How Flink Achieved 50% Faster Invoice Processing with Baltic Assist
Overview
At Baltic Assist, we are proud to support amazing brands that are reshaping their industries. By offering tailored, efficient solutions, we help businesses focus on growth and innovation while we take care of the rest.
Flink is one such client. A fast-growing online grocery delivery service, Flink is revolutionizing grocery shopping with its promise of delivering over 2,600 fresh, high-quality products in just minutes.
Operating in over 100 cities across Germany and the Netherlands, Flink prioritizes convenience and quality.
Since January 2023, Flink has partnered with us to optimize their accounts payable processes, leveraging tools like ELO (OCR tool) and Coupa to handle invoice processing with speed and precision.
Here’s how it all went!
Challenges
Flink’s primary objective in partnering with Baltic Assist was to ensure that all invoices were processed within 96 hours, maintaining a high level of accuracy. This goal was critical to sustaining the efficiency and precision of their financial operations as they scaled.
Flink was looking for a reliable partner to provide pre-accounting services and ensure smooth process continuity, which led them to choose our team.
Initially starting as a temporary project, our collaboration evolved into a long-term solution, with the team expanding to four full-time employees (FTEs). Through this growth, we implemented significant optimizations together with their in-house teams, resulting in higher effectiveness and smoother workflows.
A key focus for us has been reducing costs for Flink, especially related to products and services they were overpaying for. By integrating new processes and automating tasks, we’re helping Flink streamline operations while also addressing and resolving challenges that arise during day-to-day work.
Location
Berlin, Germany
Industry
Online grocery, delivery platform
Profile
Founded 2020
Employees ~15 000
Website
Our ongoing goal is to ensure all invoices are processed timely and without delays, further improving the accuracy and speed of their financial workflows and ultimately contributing to Flink’s success and growth.
What we like most about Baltic Assist is their flexibility and efficiency. The team is hardworking and consistently delivers high-quality results. Additionally, their commitment to continuous collaboration has made our partnership very effective and enjoyable.
— Razvan Neaga, Accounting Manager at Flink
Solution
To streamline Flink’s accounts payable processes, we assembled a dedicated team consisting of 1 team lead and 3 finance administrators, totaling 4 full-time employees (FTEs). The core of the support provided revolves around real-time administrative assistance and invoice processing.
Today, we offer two key services to Flink:
- Invoice Processing - all incoming invoices are processed in real-time using two different platforms: ELO (OCR tool) and Coupa. This allows for accurate and efficient handling of invoices, ensuring no delays and maintaining high standards of financial integrity.
- Administrative Support - in addition to invoice processing, we provide comprehensive admin support, ensuring that the entire workflow, from receipt to payment, runs smoothly and without disruption.
The project has evolved from its initial, temporary nature to a permanent solution, with continual improvements being made to increase effectiveness and reduce inefficiencies. The seamless integration of these processes and tools has been key to improving Flink’s financial operations.
Results
Since partnering with our team, Flink has experienced notable improvements across several key metrics.
- Processing time has been cut by half, from 96 hours to 48 hours.
- A reduction in supplier queries was achieved, leading to higher satisfaction and fewer disruptions in the supply chain.
- Thanks to the streamlined invoice processing system, a higher percentage of invoices are now paid on time.
These results allowed Flink to focus on other critical areas of its business without worrying about its financial processes.
Aside from tangible results, Flink’s team has expressed appreciation for the flexibility and efficiency of our services, noting that the collaboration has been both effective and enjoyable. The positive outcomes and smooth integration have not only improved operational efficiency but also enhanced the overall business experience.
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Baltic Assist provides a comprehensive outsourcing solutions that saves costs, enhances efficiency, and strategic decision-making for your business.
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