Posts Tagged ‘Accounts payable professionals’

How Document Management Benefits Accounts Payable: Evaluating Staff

February 19, 2014
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Not only does EDM software help to streamline workflow, but it can also help monitor processes among staff members.

Document management software saves time and money by automating labor intensive business processes for accounting and finance departments. In addition to the significant savings that can be realized, there are other significant advantages associated with accounts payable automation, among them improved vendor and supplier management, enhanced employee performance review capabilities, and more efficient transaction verification and audit control. When properly deployed, document management can result in a better, faster and cheaper accounts payable (AP) process. 

Evaluating Staff

Leveraging EDM for workflow, as with anything run through a computer application, produces a What You See is What You Get (WYSIWYG) result. Step one leads to step two, and one cannot jump to step five without first completing all prior steps. Each step that involves personnel performing a function, therefore, becomes a place where performance metrics can be implemented.

For example, at the three-way match step of invoice processing each staff member involved in this process can be monitored against the workflow process. If receipts of delivery are not submitted in a timely manner, the three-way match is delayed, and the person responsible for not entering the information can be easily identified. Top performers, as well as under-performers, are identified by reports produced by the automation software.

How Document Management Benefits Accounts Payable: Performance Measures

February 12, 2014
Automated accounts payable systems not only streamline processes, but allow procedures to be monitored and modified.

Automated accounts payable systems not only streamline processes, but allow procedures to be monitored and modified.

Document management software saves time and money by automating labor intensive business processes for accounting and finance departments. In addition to the significant savings that can be realized, there are other significant advantages associated with accounts payable automation, among them improved vendor and supplier management, enhanced employee performance review capabilities, and more efficient transaction verification and audit control. When properly deployed, document management can result in a better, faster and cheaper accounts payable (AP) process. 

Performance Measures

Automating accounts payable procedures, as mentioned earlier, reduces errors and controls the processes used by staff to process invoices and make timely payments to vendors. Designing workflows on an EDM system involves taking a close look at the processes used in the organization and making an ‘electronic replica’ of those procedures in the system. This introduces a two-fold benefit to the accounts payable operation.

First, the end result of building the electronic workflow is a graphical representation of the entire process from when a purchase order is made to the final release of the check. Management can review the process, discover bottlenecks or redundant steps in the procedure, and implement a new streamlined procedure that can be measured and modified at regular intervals. New steps can be added, current processes can be modified, and unnecessary steps can be eliminated.

The second benefit is the workflow will introduce quantifiable metrics for both line staff and for vendors that can be used for performance evaluations.

How Document Management Benefits Accounts Payable: Fewer Errors

February 5, 2014
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An automated accounts payable system can recognize and reduce errors in documents, improving efficiency and accuracy.

Document management software saves time and money by automating labor intensive business processes for accounting and finance departments. In addition to the significant savings that can be realized, there are other significant advantages associated with accounts payable automation, among them improved vendor and supplier management, enhanced employee performance review capabilities, and more efficient transaction verification and audit control. When properly deployed, document management can result in a better, faster and cheaper accounts payable (AP) process. 

Fewer Errors

Error correction and improved exception handling are two significant advantages gained when running accounts payable through an automated process. Discrepancies are caught early because all documents can be compared as soon as they are in the system. The electronic document trail leads not only to the party responsible for the document in question, but also to who is the proper authority to validate the correction and approve any changes. The result is that the correct documentation goes to the correct personnel at the correct time automatically.

Utilizing electronic process workflow eliminates time wasted by variations of procedures. Workflows are configured through the document management system and are not subject to staff interpretation. This leads to a consistent process where every set of invoices is handled in the exact same way. The same holds true for exception handling. Standard exceptions, for example dollar amounts that need approval from management, receipt of deliveries with backorders or damaged goods, can be routed automatically to the manager or staff member responsible for resolving the issue. This eliminates the need to find ‘the right person’ to solve each conflict and results in a rapid and reliable resolution procedure. Payments can still be made within the vendor discount window even when a problem or exception arises.

