How Funai Lexington Uses ProcureDesk To Achieve Company-Wide Financial Goals
Funai Lexington Technology Corporation (FLTC) is a wholly owned subsidy of Funai Electric Co., LTD. (Osaka, Japan). As a legacy division of IBM and Lexmark, Funai employees average over 19 years of microfluidic design, application, and commercialization experience. Funai designs and manufactures a wide array of products utilizing in-house microfluidic technology.
Maintaining Spend Control In A Growing Company
Funai Lexington Technology Corporation (FLTC) specializes in microfluidics and provides custom thermal jetting solutions. George Parish, COO at FLTC, was experiencing challenges with managing purchase requests and tying orders back into the company’s QuickBooks accounting software.
FLTC was using an Excel spreadsheet to create and track purchase requests, which were then emailed to George for approval. This system quickly became cumbersome, and also required manual, error-prone entry into QuickBooks. FLTC required a software solution that would streamline its purchasing and accounting processes.
“I was looking for a solution that would help push some of the approval responsibilities over to our managers. We wanted to improve efficiency, reduce mistakes, and get management teams involved in the purchase approval process to free up my time and shift accountability downstream.”
George Parish
COO – Funai LexingtonThe easiest way To implement tighter Spend controls
“We’ve been working with ProcureDesk for over 18 months now. Their team was very hands-on during the setup and made sure we had what we needed. That support has been ongoing, they are always responsive and have been a great company to work with.”
George Parish
COO – Funai LexingtonA Scalable Cost Control System
FLTC evaluated various software solutions but found that many did not offer multi-level QuickBooks budget integrations. This led FLTC to ProcureDesk, which provided the integrations FLTC needed for holistic budget management.
With ProcureDesk, FLTC could empower managers to approve requisitions and track budgets to facilitate smarter spending, improve financial decision-making and spend control with reduced COO oversight and enable employees placing orders to track and monitor order status in real-time
Following some hands-on set-up from the ProcureDesk team, FLTC was soon able to provide managers with real-time budget spend visibility, allowing for better financial decision-making and spend awareness.
Maintaining Spend Control In A Growing Company
Since implementing ProcureDesk, FLTC has streamlined its purchase-approval processes and transferred the responsibilities of requisition approval to department managers.
This has led to streamlined requisition management and real-time tracking for employees, increased bandwidth for COO, management teams, and accounting department, and better employee engagement regarding company spending and budget management
With ProcureDesk, FLTC now has software that has not only solved logistical errors and streamlined accounting processes but has also influenced company culture around budget management and changed how department managers approach spend control.
Streamlined Order Management And Real-Time Tracking For Employees
From a day-to-day perspective, FLTC employees making purchase requests now have visibility over their orders and can track the status of each request. Real-time monitoring and order tracking improve morale, reduce frustration, and provide clarity regarding the status of any given order at any given time.
Seamless Transfer Of Responsibilities From COO To Department Managers
One of the main goals of FLTC was to transfer order approvals from the COO to department managers. With ProcureDesk, FLTC can give department managers a real-time analysis of budget overviews, enabling smarter decision-making and better spend control, even with reduced COO oversight.
Budget And Spend Transparency Improves Employee Engagement
FLTC has found that giving managers budget visibility increases their accountability and helps them to better understand the company’s overall financial picture. As a result, managers ask more questions, become more aware of the company’s financials, and make smarter, more informed purchasing decisions.
“Our goal was to help our managers make smarter, better decisions about where and how they spend money so that we can achieve our financial goals as a company. ProcureDesk has helped enable this, and shown us that efficiency and visibility are both key to budget management.”
George Parish
COO – Funai LexingtonIf you would like to experience a struggle-free purchasing & invoicing process, click on the link below to schedule a demo with one of our product specialists.
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