Posts Tagged ‘efficient’

Document Management Industry Roundup: January 24, 2014

January 24, 2014
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This week brought a lot of cloud computing news — see what’s new with the cloud in our industry roundup.

This week’s important resources:

1. We’re proud to see that our headquarters are in Lincoln, NE — the 31st smartest city in the US! http://bit.ly/LJAcpn

2. If you’re moving to the cloud, make sure you know what information to ask for before making the decision. Our Director of Marketing, Jackie Risley, will be part of a webinar discussing the cloud on February 12. Click on the link for more information or to register. http://bit.ly/1mBkHgS

3. Going paperless in 2014 could help your company save on paper costs, but it can also save time and energy, especially when it comes to losing valuable documents. Here are five reasons to go paperless this year. http://huff.to/1aJuKvi

4. While Cloud technology is still developing, it’s quickly shifting from a new tool to a new standard in businesses everywhere. http://onforb.es/1c7FR2h

In case you missed our latest blog:

Many city governments have files dating back over one hundred years. Without a document management solution in place, sorting through papers can seem like a lost cause. FileBound helped the city of Niles, Ohio get their information organized efficiently. http://bit.ly/1joJZig

Clear Cost Model Allows Easy ROI Calculations

January 15, 2014
Business today is desperately trying to engineer cost out of the business...

Business today is desperately trying to engineer cost out of the business…

Return on Investment (ROI) is at the heart of every significant business decision. In the simplest of terms it is a measure of what you get for what you give. Research by Ohio State University found that 4 out of 5 buyers seek “value” before price. In other words, most people will give more to get more.

“Value” includes Quality, Flexibility of the offering, and Availability all as a function of Price. “Quality” means the product delivers what is required (or wanted) and does what is promised. Economists call this the “Law of Marginal Utility.” For the rest of us, it means what blows your hair back won’t necessarily interest the next guy. When we talk about ROI, we have to keep it in the context of what is important to the buyer.

What are businesses requiring today? First, they want more customers and more sales. That is pretty well true no matter what the economic conditions are. Beyond that, however, is that business today is desperately seeking ways to engineer cost out of the business. Most of the improved earnings reports are the result of cost reductions. And while cost reduction began as a way to respond to the recession, evidence suggests that it is quickly becoming a permanent part of business culture.

With a paper-based invoice processing system the company incurs a significant “cost” in handling paper, but it is difficult to quantify the short-run cash savings. Creating a long-run “saving” by installing imaging, for example, doesn’t add value if I still have the floor space, the employees and all my other out-of-pocket expenses. The value may be intrinsic, but few businesses are investing today based upon intangible value. The CFO will say “Show me the money!”

FileBound offers a rare opportunity to eliminate work at a value-based price. A major task in the AP department is entering data from paper invoices into the Accounting System. Typical information entered is a vendor name, purchase order number, invoice number, payment due date and general ledger account code (s) and total due. Because this information is normally put into the accounting system after all processing and approvals, other logging and data entry of the invoice typically takes place before the invoice is ready for entry to the accounting system.

With FileBound all of this changes. Invoices are scanned immediately upon arrival. The needed information is electronically picked up off the
invoice and captured eliminating data entry and other manual tasks to a fraction of the time normally required. Routing and review of invoices is all handled electronically, eliminating hand routing and handling of the invoices. Finally, the scanned information is automatically imported into the general ledger accounting system and invoices can be paid without further data entry.

Best of all, not only is the work more efficient, much of the original work (key entering data) is gone forever. This provides the opportunity to either repurpose staff to cash-producing work (such as AR collections and sales proposal follow-ups) or eliminate head count. Either way, the business gets cash returns for the investment.

Added benefits include improved accuracy and reduced mailing expense. Errors in data entry create extra work and cost. With FileBound, that problem is gone forever because the information is picked up electronically from the invoice. Invoices received at field offices are now scanned, eliminating mailing or courier expense.

High value for a low price with FileBound – an easy ROI!

Document Management Industry Roundup: December 20, 2013

December 20, 2013
Catch up on this week's industry news before the holiday week.

Prepare for the holiday break by catching up on this week’s industry news.