The key to reducing errors and expediting workflow for accounts payable through EDM is by capitalizing on proper indexing. Indexing identifies each document by recording only the necessary data needed for matching and procedural purposes. In the case of accounts payable, that may mean invoice numbers, vendor names, dates, amounts, etc. Modern EDM systems can do most of this automatically, resulting in fewer user errors. Moreover, by leveraging proper indexing many manual steps in the AP process can be handled automatically allowing staff to focus on the critical aspects of the accounts payable function.

How Document Management Benefits Accounts Payable: Productivity Improvements

January 29, 2014
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If you’re looking to increase your value as an employee, find out how document management can streamline processes and improve performance. 

Document management software saves time and money by automating labor intensive business processes for accounting and finance departments. In addition to the significant savings that can be realized, there are other significant advantages associated with accounts payable automation, among them improved vendor and supplier management, enhanced employee performance review capabilities, and more efficient transaction verification and audit control. When properly deployed, document management can result in a better, faster and cheaper accounts payable (AP) process. 

Productivity Improvements

Shifting from the manual paper processes of accounts payable to an automated electronic document management alternative leads to several immediate productivity improvements. Invoices are processed more efficiently with fewer errors as each part of the process contains specific checks and balances and contains automatic exception handling for most errors. Error reduction leads to faster validation and quicker payment approval allowing the company to take advantage of early payment discounts. Plus, staff are processing payments and not rummaging through piles of paperwork.

Time savings is a major benefit of using an electronic solution. When front-end document capture is used to convert paper documents into electronic files, the result is the nearly instantaneous ability to track every aspect of an invoice, regardless of where the documents arrive. Even the most distributed procurement process can be handled in near real-time. Physical space in the office is also conserved as paper is digitized and stored on a server and not in file cabinets.

The implementation of electronic process management, sometimes called workflow, yields a consistent predictable process for how typical AP documents are handled and how document exceptions are managed. AP staff can spot discrepancies immediately and can automatically route the issue to the appropriate person for correction. This yields an additional benefit to management as workflow applications provide an overall view of the process that can be used to identify bottlenecks, streamline processes and evaluate employee performance. The workflow application can also be extended to monitor the overall performance of vendors.

Kossuth Regional Health Center

May 15, 2013

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Kossuth Regional Health Center (KRHC), located in Algona, Iowa, operates a 24-bed critical access hospital, two physician clinics, home care, hospice and public health nursing agencies. The company includes 150 employees and maintains service agreements with Mercy Medical Center – North Iowa.

The Problem

To determine eligibility for treatment at Kossuth Regional Health Center, staff is required to gather social, medical and psychological information on prospective patients. It was difficult to assemble all the required patient information and maintain it in one location that was easily accessible to all authorized to use it. Handling the slow, manual preparation and storage of Explanation of Benefit (EOB) forms was another challenge that slowed responsiveness to requests for documentation of benefits. Both the in-take and the EOB management processes were costly and labor intensive. Clearly, something needed to be done to streamline the systems and centralize document storage.

The Solution

FileBound document management was the solution KRHC needed to streamline and secure its intake and EOB operations. FileBound’s affordable price made it possible for KRHC to adopt the on-demand version that requires minimal IT resources from the client. Because the software is customizable and flexible, KRHC has been able to deploy it in multiple areas of the Health Center.

FileBound Results

The adoption of FileBound has streamlined the handling of patient intake information and the preparation and storage of EOBs. FileBound has become a highly secure, central repository of information that can be shared throughout the organization. One of the most appreciated benefits of FileBound is the ability to provide EOBs to patients quickly and conveniently. KHRC anticipates a 50-60 percent time savings (which translates into significant cost savings on labor) once FileBound is fully implemented.

Community Home Health Benefits From FileBound On-Demand Hosted Workflow Solution

July 25, 2012
Part of a larger organization, headquartered in Pennsylvania, Community Home Health of Claremore, Oklahoma, provides quality, compassionate care to those in the community facing illness and/or medical limitations. Through a wide range of programs, the company meets the needs of people of all ages by providing the latest medical technologies and hospice services.

