ImaginAb Accelerates its Monthly Close with Tipalti

When we automated, we had an accounts payable person who was spending 40 hours a week doing accounts payable. Now that the system is automated, the accounts payable time is probably in the five to 10 hours per week arena.

David Fractor

Chief Financial Officer, ImaginAb

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ImaginAb Overview

Industry

Healthcare

Company Size

Sub 100

Current ERP

Sage

Region

United States

Tipalti Products Used

AP Automation

Challenge

Manual accounts payable processes consumed significant time and resources, hindering efficiency.

Solution

ImaginAb implemented Tipalti Accounts Payable to automate invoice processing and integrate with ERP, Intacct, for seamless payment operations.

Results

ImaginAb eliminated 1,750 hours of accounts payable workload annually and the need to hire additional headcount while accelerating its monthly financial close.

The Challenge

Manual Accounts Payable Processes Hindered Efficiency and Growth

ImaginAb, a biotechnology company based in Inglewood, CA, collaborates with pharmaceutical companies across Germany, Switzerland, and the UK. The company faced challenges with manual accounts payable processes, which consumed approximately 40 hours per week. This manual workload delayed the monthly financial close and diverted resources from strategic initiatives such as fundraising and staff development.

We were processing our accounts payable manually during the first six to eight months of the pandemic. We were paying bills manually, and we were all working from home. I’m sure a lot of people have experienced the pain points of receiving invoices from vendors, either via email or mail, and then routing them to the appropriate individual for review and approval, trying to match them up against a purchase order, and then getting them into the system.

David Fractor

Chief Financial Officer, ImaginAb

The Solution

Automated Invoice Payments With Tipalti Accounts Payable

ImaginAb implemented Tipalti Accounts Payable to automate invoice processing and integrate seamlessly with its ERP, Intacct. This integration streamlined approval and payment processes, significantly reducing manual effort and minimizing errors. By implementing an automated invoice approval feature, ImaginAb could handle the invoices coming in worldwide, enabling ImaginAb to pay in any currency.

We reviewed the digital architecture of the finance department – what it currently looked like and what we envisioned it to be with Intacct in the center. We determined which systems were integrated into Intacct and which ones weren’t. What we found was that the accounts payable was the biggest time-consuming piece in our department that needed to be tackled first.

Jill Durkin

Controller, ImaginAb

The Result

Significant Time Savings and Enhanced Strategic Focus

By automating its accounts payable processes with Tipalti, ImaginAb eliminated 1,750 hours of manual workload annually. Plus, with technology, ImaginAb eliminated the likelihood of having an audit deficiency in accounts payable, processing, and payments. This efficiency gain accelerated their monthly financial close and allowed the finance team to reallocate time to more meaningful activities, such as fundraising and elevating accounting staff capabilities.

When we automated, we had an accounts payable person who was spending 40 hours a week doing accounts payable. Now that the system is automated, the accounts payable time is probably in the five to 10 hours per week arena.

David Fractor

Chief Financial Officer, ImaginAb