Posts Tagged ‘invoices’

Document Management Industry Roundup: December 6, 2013

December 6, 2013
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Share this week’s industry news with your coworkers. 

This week’s important resources:

1. Cyber Monday is a great way to boost e-commerce and an alternative to some of the Black Friday chaos, but be sure you’re protecting yourself and/or your customers. http://bit.ly/1arhK9f

2. Some financial institutions already have back-office operations paperless, but still send out paper statements and bills to customers. Here are some tips to make paperless banking more paperless. http://bit.ly/1887Sqf

3. Does your organization also need to bring its records into the 21st century? Find out how the National Archives and Records Administration is working to reach its goal of making all permanent records electronic by 2019. http://bit.ly/1g7IFiG

4. For those in the healthcare industry, Obamacare is causing some to take another look at their BPM and workflow needs. Has it changed anything at your organization? http://ubm.io/18m2r50

In case you missed our latest blog:

A paper-based invoicing system with no electronic back-up meant processes were slow for this corporation and disasters could be catastrophic. http://bit.ly/1cXsPSG

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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.

 

Document Management Industry Roundup: November 22, 2013

November 22, 2013
Busy week? We'll help you catch up with our industry roundup.

Busy week? We’ll help you catch up with our industry roundup.

This week’s important resources:

1.  To those who can’t image taking notes on anything other than paper. http://bit.ly/1dPC3RI

2. While we’re firm believers in the power of technology, we know Powerpoint is not vital to make a speech great. Take a look at how it would have changed The Gettysburg address. http://bit.ly/1febKs3

3. Paperless billing for this town has made it easy for citizens and business owners to pay bills and for licenses. How could your organization make billing easier for your customers? http://bit.ly/1iw3TpM

4.  We’re happy to announce the new FileBound Director of Marketing, Jackie Risley! Her extensive experience in the ECM industry will help FileBound reach the next level in marketing its products. Read more about our newest team member’s appointment: http://bit.ly/1hZJ3RN

In case you missed our latest blog:

What once took this trucking company hours of searching through boxes and files, now only takes seconds with FileBound. Find out how Back to Back Trucking sped up their processes and improved customer service: http://bit.ly/1ivHkBv

Document Management Industry Roundup: August 23, 2013

August 23, 2013
Give yourself a hand for a hard week at work. But first, take a look at this week's latest news.

Give yourself a hand for a hard week at work. But first, take a look at this week’s latest news.

This week’s important resources:

1. Is the paperless office a reality yet? Take a look at this online debate ZD Net had on the topic. Which side do you favor? http://zd.net/12jF74Q

2. Do you agree that product and service organizations differ in how knowledge management is addressed and carried out? http://bit.ly/1cVP5jO

3. It’s important to prepare students for the future, something paperless will be part of. Do you think programs like this allow students to be prepared for the technology they’ll have to use in the workforce? http://bit.ly/13S5XP6

4. How has BYOD affected mobile trends? The ITProPortal podcast answers this, along with other outcomes of adopting BYOD. http://bit.ly/1f262Vm

In case you missed our latest blog:

How do invoice errors cost your organization? Find out the impact they have on the bottom line and how FileBound can reduce them in our latest blog. http://bit.ly/1aszYwm

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

Community Home Health

May 29, 2013
Keeping patient files easy to access for those who need them, and secure from those who don't was important for this health center.

After realizing the lack of an effective AP process was costing too much in late charges, this medical care practice implemented FileBound to help it eliminate late fees.

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.

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.

The Truth about Losing Invoices, According to Aretha Franklin

April 22, 2010

Aretha Franklin once said “I think the hardest thing is losing invoices. That’s the hardest thing more than anything else.” *

Aretha Franklin is an outstanding performer. Any chance she gets, she steps up and executes a perfect performance. If Aretha is a top performer in the entertaining industry, FileBound is a top performer in the document management industry. Aretha can put in all this work to be a great singer, but what sets her back is losing invoices.

Losing invoices is a travesty. They can set back weeks of work, and involve stress-inducing recovery processes. What if there was a solution for all of your invoice problems? What if there was one system that could change the way the accounts payable industry works?

FileBound’s brand new product, e-now is the perfect solution for all of your invoice problems. It is a cloud-based invoice processing solution that costs only 25 CENTS an invoice. It is the first solution of its kind, and provides incredible ROI, giving your company the ability to travel to the cloud at an affordable price.

Visit http://www.fileboundenow.com to learn more.

And as always, keep updated with all FileBound happenings by reading our blog, following us on Twitter, or become a fan on Facebook.

Stay tuned for more revolutionary products from FileBound.

*Did Aretha really say that about invoices? Not really, here’s what she really said:

“I think the hardest thing is losing weight. That’s the hardest thing more than anything else. ”
-Aretha Franklin

Enterprise Invoice Processing For the Masses

April 15, 2010

 

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 frontend scanning and automated workflow were implemented by only 22% of organizations with less than 500 employees, yet by over 60% 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 needed solving and the price points that made sense.   From this hands on research, we designed and developed the revolutionary new FileBound e-now solution.

FileBound e-now 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.  E-now as a hosted service, removes the capital cost and technology resource requirements’ that keeps most organizations from adopting these cost saving solutions.  E-now is integrated with Microsoft Dymanics Great Plains, Quickbooks, and the Sage accounting systems and can be operated from any SharePoint workstation.

  E-now is priced at .25 per invoice and provides an instant return on your investment.  Finally, there is an automated invoice processing solution with the capabilities of an enterprise class solution, but priced and delivered to meet the needs of the masses.

To learn more about FileBound e-now, and to begin realizing the value that e-invoices provide visit us at http://www.filebound.com

The Truth about Losing Invoices, According to Early Wynn

April 8, 2010

Early Wynn once said “I don’t like losing a ballgame any more than an accountant likes losing an invoice” Not really, here’s what he really said:

“I don’t like losing a ballgame any more than a salesman likes losing a sale.”
-Early Wynn

Early Wynn was an outstanding pitcher, feared by every batter in the Major Leagues. His presence was known when he walked on the field. He provided his team a sense of relief when he was on the mound. FileBound can give your company the same feeling. With a FileBound solution, your documents are safe, you can relax, you can be assured. The FileBound presence is building. Be a part of it.

Losing invoices is a travesty. They can set back weeks of work, and involve stress-inducing recovery processes. What if there was a solution for all of your invoice problems? What if there was one system that could change the way the accounts payable industry works?

FileBound’s Partner Conference on April 11 will feature a product launch unlike any other. Sign up here to attend. If you cannot attend, keep updated with all FileBound happenings by reading our blog, following us on Twitter, or become a fan on Facebook.

Stay tuned for more revolutionary products from FileBound.