Thanks to FileBound, Community Home Health has confidence in its AP processes, which enables employees to focus on providing quality health care.

The Problem

A busy medical care practice with limited staff, Community Home Health was deeply involved in providing quality service to patients. However, lack of a workable AP process and a viable electronic document management system caused the company to pay significant late charges to vendors.

On average, the company was sending out approximately 50 checks per week using a simple Quicken accounting program.

There was no purchase order system and four different people within the organization had the authority to order supplies. The CFO had no idea an order had been placed until the packing slip arrived in his mailbox. He would file the packing slip in one drawer of his desk.

When the invoices arrived, they were placed in another location. Because there was no clear system for matching up invoices and making payments in a timely manner, the company was often forced to pay late charges that were completely unnecessary.

The Solution

The first step in solving the problem was the adoption of a workflow solution that allowed certain specified users to approve purchase orders before orders are placed. Community Home Health personnel set due dates within the workflow module that assure payments

are made in time to avoid late charges. Through a hosted FileBound document management solution, the company is able to match up the PO, packing slips and invoices electronically, ultimately decreasing the time and hassle of paying invoices.

FileBound Results

Community Home Health has eliminated late fees from its AP process. The system is streamlined, organized and efficient. Because of FileBound, Community Home Health is able to have confidence in its AP process and continue focusing its energies on providing quality health care services to people in need.

Miss any essential Document Management Industry news this week? We’ve got you covered! (October 3-7)

October 7, 2011

 

"But despite the time required to get permission to input the music and then scan it, a digital system is ultimately more convenient. There’s no more sheet music to put away, leave out or lose."

This week’s important resources:

1.Who are the top SharePoint influencers in the industry? AIIM’s Jon Mancini was named #3 — very cool! “The list, based on a harmon.ie analysis of the online impact of more than 700 prominent SharePoint community members, pinpoints key thought leaders whose blogs and tweets provide a road map for utilizing SharePoint to build stronger collaborative/social organizations.” http://bit.ly/qn7Hf2

2. Don’t wait for the social “big bang” “Feeling deflated? Don’t be — I really do believe in what Fidelman says up above.  People are feeling empowered, and they are subverting process and bypassing confused and out-of-touch decision makers to better communicate and collaborate with customers, suppliers, partners, and each other. ” http://j.mp/prl4Oy

 

 

3. 12 steps to near-paperless bliss “First decision: Can existing team members pull this off? For us, the answer was an emphatic “no!” We tasked two veterans who know our files and systems to manage the project. But the remaining team members have jobs that need to be done.” http://bit.ly/n9UNXc

4. Creative paperless venture: band class “But despite the time required to get permission to input the music and then scan it, he said a digital system is ultimately more convenient. There’s no more sheet music to put away, leave out or lose.” http://bit.ly/oTX6XB

 

 

 

Check out our latest blog post, too:

1. Colorado Judicial System unifies and streamlines trial process with FileBound “In creating an electronic solution for the courts, one of the biggest challenges was designing a process that was easy to use, reliable, and efficient enough to quickly gain buy in from the judges. FileBound created the winning strategy by designing a Virtual Docket.” http://bit.ly/qLtymS

Goodwill Industries of Kansas

September 14, 2011

Located in Wichita, Goodwill Industries of Kansas, Inc. is a non-profit organization that is squarely focused on providing employment training for people with disabilities and other barriers to employment. From its 15 locations, the organization also provides a support and advocacy service that connects people with disabilities to resources in the community; youth education programs to help at-risk youth reach their educational and employment goals; and a robust adult literacy program that serves many of the 65,000 functionally illiterate adults in the Wichita metropolitan community.

Goodwill Industries of Kansas, Inc. knew that there had to be a better way. After helping the client evaluate their existing process and explore alternatives that would save time and money, the FileBound Document Management Solution was introduced.

