Heimstaden: Boosts efficiency with SEMINE automating 90% of invoices

After using SEMINE for only three months, nearly 90 per cent of Fredensborg’s accounts payable were being processed automatically. Almost three years later, SEMINE is doing even more, which helps the accounting department keep pace with the company’s rapid growth.

In just a few years, Heimstaden has become one of the largest residential property companies in the Nordic region. The company’s main focus is on renting to private individuals and it now has 150,000 rental properties in ten countries. They aim to have one million units by 2030.

– I used to say that we’re sprinting downhill, which makes it crucial that our processes and working methods keep pace to maximise our productivity,” says CFO May Irene Derrick Ljosåk.

An important step in this direction was going live with SEMINE on 1 June 2020, and only three months after implementation, 90 per cent of incoming invoices were handled automatically. Ljosåk says that now, two-and-a-half years later, they are still at about the same level, but that they have since changed many processes and increased the overall volume significantly.

Reduced Errors and Faster Processing Times

Since implementing the AI solution SEMINE's for automating of the AP process, Heimstaden has not only improved invoice automation but also significantly reduced errors in the accounts payable process. By minimizing manual data entry, the finance department has seen faster processing times, allowing them to close the books more quickly each month. This efficiency gain is crucial for a growing company like Heimstaden, where accurate and timely financial reporting is essential.

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Expanding Automation Across Borders

We are currently completing a changeover to a new financial system, so that we can use the same system in Norway, Poland and Germany – and we will be taking SEMINE with us out into the world!

– We have already ‘gone live’ with SEMINE in Poland and are currently rolling out the system in Germany. It’s been a great success and we look forward to implementing SEMINE in more countries.

One thing that is not entirely impossible, but that in the real estate industry comes quite close, is VAT. Nevertheless, Ljosåk and the finance department operate on the principle that the organisation’s operational personnel should not have to know the details of VAT rules. This means that invoices only need to contain the correct VAT codes before being sent out for approval. She says that their Germany colleagues were duly impressed when they became aware of this principle, and saw how well the system handled it.

– We are currently completing a changeover to a new financial system, so that we can use the same system in Norway, Poland and Germany – and we will be taking SEMINE with us out into the world!

– Semine has also probably noted that we are a demanding customer that takes a targeted approach to developing our business. But even in demanding processes, they have always delivered, and our management team is convinced that Semine is the right partner going forward,” says Ljosåk.

READ MORE: Anker STI: SEMINE Streamlines daily operations and VAT management

When she began working at Heimstaden, her vision was to transition the department from accounting production to control. The company’s high level of automation has helped this become a reality which, in turn, has helped the accounting department keep up with the pace of the company, which is equally as high as management’s demands for results.

– Even in demanding processes, Semine has always delivered, and our management team is convinced that Semine is the right partner going forward,” says Ljosåk.

– While the company is rapidly growing, we anticipate that our new accounting system will allow us to close the books on day two after the end of the month. That may sound a bit dramatic, but we’re already closing the books on all 360 companies in Norway on day five after the end of the month. To achieve this, all systems need to be streamlined and working at 100 per cent capacity. It demands a lot from our suppliers, but as mentioned, Semine delivers on this very well, concludes Ljosåk.