Accounts Payable Management
Utility Bill Management
Payroll Management
Success Story #1:
Railroad Owner/Operator
The Situation:
The utility bill management provider for this railroad industry leader made a strategic decision to exit the consolidated bill management business, creating a situation in which the organization needed to rapidly evaluate alternative marketplace solutions.
SourceNet Solution:
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Deployed proven accounts payable service model to ensure accurate and timely bill payment
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Managed migration of utility bill consumption data from current supplier to SourceNet’s Energy Information System
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Initiated program to move utility suppliers to EDI practices, enabling electronic receipt of accounting and consumption information to improve accuracy and cycle time
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Implemented strategy to move non-EDI capable utility suppliers to paperless invoicing practices through introduction of web-enabled supplier invoice entry and self-service support capabilities
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Results:
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Reduced direct operating cost to pay utility bills by 30%
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Reduced late fees to .001% of total billings, well below accepted industry standards
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In 2003, SourceNet’s audit and controls mechanisms flagged 25% of received utility bills for additional quality assurance review
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SourceNet’s Energy Information System provides the data warehouse utilized to develop and execute procurement services strategies
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Met all contractual service levels
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