How The Reddrop Group Saved 40% On Accounts Payable Monthly Costs
The Reddrop Group is a leading multi-store supermarket group that has established a strong presence within the Supermarket Retail Industry across 27 stores in Metropolitan Melbourne, Regional Victoria, and Regional New South Wales. The Reddrop Group operates Supermarkets under the FoodWorks, IGA and its own “Go to Grocer” banners, and prides itself on its outstanding customer service, and a wide variety of products not usually offered at the major Supermarket retailers.
The Challenge
Like many businesses, The Reddrop Group faced significant challenges with their accounts payable process, costing them valuable time and resources. Their previous solution had several shortcomings, including inaccurate invoice data extraction and a poor workflow for approving and exporting invoice information. As a result, The Reddrop Group had to dedicate significant amounts of time to handling administrative tasks in both their Finance Team and operationally in their back-offices at stores.
Time-consuming and inefficient manual data entry and data extraction processes drained their resources. Due to their outdated and inefficient AP process, The Reddrop Group struggled to process high volumes of invoices (many of which come as multiple pages of detailed stock line information) and statement documents on time, causing limited visibility into their AP process and making it difficult for the company to make informed business decisions.
The Solution
Lightyear provided The Reddrop Group with an efficient and effective AP solution that allowed them to streamline their end-to-end invoice process, resulting in significant cost savings and increased efficiency. Lightyear's technology extracts line item data in real-time, reducing manual data entry and eliminating the need for human intervention.
The Lightyear mobile app access has also been valuable for store managers and operations teams, providing them with easy access to invoices and enabling them to approve invoices and respond to queries even when away from their desks. This level of flexibility empowered their teams to work more efficiently and effectively, ultimately improving business efficiency.
The Results
The implementation of Lightyear allowed The Reddrop Group to automate its AP process, eliminating the need for manual data entry and reducing the risk of human error. With Lightyear's technology, line item data is extracted with 100% accuracy in seconds, freeing up The Reddrop Group's accounts team to focus on other important tasks.
Before implementing Lightyear, The Reddrop Group's accounts team spent an average of 30 hours per week on data entry and manual data extraction, a significant drain on their resources. The process was time-consuming and prone to human error, which led to inefficiencies and mistakes.
After implementing Lightyear, The Reddrop Group's data entry and extraction time decreased significantly to less than 2 hours per week, a decrease of about 93%.This improvement has positively impacted the accounts team and the overall business, as they can now allocate more time to value-added activities.
Before the implementation, The Reddrop Group struggled to process over 250,000 invoices and statement documents annually within an average of 14 days from receipt. However, after implementing Lightyear, their total processing time improved significantly to an average of three days - an 80% reduction in their processing time. The new system empowered their accounts team to process batches of over 200+ invoices for one store within 30 minutes.
Additionally, due to Lightyear's user-friendly interface, thorough training, customization and feature-heavy solution, The Reddrop Group became 93% more efficient in their AP process company-wide, saving up to 40% per month on AP costs and improved visibility.
The Reddrop Group's implementation of Lightyear has resulted in significant cost savings and increased efficiency. By automating their AP process with Lightyear, The Reddrop Group has eliminated the need for manual data entry, reducing the risk of human error and freeing up the accounts team to focus on other important tasks. The Reddrop Group achieved remarkable results with a 93% increase in efficiency and a 40% monthly cost saving on their accounts payable process.
Lightyear has been a valuable addition to The Reddrop Group's operations, allowing them to work smarter and achieve better business outcomes.
Lightyear has brought together all functions of AP Invoice Processing in a user-intuitive way and relevant to many different business areas. Everyone from the store managers & staff through to the accounts team and our senior management & operations team now have access and visibility on all invoices sent to the business at any given time.
See what our other customers say about Lightyear
Sonnel have 14 hotels across Australia and have been using Lightyear since mid 2020 to more efficiently and effectively manage their AP processes.
We spoke with Sanjay de Silva who is the Compliance Officer & Stocktake Manager for Sonnel.
COVID has put a huge pressure on many businesses to reassess how they operate as some business procedures are simply no longer viable.
Healthcare Ireland implemented Lightyear to go paperless with their Accounts Payable as no one could access paper after switching to remote working.
Pizza Pilgrims are a multi-site pizzeria franchise that have been using Lightyear for 5+ years. Their previous process was very manual, with a lot of data entry and checks.
We spoke with both the Financial Director Sophie and the Financial Controller Laura of Pizza Pilgrims, to get their perspective on why they chose Lightyear and more importantly, why they stay with us.
"Lightyear is a cutting edge technology"
Launch was "launched" in 2015 and I took over the ownership in 2018. I needed a solution that would reduce data entry and allow clients to approve their bills.
We spoke with Bookkeeper Lynley Pryde to catch up on all the changes to Launch since she has implemented Lightyear.
"Easy to use & approve bills & export to Xero" - Lynley Pryde
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.
The Royce Aged Care have seen marked improvements in their business processes and functions since implementing Lightyear in 2020.
95% of time reclaimed with Archive Search, 80% decrease in bill approval time & 50+% reduction in Financial Reporting time.
Try out all these features and more with a 30-day free trial or book a demo for a convenient time.
An industry recognised app
