Success Story Neni

The myth that the use of artificial intelligence (AI) is only profitable in large companies is widespread, but false. In truth, the effects of automation measures can be enormous, especially in small and medium-sized organizations. Because every Euro saved is worth even more in relation to the total costs than in a large corporation. This is also the case in the three-person financial management team at NENI, where the team is small but the innovative power is great. Vincent-Frederic Kotazka, Head of Finance at the NENI Group, tells us how the automation of the incoming invoice workflow has halved the time spent processing documents.

Molcho Holding GmbH, headquartered in Vienna, acts as the holding company and handles administrative and coordination tasks for the operating businesses. Together they employ around 100 people. In addition, several hundred employees are employed by the franchise companies. A clear organizational structure, whose threads come together at Molcho Holding GmbH. In view of the strong growth - in addition to C.O.P., another new opening is already being planned - the limited capacities in the parent company could quickly have become a bottleneck. In fact, the opposite has happened: The financial management team has freed itself from manual, repetitive activities, freeing up resources for planning and analytical tasks that put the rapid growth on a healthy footing.

Before the introduction of Finmatics, the documents were initially entered manually - after being received by post or electronically. This meant that the document data had to be typed out. Paper receipts also had to be scanned.
Afterwards, the vouchers were stored in the folder structure of the BMD accounting system on the corresponding ASP server.
The accountants accessed this folder structure in order to post the incoming invoices in the next step.
The last step was control, payment release and transfer.

In summary, NENI had to deal with a highly manual workflow, which was not very demanding but very error-prone, and which also took up about half of the existing team capacity in financial management. Vincent-Frederic Kotazka was brought on board 2.5 years ago as Head of Finance to optimize just such processes. Together with Finmatics and BMD, he and his team have succeeded in doing just that: Today, 3 out of 4 steps in the incoming invoice process are virtually eliminated, as

Today, NENI only requires a visual check in document processing to ensure that the software has recognized all data correctly and that all document fields are filled appropriately before payment can be released. This saves NENI's financial management staff no less than half the time spent on each document. With 50 incoming invoices per day, the overall time savings are enormous. To be precise, thanks to the process optimization in accounts payable, the entire working time of a team colleague has been saved, who now deals with the planning, management and control of the company's divisions as part of controlling. Due to the improved database and the freed-up capacities, standardized reporting can be made available to the management in an increasingly high level of detail. This, in turn, enables a data-based, well-founded analysis and evaluation of factors relevant to decision-making, which leads to better decisions and ultimately also ensures the company's success.

Looking back on the start of the collaboration in spring 2020, Vincent-Frederic Kotazka says: "It is surprising how quickly the planning and implementation phase was completed. The one-two month lead time was sufficient to set up the system landscape in such a way that we no longer had to make manual bookings from one day to the next." NENI started with a standard configuration of Finmatics. Based on the success it has already achieved in the first few months, the company decided to take the next step and work with Finmatics to make some software adjustments to tailor the workflows even better to their needs.

When it comes to AI, some SMEs still think of complicated applications that require large investments. This is a fallacy that is costing many of them dearly. Because AI-based applications such as Finmatics manage to significantly reduce the workload in accounting - by up to 50%, as the example of NENI shows. Relative to the savings achieved, the investment in this case has already paid off since the first month. We are pleased about the successful cooperation and wish the NENI team all the best for their exciting future projects!

Tax Firm TREUHAND-UNION Klagenfurt and Millstätter See Tourismus GmbH

 Millstätter See Tourismus GmbH

After the digitalization of internal office processes, TREUHAND-UNION Klagenfurt also implemented digital invoice approval solutions with its clients. For example, with Millstätter See Tourismus GmBH.

All Success Stories

BENA AFS - INTO THE DIGITAL FUTURE WITH FINMATICS AND BMD SOFTWARE

BENA AFS

Thanks to the rapid implementation of Finmatics' digital assistants, the Viennese law firm was able to use the full potential of artificial intelligence after only 2-3 months, thus saving a great deal of time, which they can now use to better serve their clients.

All Success Stories

Digital accounting processes in the tax firm Bilanzwerkstatt with Finmatics

Bilanzwerkstatt

"There are a lot of exciting things we can do with our time. Typing up receipts is not one of them." Daniel Seigfried reports on the digitization of processes in the tax consulting firm.

All Success Stories