manual processes. It also provided a comprehensive audit log, facilitating smoother day-to-day operations.
We were impressed by the initial demonstration showing how we could move from our manual system to a digital version. The promise of Lightyear walking us through each stage in small steps appealed to us and any questions we had were answered in a quick and timely manner.
Processing: From 30 hours to 2 hours
Dean Close's finance team spent over 30 hours per month on manual data entry for accounts payable. By implementing AP automation, they have reduced manual processing to less than 2 hours, resulting in an impressive 85% increase in productivity.
And by integrating Lightyear's API with their accounting system - WCBS, they can effortlessly export data and ensure accurate information across departments. This software integration's flexibility, reliability and speed enable more effective management of finance processes, from invoice automation to managing bills and vendor relationships.
Reporting: 75% Faster
With Lightyear, the team has experienced remarkable improvements in reporting efficiency. Previously, end-of-month tasks were time-consuming and tedious, often taking up to four hours to generate reports and locate specific invoices. However, the process now takes just minutes thanks to automated statement reconciliation and instant 3-way matching of GRNs, documents, and receipts. Plus, with data securely stored in the cloud archive, the team can find missing invoices within seconds. The Dean Close team has seen an impressive 90% decrease in time spent searching for missing invoices alone, resulting in a 75% faster overall reporting time.
Processing: 80% Faster End-To-End
According to research by Ardent Partners, the average end-to-end manual invoice approval within the United Kingdom ranges from 10 to 16 days. Before AP automation, the Dean Close finance team experienced an average approval time of 15 days, aligning with the industry standard. Now, approvals take only three days—80% faster than average! This efficiency allows the team to dedicate more time and resources to critical tasks.
It is not daunting to switch to Lightyear, the care is taken to work together throughout all of the implementation stages. The benefits, once Lightyear is installed far outweigh any manual system.
To conclude, Dean Close has experienced a smooth and successful journey to automated processes, resulting in outstandingly efficient operations. Not only have they experienced significant time and cost savings of up to 30%, but they have also achieved remarkable accuracy. With real-time visibility over their procure to pay functions, the Dean Close team noticed a distinct improvement in supplier relationships, as well as their ability to make better informed financial decisions. These exceptional accounting processes form part of the basic foundations for operational success, further empowering Dean Close to deliver their “distinctly different” approach to education, ensuring that all students flourish.
See what our other customers say about Lightyear
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St Basil's have been using Lightyear since July 2020 and have enjoyed 30+% reduction in AP costs, up to 50% increase in efficiency of financial reporting and much more.
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95% of time reclaimed with Archive Search, 80% decrease in bill approval time & 50+% reduction in Financial Reporting time.
