Posts Tagged ‘invoice processing’

Enterprise Content Management Roundup: September 19, 2014

September 19, 2014
Certain popular backup methods to storing records, such as CDs, are now starting to deteriorate.

Certain popular backup methods to storing records, such as CDs, are now starting to deteriorate.

What’s new in the industry this week:

  1. Once a go-to medium for storing data, the CD has fallen out of style. Read about the life of a CD and why it’s so difficult to preserve their information.
  1. Security issues are a major concern for the government’s move to cloud technology, one federal CIO says. Read about how the defense industry will need to balance cloud and in-house information management.
  1. Some travelers are going to extra lengths to keep their information safe while they are on the road. Use encryption and learn more steps to prevent data breaches.
  1. Bring your own device, choose your own device, or corporate owned, personally enabled: Learn the difference between these mobile strategies to discover the options each one offers.

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.

FileBound is sponsoring an AIIM Australasia webinar on October 22 on how a process-centric approach to enterprise content management can benefit businesses. Pay attention during the webinar and you could win $100! Register for the webinar 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.

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.

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.

Equity Cooperative Livestock Sales Association

October 30, 2013
Being responsible for the marketing of 82,000 heads of livestock requires the organization and efficiency that FileBound provides.

Being responsible for the marketing of 894,000 heads of livestock requires the organization and efficiency that FileBound provides.

Established in 1922, Equity Cooperative Livestock Sales Association aids agricultural producers in the marketing, managing and financing of their businesses. Today the Association ranks as Wisconsin’s largest livestock marketing agency and the nation’s second largest. In 2010 over 894,000 head of livestock were marketed through Equity’s various divisions producing over $508 million of value. The organization operates 12 auction markets in Wisconsin and Iowa along with three livestock collection points in Wisconsin and Michigan. The cooperative includes 37,000 members who are served by the association’s 375 employees.

The Problem

With its 12 markets located far apart, system integration was difficult for Equity Cooperative Livestock Sales Association. Yet, all company accounting functions were centralized at headquarters, which meant that each individual market had to regularly mail sales invoices and supporting documentation to corporate for processing. Shipping costs were substantial.

The Solution

Because Equity’s business locations are primarily rural, a wide area network was not feasible for hosting the electronic content management system. FileBound® On-DemandTM used in conjunction with a distributed capture option was the ideal solution.

FileBound Results

The addition of the FileBound® On-DemandTM system saved untold hours and expense previously taken up with copying documents and shipping them to headquarters. The record-keeping and accounting systems were streamlined and simplified to everyone’s satisfaction. Compliance with requirements for protecting clients’ privacy was assured.

Improved Control and Accuracy of Invoice Processing

August 21, 2013
A seemingly small mistake in invoicing can create large ripples throughout a business...

A seemingly small mistake in invoicing can create large ripples throughout a business.

Reducing data entry errors is an important focus in every organization. Common methods to reduce errors include improved training, incentive pay and double entry of the data. In some instances, firms employ double-checking input work by another employee. Quality initiatives that began in the 1980s taught many how to more accurately measure errors and develop constructive plans to reduce them. All of these methods have some level of success in search of the elusive “zero-defect” work product.

A business looks to the accounting department for leadership in accuracy and control. In Accounts Payable, errors take the form of incorrect matching of price and quantity, errors in assigning general ledger account numbers and errors in data entry into the accounting computer system. The implications of these errors can be costly. Invoices can be over-paid, paid late resulting in late fees and in some cases paid multiple times. Miscoding account numbers leads to incorrect financial reports and staff “churn” investigating spending variances. A seemingly small mistake during invoice processing can create large ripples throughout the business.

In public companies these ripples can have a sustained effect. Errors during the AP process can cause earnings reports to be wrong. These errors include the type described earlier plus lost or misplaced invoices that are later found and recorded. GAAP requires that invoices recorded in the month the goods or services were received. When an invoice is missed from a previous month, and the amount is material, a restatement of a prior month’s earnings may be required; something no CFO or CEO wants to happen.

There is now a solution to the problem of accuracy and control of invoice processing – FileBound. With FileBound invoices are scanned and electronically filed immediately upon receipt. When the invoices are scanned, selected data is recorded and imported into the general accounting system. The AP system has the exact information including quantity, price, total due, payment due date and much more. Since FIleBound has the invoice for processing there will be no more lost or misplaced invoices and the monthly AP accrual can be made with assurance of complete information.

FileBound – improved accuracy, improved control and an improved bottom line

Document Management Industry Roundup: April 26, 2013

April 26, 2013
Find out what you may have missed this week in document management industry news.

Find out what you may have missed this week in document management industry news.

This week’s important resources:

Is your productivity for the day already starting to slip? Don’t worry, here are 5 tips to get it back on track.

Is BYOA (Bring Your Own Application) killing your social media strategy?

Will your business be getting insurance for the cloud?

Over half of mobile workers “have problems connecting to Wi-Fi networks in locations such as airports, airplanes and hotels.” Does your company encounter similar issues with BYOD?

In case you missed our latest blog:

If your business wants to cut days off of its invoice processing, take a look at how FileBound helped this industrial service firm.

Industrial Service Firm

April 24, 2013

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From its 30 locations and 11 maintenance facilities located across the United States, this client provides tank cleaning, hose testing, hydroblasting, IBC services, hose and fitting consignment, ISO container cleaning, interior and exterior van cleaning, exterior tractor and trailer cleaning, and maintenance to its huge industrial customer base. For more than 40 years, the company has been a leader in its field, supplying the tank truck industry with expert knowledge, dependable security, and a consistently high level of service. As the chemical transport industry has changed and grown, it has adapted its processes to meet the needs of its customers and stay at the top of its service category.

The Problem

The client is an industrial service company that is growing with its customers. With 30 locations and 11 maintenance facilities, a lot of paperwork is generated each day and there is a lot of room for error, lost documents and slow invoicing. The company has experienced them all. Each time a wash ticket was generated, it slowly made its way back through accounting and ultimately became an invoice sent to the customer. However, by the time it reached the client, the service performed was a distant memory, and it was often difficult to establish a clear paper trail to document the service. It was clear, the company’s behind-the-scenes document management needed to be upgraded to keep up with the state-of-the-art expert services it was providing on the front end of the business.

The Solution

FileBound Document Management provided the solutions needed to streamline operations and bring the back office systems up to speed with the high quality service delivered on the front end. FileBound allows the company to quickly and efficiently integrate all the wash tickets generated across the entire organization and shave days, even weeks off their invoice processing. Employees now scan each wash ticket into FileBound. Once entered, the ticket is processed through the system where additional client information is electronically pulled from the GP database. An invoice is speedily created and delivered by mail, fax, or email, depending on the client’s preference.

FileBound Results

The introduction of the FileBound Document Management Solutions has streamlined the entire company’s invoice processing system and greatly reduced costly loss of wash tickets. Customers appreciate the efficient service and employees like being able to provide background information on a sale instantly when a client inquires. If a discrepancy ever arises, they can quickly make corrections to everyone’s satisfaction. FileBound has brought the back room up to the level of the services and efficiency the organization’s clients have long received from the company.