System in use at foreign subsidiaries

This IT automation has not led to any layoffs at Loewe. Instead, the company’s intelligent system is helping it process its increasing invoice volume in an efficient manner.

The benefits have become particularly apparent over the course of Loewe’s effort to incorporate its foreign subsidiaries into its invoice processing. Shortly after initially implementing the software at its headquarters, the company began a continuous rollout of the system to its locations in Austria, Italy, Great Britain, and France. Loewe’s base of operations in Kronach now manages these subsidiaries’ accounting activities, thus serving as a type of financial shared service center.

The company’s foreign locations handle account assignment for incoming invoices, scan them, and transfer them through a server connection to Kronach for postprocessing and posting. Overall, Loewe’s monitoring efforts are also improving thanks to its ability to access its subsidiaries’ accounting systems directly through the software.

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