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Smart A/P Introduction

At CoreIntegrator, we’re constantly looking for ways to make your life easier and more productive.  Work Smarter, Not Harder is what we say and today I would like to tell you about a new product called Smart A/P.  We just released it and it is available immediately for those of you on a current version of CoreIntegrator (see below for details).

If you process invoices in CoreIntegrator, then you know we’ve automated a great deal of the effort to process, track, monitor and get invoices approved.  But there is still a great deal of data entry and repetitive work that needs to be done to process an invoice.  As a matter of fact, you can have as many as 13 fields (or more) that require some form of data entry PLUS you have the GL coding on top of that, which can be anywhere from 2 to 4 fields (or more) per distribution.  In addition, depending on your workflow rules, you still need to figure out where it goes for approval.

Wouldn’t it be nice if CoreIntegrator could learn how you process your invoices and do all that work for you?  Well now it can with Smart A/P.

Smart A/P is a configurable tool that lets you teach CoreIntegrator to automatically fill in data fields for you based on certain key values.  For example, if your FedEx invoice always goes to “Bob” in the shipping department and the invoice is always coded to the same GL account number, once you’ve entered in the vendor information and the basic invoice detail (invoice date, number and amount) – all the rest of the fields will auto populate based on how you processed the invoice the last time.

Maybe you have an invoice from a vendor that doesn’t always go to the same department for approval – no problem, just select the correct department and CoreIntegrator will determine the appropriate approver AND modify the GL account to reflect the different department approving it.  What if you have multiple GL distributions? Again, no problem.  Smart A/P will calculate the distribution amounts based on a % of the total to be distributed – the same % split you used the first time.  Of course you can edit the amounts at any time.

You have the ability to change what has been learned at any time or skip one time changes or if an invoice never has a consistent pattern to how it is processed, you can even turn the learning function off for that particular vendor.

Take this advancement in technology one step further by adding OCR software to the beginning of the process where you can expect the following fields to be automatically captured:  vendor id, invoice number, invoice date and total amount.  With that information entered for you, Smart A/P will fill in the remaining values and you basically have a ZERO data entry process.  Now that’s working smarter, not harder.

Implementation and setup are super simple, and we’ve bundled the software along with the services into one package price. Click HERE for more information on Smart A/P pricing or to schedule your upgrade to CoreIntegrator v3.6.8 software.

CoreIntegrator version 3.6.8 or higher is required to run Smart A/P.

Future use of Smart A/P: the technology that is used to create Smart A/P can be used in any workflow for any purpose where repetitive data entry is required.  We simply call this Smart Field Technology.  So, as you expand, Smart Fields can expand with you.

CoreIntegrator Heading to Accounting and Finance Show

On July 10-11, 2019 CoreIntegrator will be attending the Accounting and Finance Show in New York City at the Javits Center – River Pavilion, booth #304. The showcase is FREE to all attendees who wish to come and participate in many sessions and gain knowledge from experienced speakers (150+ to be exact).

There are 6 educational tracks taking place within the two days of the conference. These topics include: Payroll and HCM, bookkeeping, technology, tax, practice management, and small business and payments summit. Attendees will have the chance to speak to today’s business leaders and experts in technology for top-notch news and important changes in today’s industries with full access to hundreds of solutions across the exhibit floor.

The Accounting and Finance Show includes over 200 hours of important continuing professional education (CPE), learning workshops, demo examples, new technology for your business and networking opportunities with your peers.

CoreIntegrator will be showcasing their latest, best-in-class workflow solutions for procure-to-pay, including the A/P One cloud-based invoice processing solution and the full-featured, fully customizable CoreIntegrator AP Automation solution. These solutions will save your company time and money allowing them to use their valuable resources for other projects.

Stop by booth #304 and say hi!

Why Automate Your Accounts Payable Processes?

By automating your accounts payable processes, you will see several benefits:

    • Early payment discounts and avoid late payment penalties: By accelerating the invoice approval cycle time, vendor discounts for early payment, which were previously unattainable, can now be taken advantage of. Also, you can avoid having to pay unnecessary penalties for late payment.
    • Accuracy: By accelerating the invoice approval cycle time, vendor discounts for early payment, which were previously unattainable, can now be taken advantage of. Also, you can avoid having to pay unnecessary penalties for late payment.
    • Improved visibility and forecasting: Decision makers need the right information at their fingertips in order to make informed decisions. CoreIntegrator Workflow allows management to see the where your invoices are at any point in the process.