This week’s important resources:

1. Has a paperless office inspired you to go paperless at home as well? Here are some tips to help you get started. http://bit.ly/1c82uoe

2. What is your company’s reasoning for considering cloud adoption? If price is the only criteria, you may want to read this: http://zd.net/1bcv6GE

3. Take a look at how Filebound helped RhinoDox book it’s largest quarter ever with business process automation solutions. http://bit.ly/1fFBhIl

4. Now that the cloud is becoming a standard for many businesses, does your organization know how to take full advantage of it? Find out what 2014 holds in store for cloud computing. http://bit.ly/1cUM40Q

In case you missed our latest blog:

Find out how FileBound helped Furniture Row set up a better process for organizing employee records. http://bit.ly/1fF33ot

Maricopa County Sheriff’s Office

December 11, 2013
As the largest Sheriff's office in the country, having employee paperwork digitized helped the department stay efficient.

As the largest sheriff’s office in the country, digitized employee paperwork became a necessity for an effective hiring process.

The Maricopa County Sheriff’s Office is a fully integrated law enforcement agency committed to being the leader in establishing the standards for providing professional quality law enforcement, detention, and support services to the citizens of Maricopa County and to other criminal justice agencies. The Maricopa County Sheriff’s Office, headed by the famed Sheriff Joe Arpaio, is the most talked about and nationally recognized Sheriff’s Office in the country today.

The Problem

The Maricopa County Sheriff’s Office, the largest sheriff’s office in the country, desperately needed to streamline their employee hiring and screening process. Their current method was very complex and paper based, which made keeping track of important documents extremely difficult. Due to their lengthy hiring and screening process they were exhausting their labor budgets. They were constantly extending the timeframe needed to process applicant paperwork. The substantial amount of time that it was taking the human resources department to hire applicants for employment, resulted in excessive overtime expenses, costly mistakes, miss-filed paperwork, and duplicated efforts. With paper everywhere it was also difficult to remain compliant with existing privacy laws and regulations. It was painfully obvious; the Maricopa County Sheriff’s Office needed a document management solution, fast.

FileBound Results

FileBound has completely changed the way the Maricopa County Sheriff’s Office manages their paperwork. They no longer have piles of paperwork waiting to get processed, which allows them to get new employees up and running as a quick and easy process. FileBound is a versatile, highly scalable and feature rich document management solution. Due to its web-based structure it is highly customizable, which allows administrators to create a solution that meets all of their document management needs.

Griffiths Corporation

December 4, 2013
With a completely paper-based invoicing system that had no electronic back-up,

A paper-based invoicing system with no electronic back-up meant processes were slow for this corporation. 

An industry leader in metal fabrication for 40 years, Griffiths Corporation is a privately held company headquartered in Minneapolis, Minnesota. The corporation’s 1,500 employees operate eight metal stamping and fabrication plants in six states. Customers are located around the world, but are heavily concentrated in the United States, Canada and Mexico.

The Problem

Despite its size and multiple locations, Griffiths Corporation operated on a paper-based invoicing system with no electronic backup. The system was extremely slow and cumbersome to use, especially since employees in eight different locations would regularly need to access invoices and the only way to find them was to search through reams of paper by referencing check numbers. Customers and vendors couldn’t get quick answers to their invoicing questions and that was frustrating to employees, vendors and customers alike.

The Solution

FileBound® ExpressTM combined with Importer Lite to update indices once invoices were paid proved to be the perfect method for bringing Griffiths Corporation into the computer age. All invoices are now scanned into the system, which has become a complete repository for all customer financial activity across the entire corporation. FileBound® ExpressTM allows everything to be stored electronically and backed up, so even if the paper records are destroyed, the invoicing is secure within the FileBound® ExpressTM Document Management Solution.

FileBound Results

Griffiths Corporation enjoys the convenience of being able to call up a customer’s or vendor’s invoicing on FileBound® ExpressTM while the caller is on the phone. What once required a time-consuming search through paper records can now be accomplished in a matter of seconds through FileBound® ExpressTM.

Community Home Health

November 26, 2013

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.

By letting FileBound solve Community Home Health's AP issues, they were able to spend more time providing their patients with individualized care.

By letting FileBound solve Community Home Health’s AP issues, they were able to spend more time providing their patients with individualized 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.

 

Back to Back Trucking

November 20, 2013
What once took this trucking company hours now only takes them seconds with FileBound

What once took this trucking company hours now takes only seconds with FileBound.

Back to Back Trucking (B2B Trucking) is the Rocky Mountain Region’s premier expedited shipping and warehousing company serving more than 100 companies throughout North America. The owner-operated business is headquartered in Denver, Colorado, where it employs five staff members along with 10 independent drivers.

