Boralex and xSuite: A Success Story
Key Takeaways
⇨ Enhanced Efficiency and Transparency: Boralex significantly improved its Accounts Payable (AP) processes by digitalizing and automating invoice handling, reducing average processing time, and eliminating late fees.
⇨ Scalability for Growth: The implementation of xSuite's AI-powered automation solution has equipped Boralex to scale its AP processes effectively as the company expands its renewable energy capacity.
⇨ Improved Cash Management: The increased visibility into the invoice lifecycle enabled better cash flow management, allowing Boralex to capitalize on cost savings and reinvest in its sustainability initiatives.
The Canadian power company Boralex was founded in 1990 in Kingsey Falls, Québec, and has since expanded its business to the United States, the United Kingdom, and France. Specializing in four sources of renewable energy extraction–wind, solar, thermal, and hydroelectric– Boralex is a dominant force in their industry. Through their commitment to produce affordable electricity sustainably for future generations, Boralex is at the forefront of a changing world and is shifting the global energy landscape towards a greener future.
Accounts Payable Challenges at Boralex
Despite its visionary mindset in terms of energy production, processes in the accounts payable department at Boralex were run in a less innovative way. Old-fashioned, paper-based handling of incoming invoices was proving to be an inefficient system for the company, as invoices were received via the postal system and circulated physically between departments. If a supplier submitted an invoice via e-mail, the document was printed, and the hard copy forwarded from checkpoint to checkpoint. The result was a lack of transparency throughout the invoice-payment workflow. The AP department struggled to be efficient with all this confusion—documents were collecting on desks, late fees began adding up, and opportunities for cash discounts were going unused.
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