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Invoice Processing Cost Savings Analysis

If you read our last post about Working Smarter, Not Harder with A/P One, we mentioned how A/P One can save companies lots of time and money. We also did a brief analysis of how much it costs to process a single invoice and looked at the total spent over an entire year. I want to break this process down even more and showing more details in the costs to process invoices manually, and the savings realized when A/P One is implemented.

To keep it simple, we’re going to look at only one metric in our analysis, which is the ‘hard cost’ of an Accounts Payable (AP) clerk’s time. There are many other efficiencies gained by automating your accounts payable process, but they are more difficult to associate costs and calculate time saved.

Let’s take a look at the analysis of processing invoices manually…

This customer receives a mix of paper invoices and PDF files via email. The AP clerk has to coordinate getting the paper to the approver or managing approvals via the company email system.

Paper gets lost, emails are hard to manage, the status of invoices ‘in process’ is hard to track. The entire process of managing invoices and the approval process is very time consuming.

 Industry average values for a company processing 500 invoices/month manually:

  • The company would have one full time AP person that spends about 5 hours a day processing invoices
  • That person’s total cost to the company is about $27 per hour
  • This person can process about 5 invoices per hour – 1 every 12 minutes
  • The labor costs alone to process the invoices is about $135/day

 Now let’s take a look at efficiencies gained when the same invoices are processed using A/P One, a cloud-based invoice processing and automated approval process solution by CoreIntegrator…

The customer or vendor can now scan or email invoices directly into the A/P One solution. Within 24 hours, the invoice shows up in the AP clerk’s A/P One work queue with all important data entered into the digital form, ready to be processed.  The AP clerk simply confirms the data, selects the GL expense code and electronically sends the invoice to the approver. The AP clerk can track the entire approval process, which can have multiple levels. After approval, the AP clerk does a final check of everything and then submits the payables transaction to the accounting system.

Values after A/P One is implemented:

  • That same AP person can now process about 30 invoices per hour – 1 every 2 minutes
  • They now only spend about 50 minutes per day processing invoices
  • The labor cost to process invoices went from $135/day down to about $22/day
  • The net cost savings for the labor cost alone is about $113/day or over $29K/year
  • The net time saving for each invoice is 10 minutes or about 83 hours of extra time per year
  • The person processing invoices now has over 2 extra weeks of time available to work on other projects

Obviously, the A/P One solution costs money to use, so the company can’t realize the entire cost savings shown above. The good news is that A/P One costs way less to use than the money saved, so there is a positive Return on Investment (ROI) almost immediately.

ROI for the A/P One project:

  • Using A/P One to process an average of 25 invoices/day would cost about $37.50
  • The cost savings/day shown above is $113.00
  • The ROI/day would be about $75.50
  • The annual ROI would be almost $20K!

Summary:

We analyzed a company that processes 500 invoices/month, which is not a large amount. The calculated savings increases as the number of invoices increases, so you can imagine what the time and cost savings would be if the company processed thousands of invoices/month. Plus… the cost of the A/P One solution goes down when you process a higher volume of invoices, so the ROI is even more positive with higher invoice volumes.

We mentioned above that in addition to the AP clerk times savings, there are other efficiencies gained when automating your AP processes with a tool like A/P One.

Here are some examples:

  • The ability to approve invoices electronically, even while remote with a tablet or mobile phone
  • The ability to have visibility of all invoices that are either in process or completed
  • Companies can take advantage of early payment discounts and avoid late payment penalties
  • Audits are greatly simplified since all invoices and associated documents are available electronically

As you can see, after it’s broken down, companies waste a TON of time and money on employees processing invoices for the bulk of their work day. Now that you’ve seen the numbers in this cost-savings analysis, we hope that you consider using CoreIntegrator’s A/P One as the invoice processing and approval workflow solution for your company.

We have a detailed costs savings and ROI tool that you can run using your specific costs and metrics and would be happy to run a report specific for your organization.

Please contact us for more information, or to get your report today.

Work Smarter…Not Harder.

It’s no surprise that large companies of today are booming with production to support their consumers, which creates the need to process hundreds or thousands of invoices monthly. It’s also no surprise that those in charge of processing invoices are spending countless hours of their time keying in data from the invoices, when that time could be spent promoting the company itself, developing strategies with coworkers and other important tasks. In fact, processing a SINGLE invoice can cost anywhere from $14 to $20. A company that processes 25,000 invoices per year at $15 per invoice will end up spending $375,000 of their own money in this process. Think about it – that money could be used for so many other projects rather than spending it to process invoices! Why choose manual processing that wastes thoughts of dollars per year when you could use an automated invoice processing solution like CoreIntegrator’s A/P One at a fraction of the cost?

