MAKITA AUTOMATES THE RECONCILIATION PROCESS OF INCOMING PAYMENTS WITH OPUSCAPITA
Makita Oy, one of the leading power tool suppliers in the Nordics and Baltics, has chosen OpusCapita’s Matching solution for automating and harmonizing the reconciliation process of their incoming customer payments. With OpusCapita Matching, Makita can achieve a high level of automation in the Accounts Receivable allocation process in all the countries they operate in.
The subsidiary of the Japan-based Makita Corporation, Makita Oy, operates in the Nordic and Baltic countries, importing and marketing power tools. The company has centralized its incoming and outgoing payment traffic in Finland, Estonia, Norway, and Sweden with OpusCapita’s payment factory solution. Each month, Makita receives some 22 000 customer payments.
The Accounts Receivable reconciliation process is handled locally, and the practices in allocating the incoming payment transactions vary greatly from country to country, from a mostly automated process in Finland to an entirely manual process in Estonia.
“We aim to streamline and harmonize the reconciliation process of our incoming customer payments. By increasing automation and developing the process, we can significantly reduce manual work and free the resources in our Finance department for more value-adding tasks. OpusCapita has been our partner for years, and it was natural to expand our cooperation by adding functionalities on top of the existing, proven solution,” Laura Kawachi, Financial Manager at Makita states.
80% improvement on automation rate
Makita’s main goal is to improve the situation in the Baltics, where incoming payment transactions are allocated manually. With the implementation of OpusCapita Matching, the automation rate can be raised up to 80%.
“This means considerable time savings already in the first phase. In addition, the assisted matching feature speeds up and supports the remaining manual phases in the process. In the Nordics, the automation rate is already high, but for instance, in Sweden and Norway, the quality of the reference data from BankGiro and PostGiro systems does not always meet the requirements of our ERP system. The use of third-party enrichment data in OpusCapita Matching helps us overcome this challenge and increase automation further,” Laura Kawachi says.
Modern automation solution to account reconciliation
OpusCapita Matching is a new tool to automate the Accounts Receivable reconciliation process. In many companies, the handling of incoming customer payments is still a highly manual process, which takes a lot of time and effort in the Accounts Receivable department or the Shared Service Center. The inefficiencies of manual matching cause errors, costs, and delays, which lead to large amounts of unallocated cash. Typically, a manual reconciliation process is also a vulnerable part of an organization’s Accounts Receivable process, as the know-how of how to allocate the incoming payments correctly might be person-dependent.
“With Matching, we can support organizations’ cash management processes further. The solution serves well our existing customers, such as Makita, but it can fit into any environment. It helps solve major bottlenecks in companies’ current reconciliation processes and, in addition, it overcomes the challenges of traditional rule-based automation systems with advanced data enrichment and assisted matching capabilities“, Katri Kosonen, Product Manager at OpusCapita says.
Read more about OpusCapita Accounts Receivable Matching solution
Watch webinar recording: Automated reconciliation with AR Matching
Watch demo webinar recording: Supercharge Your Bank Account Reconciliation Process with Automated Receivables Matching
Makita Oy imports and markets Makita power tools and Dolmar gardening, forestry, and landscaping tools. The company operates in Finland, Sweden, Norway, Estonia, Latvia, and Lithuania, and is owned by the Japan-based Makita Corporation, a leading global manufacturer of power tools. Makita Oy has around 190 employees, and in the last year, it reached the total turnover of EUR 256 million.
OpusCapita enables organizations to sell, buy and pay quickly and securely, with a real-time view of their business. Over 3000 customers in over 100 countries use our source-to-pay, cash management, and product information management solutions to connect, transact and grow. OpusCapita processes over 220 million electronic transactions annually on its Business Network, which includes almost 1 million organizations and over 11,000 financial institutions worldwide.