Posts Tagged ‘accounts payable’

Enterprise Content Management Industry Roundup: September 12, 2014

September 12, 2014
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This week’s news centered around the importance of solidifying digital processes and ensuring security throughout an organization.

What’s new in the industry this week:

  1. Adapting to ‘new’ technology for digital business can be difficult with technology’s rapid changes. In the latest edition of Workflow, Sean Nathaniel, general manager of FileBound and senior vice president of technology for Upland Software, was featured and discussed the importance of ease of use for customers looking for software solutions.
  1. Federal IT departments see the benefits of a good mobile strategy, but high security standards remain a challenge to adopting mobile software.
  1. The release of the Apple Watch will likely bring wearable devices into the office, which will require IT departments to adapt these devices into the company’s workflow.
  1. Creating a records management program is not a small project, but can be done successfully by following a plan. Establish a records management team and learn four more steps to help protect and organize valuable information.

What’s new with FileBound:

FileBound is proud to have received an Enterprise-Ready security rating from the Skyhigh CloudTrust™ Program!

Don’t miss these upcoming events:

Our Director of Marketing, Jackie Risley, will be hosting a webinar with The Institute of Financial Operations on 9/23, discussing AP automation and analytics. Don’t miss it! Register here: 

Don’t miss us at the IOFM AP Conference West October 26-28 in Las Vegas, Nevada! Attend and learn how FileBound can revolutionize invoice processing. Learn more here: http://bit.ly/X7E6xl

Mark your calendars for April 27-30, 2015, and attend the second annual Upland User Conference! The FileBound team will be there in Lake Buena Vista, Fla., at Disney’s Beach and Yacht Club with the rest of the Upland Software family.

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Document Management Industry Roundup: August 29, 2014

August 29, 2014
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Some industries are still struggling to implement records management systems.

What’s new in the industry this week:

1. Automating workflow processes can be beneficial for ensuring accuracy and eliminating wasted time, but employee adoption is what truly makes a content management system a useful tool. 

2. Many industries are still struggling to implement the most basic records management systems. Read how law firms and many other types of organizations can benefit from a functional content management system that isn’t comprised of Excel sheets: 

3. As mobile opportunities expand for businesses of all types, making the transition and implementing new technology can be a challenge. AIIM’s latest report explains how industry leaders are overcoming obstacles, and why doing so has been so beneficial. Read more in our white paper: http://bit.ly/1C7iVMq

 4. Last week, a California court ruled that employers must at least partially reimburse employees for personal devices used for work purposes. Find out how this may impact businesses taking advantage of the BYOD trend when the ruling goes into effect in September: http://bit.ly/1qMEOLS

What’s new with FileBound this week:

Last week we challenged our fellow Upland Software staff members to take on the ALS Ice Bucket Challenge with us. They happily joined in for the good cause, and so did the rest of our team! Watch the video here: 

You can also watch Upland’s Austin office take on the challenge here: http://bit.ly/1pm2qrs

Don’t miss these upcoming events:

The second annual Upland User Conference was announced this week! Mark your calendars for April 27-30, 2015. The FileBound team will be there in Lake Buena Vista, Fla., at Disney’s Beach and Yacht Club with the rest of the Upland Software family!

Document Management Industry Roundup: August 22, 2014

August 21, 2014
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Data security and AP automation were popular topics in the industry this week.

What’s new in the industry this week:

1. New research from our partner, AIIM, shows that 56 percent of organizations are not utilizing digital technology to archive files. See more results from the survey here: http://bit.ly/1AB8VJD

2. While some companies are debating the best BYOD policy for their business, many employees are choosing to use their personal devices without official permission. Here’s how IT departments meet employee needs and stay ahead: http://bit.ly/1pibfBH

3. New developments in the cloud and ECM are improving the capabilities of AP departments. Learn more in our latest blog post, and download the The Institute of Financial Operations’ report: http://bit.ly/YajR34

4. According to The Accounts Payable Network, more than 60 percent of organizations still rely on paper-based manual processes to complete accounting and payment tasks. Our partner Kofax explains how AP automation can be a huge time and paper-saver: http://bit.ly/1rohhDu

5. In light of the many data breaches companies worldwide have experienced in the past year, many organizations are concerned with the security of their own information, and so are consumers. Here are a few ways companies can educate their customers about data security: http://bit.ly/1tl5PqH

What’s new with FileBound this week:

FileBound team members Jamie and Steve accepted the ALS Ice Bucket Challenge this week, and challenged a few of our other team members to complete the challenge by next Tuesday! Watch the video here: 

You can also watch FileBound Fred accept his challenge here: http://on.fb.me/1nf2DHf

Don’t miss these upcoming events:

The second annual Upland User Conference was announced this week! Mark your calendars for April 27-30, 2015. The FileBound team will be there in Lake Buena Vista, Fla., at Disney’s Beach and Yacht Club with the rest of the Upland Software family!