The Problem

Goodwill Industries of Kansas, Inc. hires hundreds of new employees each year. With 15 stores each submitting a number of forms for each hire, they had what most companies would call a “paper problem.” With each store processing several applications each day, simply managing the volumes of paperwork, the associated audit trails and the required storage had become a resource drain.

Goodwill Industries of Kansas, Inc. also faced the HR challenges that all growing organizations must deal with including compliance, risk management, scalability and space, while continuing to meet the needs of their employees. If managing all this was not enough, they also were in the process of opening three new stores. After extensive review, the management team determined that the current HR processes and methodologies would no longer support their current and future needs.

The Solution

Goodwill Industries of Kansas, Inc. knew that there had to be a better way. After helping the client evaluate their existing process and explore alternatives that would save time and money, the FileBound Document Management Solution was introduced. It could automate their entire new hire process and by utilizing the cloud-based version of FileBound (On-Demand/hosted), Goodwill Industries of Kansas, Inc. didn’t need to purchase additional infrastructure to support the solution. They could access the software from any Internet connection and achieve instant scalability with the unlimited user model that the solution provided. It also included all backups and software updates for one low monthly fee.

FileBound Results

Goodwill Industries of Kansas, Inc. was able to eliminate the majority of paper formerly used in the hiring process. With the new system, forms can be created right within the system and automatically scanned in upon completion or filled out online. The screening process is also performed electronically, saving time and money.

By implementing the FileBound On-Demand solution, Goodwill Industries of Kansas, Inc. has achieved a savings of over $9,800 in paper costs per year and $60,000 in overhead.

 

Did you miss any document management industry resources this week? No need to worry, we got them right here!

June 30, 2011

Advanced Business Process Automation Delivered on Mobile Devices from the Cloud.

This week’s important resources:

1. Expectations for SharePoint & ECM: Be Afraid. Be Very Afraid! – Quote: 46% of respondents reported their biggest ongoing issue to be the lack of strategic plans on what to use SharePoint for, and what not to use it for. [Governance – metadata, classifications, taxonomy – was cited next most often, by 43% of those responding. Read more http://t.co/gsFpeh9 SP2010 – ERM

2. SharePoint 2010 Used Mainly for Collaboration; ECM to Grow – It is difficult to answer those questions and to gauge whether companies have a clear SharePoint 2010 strategy, or whether enterprises — and it seems this is the case with at least some — have simply adopted a “Deploy now, strategize afterwards” approach. AIIM says: http://ow.ly/5recC via CMS Wire

3. Advanced Business Process Automation Delivered on Mobile Devices from the Cloud – “This new release allows us to provide enhanced automation tools that organizations of all sizes are looking to deploy in order to streamline processes to save costs and create scalability.” http://bit.ly/iro4qo – PRWeb – ECM

4. Document disposal critical to small business security efforts – The proper destruction of documents containing sensitive information should be a concern of any small business, suggests a new survey by Shred-It. However, many companies do not realize the data loss potential when they fail to properly dispose of these forms, invoices and computer files. http://bit.ly/kkP1a4 – ECM

5. Technology does not equal ECM – There are many times in my classes and lectures when I have asked the simple question, what does ECM mean to you and the response is related purely to technology. Read more at http://bit.ly/js12Cc – Expert Blog [ECM]

 

Also, check out our recent blog posts:

1. Community mental health agency finds productivity and security with FileBound! -CMH is now better positioned to serve their clients as a result of better access to information and with the piece of mind that sensitive documents are now more secure. http://bit.ly/lc9tqG – Healthcare ECM

2. Brian Sewart talks about 8 year long relationship with FileBound – Brian talks about how FileBound gives OnCourse a unique selling point when it comes to document management. http://bit.ly/lAvKmm – Video Testimonial

FileBound 6 – The Evolution of FileBound

May 10, 2011

This is what everyone has been waiting for. The Evolution of FileBound. 10 Years in the Making.