28 Jul 2022 07:00
28 July 2022
Glantus Holdings plc
("Glantus" or the "Company")
CUSTOMER WIN
Dole Ireland selects Glantus to Automate Statement Reconciliation
Glantus plc (AIM: GLAN a leading provider of software as a service ("SaaS") solutions delivering automation and analytics to the Accounts Payable ("AP") function, is pleased to announce that it has been chosen by Dole Ireland Limited ("Dole Ireland") a subsidiary of Dole plc to provide an automated statement reconciliation solution.
Dole plc is an American - Irish agricultural multinational corporation headquartered in Ireland and listed on the New York Stock Exchange. Dole plc is the largest producer of fruit and vegetables in the world, operating with 74,300 full-time and seasonal employees who are responsible for over 300 products in 90 countries.
Dole Ireland has appointed Glantus to automate the processing of their statement reconciliation, reduce mistakes, consolidate data, and give real time reconciliation reports. The task of reconciling the creditor's ledger against supplier statements is an essential financial control function for Dole Ireland.
Dole Ireland previously manually reconciled supplier statements to their creditor's ledger, a time consuming and costly process that tied up key personnel. Invoice transactions recorded in both the creditor's ledger and an incumbent invoice automation system were manually checked against all supplier statements. Once each invoice was correctly reconciled to the statement and confirmed, it was then processed for payment approval. This process was slow and labour intensive, which meant several of Dole Ireland's full-time employees spent over 200 hours per month manually reconciling. Automating the statement reconciliation function was estimated to remove up to 90% of manual effort and liberate key staff for value-added tasks.
Using the automated accounts reconciliation process, Glantus can provide Dole Ireland with an in-depth investigation and analysis of all AP transactions, giving Dole Ireland greater visibility and control. Glantus' experience within the automation space, strong relationships with stakeholders across various levels, and the superiority of the overall approach were the key factors in Dole Ireland's decision to work with Glantus on this initiative.
Denise Carpenter, Financial Controller, Dole Ireland said, 'We are surprised at the speed at which we are reaping the benefits of the system, after only a short period from Go live. Layered on top of our existing AP solution and ERP creditors ledger, Glantus provides the all-inclusive solution that facilitates easy capture, reconciliation, visibility, and communication back to the vendor, ensuring accurate results. We are now in a position where our AP data matches all our vendors data, minimising duplicates, and issues down the line. The new streamlined process has made a significant impact on our business, which is vital during the current climate and as we look to further grow as an organisation.'
James Welch, Glantus Managing Director, EMEA said, 'Glantus are honoured to have the opportunity to work with Dole Ireland. Their exciting brand is world-renowned, and we are grateful to be able to help them to fulfil their vision of an end-to-end automated AP function. We look forward to great success with Dole Ireland and giving them the perfect platform to bring increased efficiencies across their finance function globally.'
For further Information visit www.glantus.com, follow on twitter @GlantusLTD or contact:
Glantus Holdings plc Maurice Healy, Founder and Chief Executive Officer Grainne McKeown, Chief Finance Officer
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Shore Capital and Corporate Limited (Nominated Adviser and Broker) Patrick Castle / John More / Tom Knibbs (Corporate Advisory)Andrew Beswick (Corporate Broking)
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Flagstaff Communications Financial PR & IR Tim Thompson | +44 7710 718 649 |
About Glantus Holdings plc
Glantus Holdings (AIM: GLAN) Glantus is a global provider of accounts payable automation and analytics solutions. Glantus' mission is to harness technology to drive innovation, unlocking efficiencies in AP to maximise working capital for global enterprise organisations. The award-winning Glantus DataShark Platform connects all AP systems and suppliers on one agile platform, eliminating cost and delivering new revenue streams. We work in tandem with our partners to deliver joint enterprise digital transformation solutions. For more information see glantus.com.
Founded in 2014 and headquartered in Dublin, Glantus has offices in the United States, United Kingdom, and Poland, employing over 120 people.