Work Management Trends in AP Automation

August 20, 2014
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New developments in the cloud and ECM are improving the capabilities of AP departments.

Institute of Financial Operations Executive Report Work Management Trends in AP Automation

New developments in ECM industry are changing the way AP departments operate. Changes in the cloud, mobile, and analytics are all providing new opportunities for AP departments to become more agile, meet higher performance benchmarks, and increase usability. This report from IFO explains:

  • How workflow tools allow fast response to changing business needs and can be easily implemented by users
  • Cloud-based solutions that are secure and can make it easier to deliver business continuity across a distributed workforce
  • Mobile access that is available across any device, making processes like purchase-to-pay cycles easy to complete from anywhere
  • Meaningful and insightful analytics that can be retrieved without the assistance of a database administrator, such as predictive dashboards

If you’re considering an AP automation solution or looking to improve your current process, this look at the latest trends in technology will help you better understand your best options.

Download the full whitepaper here: http://bit.ly/YajR34

Texas Hospital reduces streamlines billing with FileBound

July 30, 2014
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FileBound was able to decrease the billing cycle of East Texas Medical Center EMS from two months to one week.

East Texas Medical Center EMS Significantly Reduces Billing Cycle with FileBound

Although highly efficient in all its medical services provided to patients, this organization was being held back by a manual system of handling trip tickets, Explanation of Benefits (EOB) processing, accounts receivables and membership drive management. As a result, trip tickets, which show details of each trip and service provided, were slow to reach billing. Printed trip tickets were regularly misplaced, delaying billing even more. In addition, the time-consuming manual tracking of EOBs impacted the organization’s ability to provide timely information to patients and insurers. The manual billing process that depended on data gathered from the manually processed trip tickets resulted in a 60-day accounts receivable cycle. On top of everything else, all of these manually performed operations required the organization to regularly hire a large number of temporary employees. The end result was a slow, expensive operation that was holding back the organization.

The Solution

The company adopted a FileBound platform to manage all its documents. Trip tickets, EOBs and membership forms are now scanned into the FileBound system and all workflow processes are managed by the system which provides tremendous savings of time and labor. The FileBound system was also configured so the company could OCR their EOBs. This resulted in information being immediately accessible, further streamlining the process. The organization now also uses FileBound to manage its annual membership drive to speed up information availability and follow-up.

FileBound Results

FileBound provided a complete solution that contains all the features and functions the client needed. The introduction of FileBound technology has cut their billing cycle from 60 days to one week. Trip tickets are now captured the day after creation and entered into the billing system within 48 hours. The three full-time employees who previously were manually managing each day’s batch of EOBs are no longer needed and have been deployed elsewhere in the company. The client felt that the FileBound solution was user-friendly and intuitive to all levels of users. The customer achieved a return-on-investment within just nine months due to the new, highly efficient EOB strategy and a reduced need for contract/temporary labor.

Document Management Industry Roundup: March 14, 2014

March 14, 2014
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The importance of functional BYOD policies dominated the discussion in the industry this week.

This week’s important resources:

1. An effective BYOD security plan requires balance. Security is essential, but a policy that’s too restrictive will prevent employees from participating. http://bit.ly/1kHvcQL

2.  As more organizations begin to implement BYOD policies, companies should consider the best way to tailor their mobile options to their specific needs. Here are nine key things to consider when developing a BYOD program at any organization. http://ubm.io/1i3gFeH

3. More small and medium-sized organizations are beginning to transition to the cloud, and it’s in the best interest of IT departments and service providers to assist businesses in the process. http://zd.net/NWSlkh

4. BYOD programs that are too restrictive will discourage employees from participating, and still may not guarantee that your most valuable information is protected. http://bit.ly/1foWQPc

5. Many have proposed the idea an Internet “bill of rights,” but many are also divided on whether or not it would actually protect the freedom of users. Tell us your thoughts. Would it be an effective way to protect people online? http://tek.io/1eAF0oq 

In case you missed our latest blog:

Modern document management software solutions are designed to be easily distributed among desktops. An on-premise solution makes sharing information convenient for all types of users. Read more on our blog. http://bit.ly/1fUuvSa

Document Management Industry Roundup: March 7, 2014

March 7, 2014
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FileBound announced its 2014 Executive Partners this week, as well as its integration agreement with PFW.

