Payment logistics: Why an automated accounts payable system is a must for the Logistics Industry

November 2, 2022
automated accounts payable system

Many logistics companies have seasoned executives at the helm. This level of experience and loyalty is invaluable to any industry, but the downside is that it creates a deep comfort in the way things have always been done. Because of this, there has been a general reluctance within the logistics industry to overhaul paper-based processes and replace them with new technology to improve efficiency, specifically when it comes to accounting. 

We get it, change is often unpleasant—but it doesn’t have to be. SparcPay’s automated accounts payable system is an easy-to-implement solution that delivers clear results from the moment you begin using it. LumiCo Logistics is a perfect example of a logistics company that made the change and never looked back.

The challenge

LumiCo Logistics is a fast growing third party logistics company based in Cambridge, Ontario. By offering best-in-class service and customer relations, LumiCo was able to rapidly grow their business. But as they grew, some of the processes they had in place took up too much of their time–they simply couldn’t scale with their business needs.

LumiCo had hundreds of invoices to contend with each week, while also managing the transport of goods across the world; integrating accounts payable invoice automation could streamline a major bottleneck for them. And with so much time already invested in setting up their cloud accounting software, they needed accounts payable automation solutions that could integrate seamlessly—out of the box.

The solution

Some of the key features that LumiCo sought included: a highly automated process, easy review and approval of bills, no more costly paper cheques, and quick integration with their accounting software. Thankfully, SparcPay’s accounts payable automation solution ticked all of those boxes, and more!

Invoice processing and approval, which used to cost LumiCo many man hours, was now reduced to a few clicks in just a few seconds. Not to mention that it could now be handled anywhere in the world. SparcPay’s secure electronic payments also lowered the cost of issuing and tracking paper cheques, while ensuring their vendors were promptly paid, keeping everyone happy. And with a seamless integration to QuickBooks, LumiCo now had an automated accounts payable system that provided instant synchronization without any data entry or reconciliation.

The results

Thanks to SparcPay, LumiCo saved significant time previously spent reviewing and preparing cheques for hundreds of weekly invoices. The company also saved money; LumiCo saw firsthand how SparcPay’s electronic payments are an economical solution compared to the cost of cheque stock, envelopes and postage.

“SparcPay is such a time saver! Getting a bill for every single shipment used to create a lot of work but thankfully SparcPay streamlined that for us and eliminated all those cheques we used to write. It was quick to implement, very easy to use and now allows anyone with a role in the bill payment process to quickly do their job. It is especially valuable for us because of how well synced it is with QuickBooks in real time.” -Farhan Sheikh – Manager

SparcPay is the only accounts payable automation solution that can both meet the needs of your logistics company, and easily scale with it. Whether you’re just getting started, or ready to take a major step forward as a 3PL provider, we know that we can deliver the results you need. Relying on a paper-based system simply can’t keep up with the fast-paced logistics world, so let SparcPay help your company take this next step with confidence. Reach out to our team who can show you how quickly you can get set up.