When $5 billion CB Richard Ellis Group decided to build an automated invoice processing, approval and payment system, it wanted to do it right. So the Los Angeles-based commercial real estate company spent nine months investigating vendors. Many offered ready-to-go, end-to-end packages, according to Margaret Guelzow, the company’s financial systems manager. But CBRE decided the best solution was to take performers from four different providers and organize them as a quartet that could harmonize all the different processes the company needed. The players are Cambridge Solutions, Bank of America’s PayMode, and rCash Pay and SiteStuff, both owned by Yardi Solutions.

That music is starting to sound sweet. The new process cuts the cost of payment processing in half, Guelzow says, and trims 23% off the cost of invoice processing. She estimates that once the system is fully implemented, the cost of processing a vendor payment at CBRE will fall below $6, compared with an industry average of $11.31 cited by the 2007 IOMA Benchmarking Report.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.