ImaginAb Eliminates 1.7k Hours of AP Workload and the Need to Hire Additional Headcount

  • Accelerated the monthly close by automating invoice processing
  • Eliminated 1,750 hours of AP workload and the need to hire additional headcount
  • Integrated Tipalti with ERP, Intacct, to process all approved invoices

Providing an innovative approach to immuno-oncology, ImaginAb grew rapidly, but David Fractor, ImaginAb’s Chief Financial Officer, still remembered the long days of manual accounts payable operations at the office.

“We were processing our accounts payable manually during the first six to eight months of the pandemic. We were paying bills manually, and we were all working from home. I’m sure a lot of people have experienced the pain points of receiving invoices from vendors, either via email or mail, and then routing them to the appropriate individual for review and approval, trying to match them up against a purchase order, and then getting them into the system.”

The pharmaceutical industry actively invests in ImaginAb, which works with pharmaceutical companies in Germany, Switzerland, and the UK. Additionally, they run clinical trials in Australia, Europe, the UK, and America. The increasingly global market created a surge in expenses and endless invoices. They were wiring payments, which was a costly process.

Jill Durkin, ImaginAb’s Controller, and Fractor, collaborated on how to improve their financial operations across their team.

“We reviewed the digital architecture of the finance department – what it currently looked like and what we envisioned it to be with Intacct in the center. We determined which systems were integrated into Intacct and which ones weren’t. What we found was that the accounts payable was the biggest time-consuming piece in our department that needed to be tackled first.”

Tipalti was selected to assist Fractor, Durkin, and the team with invoice approval. By implementing an automated invoice approval feature, ImaginAb could handle the invoices coming in from worldwide, enabling ImaginAb to pay in any currency.

“When we automated, we had an accounts payable person who was spending 40 hours a week doing accounts payable. Now that the system is automated, the accounts payable time is probably in the five to 10 hours per week arena,” shared Fractor.

ImaginAb’s annual audit also became much more manageable.

“[For us, being a biotech company,] our greatest exposure to an audit deficiency is in the area of accounts payable, processing, and payments. By automating the process, we almost completely eliminated the likelihood of having an audit deficiency in that area.”

With Tipalti handling ImaginAb’s AP workflow, the organization can provide life-changing treatments for its patients and build meaningful partnerships within the industry.

“We can shift our focus to more meaningful activities, such as fundraising and elevating our accounting staff. I don’t have to spend as much time on financials—except reviewing them once a month. Automation gets us there,” Durkin affirms.

View article on the Tipalti Website