The Problem

B2B Trucking is a busy, growing company using a paper-based delivery ticket ordering and records system. Customer shipment orders come into the office by both phone and fax. Often, drivers deployed on the job would take the faxed order sheet with them, leaving office staff with no record of the job or its details. Record storage for past jobs was another challenge. Since records were kept in boxes in the warehouse, they were not easily accessible for the office staff when billing questions arose. Despite the employees’ immediate attention to a customer’s concern, it could take hours, or longer, to locate the paperwork for a past job and resolve a question. Management knew this was not consistent with the firm’s reputation for outstanding customer service. Something had to change.

The Solution

TB2B Trucking found the ideal solution to its problems in the FileBound® Express™ network appliance. With this plug-and-play complete document management solution, they were able to develop new best practices for managing shipment orders when ensured the right documents were available on time, every time. Orders are now scanned and easily filed right within the system.

FileBound Results

B2B also converted all of their old records into the system. So what once took hours of searching through boxes to find the necessary records to answer customer support questions, now takes only seconds. The result is that customers get immediate answers to their questions and employees are able to spend their time more productively in the office. The new FileBound Express solution has brought structure and control to their order processing. Every order is now immediately entered into the system, eliminating questions about where a driver has gone, what he or she is carrying, and when the job will be completed. All the details about an order are now always available from the system. With FileBound, the office runs more smoothly and efficiently and everyone has better visibility into day-to-day deliveries, allowing B2B to maintain high levels of customer service.

Document Management Industry Roundup: November 8, 2013

November 8, 2013

Arm with Tablet at table

This week’s important resources:

1. Do you know what milestones you should look for when implementing BPM? http://bit.ly/1hIvROA

2. Paperless learning is giving these children a head start by providing them more resources than they would normally have, along with more efficient ways for teachers to assign homework and grade quizzes. http://bit.ly/1apRXxR

3. “Mobile leads to more mobile.” Find out how your organization can take advantage of that with its mobile strategy. http://bit.ly/1asmWta

4. Does your office have an open layout? Take a look at some of the benefits to the collaborative atmosphere and let us know in the comments if you agree. http://bit.ly/HLvl41

In case you missed our latest blog:

Most existing solutions for automating invoice processing cost too much and require technical resources that small to mid-sized organizations don’t have. That’s where FileBound can help. http://bit.ly/1arWkbM

Invoice Processing For the Masses

November 6, 2013
Most existing solutions for automating invoice processing simply cost too much and require technical  resources that small to mid-sized organizations don’t have...

Most existing solutions for automating invoice processing simply cost too much and require technical resources that small to mid-sized organizations don’t have…

According to a 2009 survey conducted by the Accounts Payable Network, the average cost of processing an invoice for companies with less than 500 employees is $8.88, whereas companies in the largest category of 10,000 + employees reported a cost of $3.06. Also, the study reported that front end scanning and automated workflow were implemented by only 22 percent of organizations with less than 500 employees, yet by over 60 percent of those in the largest category.

The results of this survey demonstrate a clear reduction in cost when these automation solutions are implemented. They also point out that the cost of the solution has to be aligned with the perceived size of the problem. This seems to be the main reason why a larger number of small to medium-sized organizations haven’t adopted these solutions. Most of the existing solutions for automating invoice processing simply cost too much and require technical resources to support them that these organizations don’t have. This has left a large market segment underserved, and unfortunately it’s the market segment that requires such solutions the most.

Having recognized the disconnect between the need, the solution, and the cost, Marex Group, the developers of the FileBound document management solution, set out to solve this problem. The Marex Group spent time working with finance professionals from organizations of various sizes and industries to understand the specific challenges that needed solving and the price points that made sense. From this research, we designed and developed the revolutionary FileBound On-demand AP service.

FileBound AP is a hosted solution that allows you to convert your paper invoices to e-invoices with the click of a mouse  and pass the invoice data into your accounting system. FileBound AP as a hosted service, removes the capital cost and  technology resource requirements that keep most organizations from adopting these cost saving solutions. FileBound is  integrated with Microsoft Dymanics Great Plains, Quickbooks, and other accounting systems and can be operated from any SharePoint workstation.

FileBound AP provides the invoice processing all organizations need without the technical and capital resource requirements that normally prevent them from adopting it. Contact us today to learn how easy and cost effective it is for you to implement a FileBound AP solution.