This week’s important resources:

1. We are excited to announce our integration agreement with PFW, which will enhance FileBound’s accounts payable functions. http://bit.ly/1i7knqN

2.  While many people understand that cloud security is a necessity, many users don’t realize its importance until their personal accounts are breached. http://zd.net/1i3RkA3

3. We’re excited to announce our 2014 Executive Partners! http://bit.ly/1cCStLB

4. Aerospace company Boeing Co., is currently developing its first cell phone, with an emphasis on security. The phone is capable of self-destructing in the event of a security breach. http://lat.ms/1jVmxHs

5. The Internet of Things will provide unlimited possibilities for data sharing, which also presents just as many security challenges. http://ubm.io/1dvM3S6

In case you missed our latest blog:

Automating accounts payable processes organizes all essential auditing documents, and ensures accuracy. http://bit.ly/1dswQRC

How Document Management Benefits Accounts Payable: Audit Insurance

March 5, 2014
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Automating accounts payable processes ensures auditing 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. 

Audit Insurance

A final key benefit that stems from automating accounts payable is the tight organization of all related AP documents for auditing purposes. All related document images are tied together via the EDM system. That means that everything from purchase orders to payment check images for each order and from each vendor is obtainable instantly with a few keystrokes and clicks of the mouse.

There is no time lost trying to find each paper document and verify each transaction. Moreover, the ability to offer permissions to anyone in the organization allows for direct inquiry to AP transactions. The CFO can verify when checks were written and for how much simply by logging into the system and running a report. There is no need to pull staff from an assignment to gather paperwork and produce the required data. An auditing process that used to take weeks can be performed in a matter of hours, and contain all necessary supporting documentation for a comprehensive review process.

EDM for AP is not a substitute or replacement for accounting software. Rather, EDM is an enhancement for accounting software, allowing the handling of electronic images of paper-based AP forms and receipts.

After a transaction has been processed in accounting software, the transaction is listed in the ledger as complete and may contain the number of the check written and maybe the associated invoice number, but it usually does not contain any tangible forms. The EDM software manages the images associated with the ledger transaction. Both systems can run independently of each other providing limited access to the accounting function to the accounting department, while allowing other departments greater collaboration and further access to other documents such as purchasing documents.

Document Management Industry Roundup: February 28, 2014

February 28, 2014
BYOD and cloud security were popular topics of discussion in this week's industry.

BYOD and cloud security were popular topics of discussion in this week’s industry.

This week’s important resources:

1. As more businesses begin to utilize the cloud, increased storage space is becoming essential. See what other tech trends are expected to grow significantly in 2014. http://bit.ly/1fgLdZY

2. Nearly half of all organizations currently have a some form of BYOD policy, and more than half are expected to have implemented one by the end of 2014. http://zd.net/1cN8m5u

3. FileBound is happy to announce its 2014 silver partnership with The Institute of Financial Operations. The IFO acts as a resource and thought leader in the financial operations industry, with a focus on accounts payable, accounts receivable, information management, and data capture. http://bit.ly/1pt5LCU

4. While cloud security is an important priority for organizations and IT departments, some experts believe many concerns about safety are unnecessary. http://bit.ly/1hDacpf

5. Ensuring tight BYOD security is essential for information protection, but implementing policies that are too restrictive may prevent employees from participating. http://bit.ly/NzItfK

In case you missed our latest blog:

Managing vendor relationships includes everything from making timely payments to monitoring vendor performance. http://bit.ly/1dB4TUs

How Document Management Benefits Accounts Payable: Managing Vendor Relationships

February 26, 2014
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Managing vendor relationships includes everything from making timely payments to monitoring vendor 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. 

Managing Vendor Relationships

Managing vendor relationships is critical to the success of any business. Making timely payments not only takes advantage of early payment discounts, but may also lead to better price negotiations in the future. On the flip-side, eliminating underperforming vendors leads to bottom line gains as well. The use of EDM for accounts payable helps maintain, grow and/or prune vendors.

Having all documentation for a particular vendor in one place at one time can help when making vendor relationship decisions. Key data can be gathered from indexed documents in real-time to create spreadsheets and charts depicting the overall reliability and performance of a vendor without the need to find each piece of paper and input the results into a spreadsheet. Having quick access to vendor performance statistics makes vendor review much easier and therefore increases the likelihood that regular vendor reviews will occur.