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Loughton Contracts saves £250,000 a year with Medius’s accounts payable technology

Loughton Contracts saves £250,000 a year with Medius's accounts payable technology | Fintech Finance

Loughton Contracts has announced that it selected Medius, a leading provider of Accounts Payable automation and wider spend management solutions, to help the company move from a manual, paper-based invoice process, to a digital, paperless system.

Loughton Contracts processes 2,000 to 3,000 invoices every month, with the payment of invoices to suppliers and contractors sitting right at the heart of the business.

With the onset of the Covid pandemic in 2020 and the shift to working remotely, Loughton’s bespoke invoice system had to transform overnight to a paperless system enabling electronic authorisation. The company embraced this change, with the benefits becoming quickly apparent, creating a more robust and agile process, and crucially, saving people’s time, to such an extent, that Loughton calculated the cost-saving at £250,000 a year.

This digitalisation shifted the company’s outlook, and instigated an internal push to look for better systems, which would serve the company’s bespoke needs. Medius’s AP automation solution provided the functionality that Loughton was looking for.

Ian Brownjohn, Loughton Contracts, Finance Director & Company Secretary: “Before the pandemic, each project manager, finance manager and divisional director travelled into the office to physically sign off the invoices. In lockdown, our entire financial process ground to a halt. It was clear we needed to digitise our processes whilst solving our existing pain points such as dispute settlement and visibility of the invoice process to suppliers.

Medius was the best automated payments solution for Loughton Contracts given the option to tailor the product to our bespoke needs. This saved hours of time enabling operational staff to be more efficient on site.”

Paul Ellis, CPO, Medius, who is based in the UK: “Loughton Contracts is proof of how AP automation can help companies save cash and time. The partnership with Medius has already seen positive results, and Loughton Contracts has been able to accelerate the shift towards digitalisation. I’m excited to continue our work with Loughton, as they reap the full benefits of Medius’s technology across its finance department.”

Loughton Contracts is the UK’s leading flooring contractor, with over 30 years of experience helping contractors, project management companies and architects, fulfil their designs on time and on budget. Based in Loughton, Essex the company employs almost 130 people, and works with over 70 labourers & supervisors, and over 250 fitters.

In the future, Loughton Contracts hopes to continue driving efficiencies and helping the business make better decisions, by utilising technological innovation, in areas ranging from procurement, to supplier relationships, to contract management.

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