Integration & Automation: How Nano-Dimensions Sped Up Its Financial Processes By 12x
- 40+ hours spent addressing fund requests
- 8 hours spent recording journal entries
- Reconciliation took 50 hours per month
- Total time spent addressing fund requests reduced by 95%
- Total time spent recording journal entries reduced by 74% with PayEm's ERP Integration
- 91% Reduction in time spent on reconciliation with PayEm's ERP Integration
“By implementing PayEm, the finance team now spends about 10 hours on reconciliation. In the past, 50 hours per month was wasted searching for receipts and managing every aspect of the transactions."
- Matan Haim, Assistant Controller, Nano Dimension
For Nano Dimension’s finance team managing four subsidiaries plus local finances had its challenges: The company had seen tremendous growth but had issues enforcing procurement processes, leaving the finance team with less than desired control over expenses. The procurement employees could use one of the company’s two corporate credit cards, so the accountants had to figure out who made what expense at the end of each month. This process was frustrating and time-intensive. At least 30% of the receipts for expenses did not reach the accounting department, causing even more issues. All in all, Nano Dimension’s finance team spent a minimum of 51 hours a month chasing down receipts and matching transactions to credit card statements– the equivalent of a week’s worth of work for a single accountant.
With a desire to gain complete control and transparency over company spend, and create custom approvals, Assistant Controller Matan Haim turned to PayEm. The results for Nano Dimension were immediate.
Within a few days, system admins created tailored approval flows by department for each expense. The issuers could then choose which type of card to issue according to the request (personal credit cards for employee use, a one-time card similar to a debit card, or a vendor credit card). Employees immediately received card details, and every transaction he/she made was associated with the relevant accounting details. All the employees had to do was attach their receipts to each transaction either by mobile app, via the desktop platform, or via email. From the moment Nano Dimension started using PayEm, they had a comprehensive, streamlined, and organized process for expense approvals.
According to Matan, “PayEm has offered real flexibility. With its transparency, I feel confident issuing cards to employees, making employees happier. No one has to wait on reimbursements. They have their own corporate cards; it’s been a win-win for everyone and a total 180º. Everything is simpler and streamlined.”
In addition, the Nano Dimension bookkeepers were able to do something unheard of- reconcile on the fly. Instead of waiting for the end of the month to match receipts with transactions, all transactions had the relevant context, including the receipt, who made the expense, the vendor, request info, and accounting details, so all the bookkeepers have to do is review the transaction and reconcile whenever convenient. What took hours before PayEm, and could only be done at the end of the month under a tight schedule, could be done efficiently, continuously, and within a few clicks, marking a significant shift in how the finance team operated.
Gone were the days of chasing receipts. With PayEm, if there are missing receipts, the account manager reminds the relevant employees using the reminder button [icon]. “Within a month, we saw that the time devoted to the process of reconciliation and writing journal entries was easily done 5 times faster! I knew using PayEm would change how the finance team operates, but this has been beyond transformative,” says Matan.
Matan said it best: “By implementing PayEm, the finance team now spends about 10 hours on reconciliation. In the past, 50 hours per month was wasted searching for receipts and managing every aspect of the transactions. All that is now automatically done, leaving us time to validate and learn which transactions are necessary, which are double-paid, we can find errors and learn insights. With full transparency and accountability, we can see the bigger picture to make significant business decisions. There’s finally time for oversight and strategic decision-making.”
With the success of approval controls and processes, Nano Dimension is now integrating their ERP, Priority, with PayEm. The integration will fully automate processes and shorten reconciliation time to less than 4 hours per month. For Matan, “that’s the benefit of PayEm – true ownership over each transaction- no matter the type. We can control every aspect of the spend process on demand, and see what’s really going on at the department or employee level.”
About Nano Dimensions
For the last seven years, Nano Dimension has been disrupting, reshaping, and defining the future of how connected devices are made. Nano Dimension’s unique products, all developed and manufactured in-house in Israel, combine three advanced technologies: 3D inkjet, 3D software, and nanomaterials. The company is traded on Nasdaq and manages the procurement of all subsidiaries (USA, Germany, Hong Kong) in Israel.