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Case Study

Entrepreneurial Technology Company Centralizes Accounts Payable with Finrails AP

CHALLENGE

Tom Golab is the CFO of Navitas Systems, an innovative manufacturer of battery systems. The growing company doubled their revenue over the past year. Along with this growth came double the number of invoices and double the amount of paper. Couple that with the company’s multiple locations in two different states and it’s easy to see why the Accounts Payable process “can get out of control quickly if you’re not on top of it,” according to Golab.

With invoices handled in their Operations division in Ann Arbor, MI, and paper checks printed in their Chicago office, the process was cumbersome and inefficient—and left a lot of room for error. As a government contractor, Navitas is required to keep information for seven years, which is a daunting task considering their volume of activity. Companies who are experiencing rapid growth like Navitas know that scaling any business requires a keen eye for efficiencies, especially when it comes to Accounts Payable.

The key for us was digitizing our data. – Tom Golab, CFO of Navitas Systems

OUTCOMES

Finrails AP by Signature Bank helped Navitas centralize their Accounts Payable and eliminated the need for shuffling paper invoices and checks between multi-state offices. Finrails AP provides one central, secure platform where Navitas employees and executives can log in to see the same real-time AP information—including payments made to vendors, corresponding invoices, when payments were made, and when virtual card, ACHs and checks cleared.

We have a great relationship with the Finrails AP team. They partnered with every division across our company to ensure that onboarding our vendors was a seamless process. – Tom Golab, CFO of Navitas Systems

SOLUTION

Finrails AP was a welcome change to the AP process for Navitas. Finrails allowed Navitas to:

  • Maintain the same number of AP staff while nearly doubling their transactions
  • Onboard vendors quickly and easily with the help of the Finrails AP customer service team
  • Eliminate unnecessary steps and reduce errors when processing invoices
  • Pay vendors in the way they want to be paid, including the introduction of virtual cards
  • Improve communication with vendors regarding payment status and corresponding invoices
  • Work in a paperless and secure AP environment
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