Sumitomo Realty & Development Group streamlines accounting operations by complying with the Electronic Books Preservation Act

WingArc1st Inc. is pleased to announce that Sumitomo Realty & Development Co., Ltd. has implemented invoiceAgent Documents across its entire group to support electronic invoice storage as required by the Electronic Books Preservation Act.

Background
Sumitomo, one of Japan's leading general real estate companies, has been working to computerize its business processes, as internal applications and documents relating to office building tenants were still being handled on paper.
In response to the Electronic Books Preservation Act, Sumitomo's accounting department has been considering an electronic invoice management system for all group companies that complies with the requirements of the Act.
They were looking for a solution that would lead to a paperless system. To achieve this, they introduced invoiceAgent Documents, which provides not only electronic storage but also workflows for the entire document lifecycle, from receipt of invoices to payment approval.

The main reasons for adopting invoiceAgent Documents are as follows:
・JIIMA certification to meet the legal requirements of the Electronic Books Preservation Act.
・AI OCR functionality for future business efficiency.
・Abundance of case studies describing successful implementations of invoiceAgent Documents.

Effects of introduction
The workflow related to the transfer of invoices began full-scale use in October 2022 and as of May 2023, approximately 700 users in the entire group are using the system. The digitization of the approval process has improved operational efficiency and is expected to support the electronic storage of approximately 30,000 invoices annually. In addition to this, the digitization of the paper-based approval process has eliminated the need for stamping and time spent waiting for approvals, promoting a paperless environment.

At the start of operation, they shared policy details and information on compliance with the Electronic Books Preservation Act with field staff by creating a decision chart outlining whether or not system storage was required depending on the method of invoice receipt, and a tutorial video that served as a manual.
They also implemented measures to ensure that the act would take root in the organization, such as the development of a Q&A six months after its implementation. These steps helped achieve smooth compliance with the act despite the fact that the Sumitomo Realty and Development Group is a large organization with more than 13,000 employees.

Use case:
https://www.wingarc.com/product/usecase/861.html　(Japanese)

About Sumitomo Realty & Development Co., Ltd.
Established: December 1949
Location: Shinjuku-ku Tokyo Japan
Business: A general real estate company within the Sumitomo Group, with a history spanning more than 430 years. Under the corporate slogan of "Trust and Creativity," the company is engaged in a wide range of businesses, including office building leasing, condominium sales, home remodeling, custom-built housing, real estate brokerage, rental condominiums, hotels, and event hall management.
https://www.sumitomo-rd.co.jp/ (Japanese)
https://english.sumitom-rd.co.jp/