 

A/P One forces companies to work smarter, not harder because it literally does the work for you. The minutes of time it takes to manually enter data into each invoice can be totally eliminated with A/P One’s fully automated invoice receipt, data entry and data verification (verified by a human). With A/P One’s automated invoice approval process, your company’s approvers can save even more time. Just think of all the extra projects your company can work on with the employee time saved when processing invoices.

 

Work SMARTER with CoreIntegrator’s cloud-based invoice processing solution, A/P One, today and get out of work on time!

 

In our next blog, we’ll be breaking this process down even more and showing you a cost-savings analysis based on a company that process 500 invoices per month. We’ll compare the company’s current invoice processing cost, and show you what happens when A/P One comes into play.

COREINTEGRATOR, LLC ADDS NEW ADDITION TO ITS GROWING TEAM!

Recent graduate joins team and takes technology support position

Lewisburg, PA – CoreIntegrator adds another new member to the team, Ryan Boonie. Ryan comes to CoreIntegrator as a Technology Support Specialist from Middleburg, PA and is a recent May 2018 graduate of Lock Haven University.

While at Lock Haven, Ryan was a Computer Science major. He said that having this major helped prepare him for his role at CoreIntegrator by being able to use critical thinking skills in the fast-paced technology world. His main role as a Technology Support Specialist involves resolving client issues and stepping them through the process to fix the problem.

When Ryan isn’t in the office, you will often find him riding his hot rod motorcycle around town! He also enjoys attending sporting events like watching the Philadelphia 76ers, going to music events, playing video games, and hanging out with friends.

Big News Coming! Visit CoreIntegrator (Booth #1225) at the 2018 APP2P Fall Conference and Expo to learn more!

CoreIntegrator is please to announce participation in the IOFM APP2P Conference  in Las Vegas from Nov-12-14th.

Visit us at Booth #1225 at the 2018 APP2P Fall Conference and Expo to learn more about how Accounts Payable Automation can save your company money and become more efficient!  Also, look for a major announcement on November 12th as CoreIntegrator announces a new product and partnership!

 

How to Evaluate a Potential AP Automation Solution Provider – Part 2

As you continue the path to determine what solution and provider is best for you, you have now narrowed it down to 2-3 solutions.  Now it is time to get deep into the evaluation process and choose a solution.

In Depth Demo:   It is time to have another demo with the remaining solutions.  For this demo, it is time to make a lists of items that you want to see the systems do, not what the vendor wants to show you.  Remember that demonstration systems are just that and cannot always customize everything you are hoping to see but you should be able to get a pretty good idea of what to expect, especially when it comes to the integration component. From this demo, you should have a very good idea of what each solution can do for you and evaluate the solution, estimate a price, and schedule to make a final decision.

Discovery Process:  Once you have selected a vendor/partner – it is time (before contracts are signed) to perform a discovery process and document exactly what is to be delivered based on your requirements.  This documentation process should result in a project scope document that will be used to determine:  final cost, deliverable items, schedule, and out-of-scope requirements (if there are any).  Do not short cut this process.  It should be thoroughly complete and detailed enough to avoid misunderstandings later.

Contracts and Proposals. There should be enough information that explains everything to be delivered, what the implementation process includes (and does not include), as well as ongoing support and maintenance fees/policies.

A successful implementation requires full commitment from both sides and having resources scheduled for critical items is mandatory for a smooth process.  You will need to be prepared to perform various user acceptance testing (UAT) tasks, review workflows, forms, and functionality throughout the process.

Congratulations and best of success with your new workflow solution.  Hopefully this will change the way you work and complete tasks in a much more efficient way than you are doing it today.

 

CoreIntegrator, LLC welcomes new addition to its growing team!

Recent graduate joins team and takes new position

Lewisburg, PA – Erin Leiby, a recent May graduate from Lock Haven University joined the CoreIntegrator team in July 2018 as a Marketing Specialist.

In the summer of 2017, Erin completed an internship with Geisinger Corporate Communications. This prepared her for the Marketing Specialist position at CoreIntegrator from actively writing newsletters, press releases, public speaking, forming strategic content and interacting with other businesses.

Erin served as an active member in Lock Haven University’s Public Relations Club as president and guest speaker liaison. Through this role, she led club meetings and engaged the members in writing skills, speaking to audiences, attending conferences, providing public relations coverage for campus events and analyzing campaign videos.

Erin avidly enjoys running, skiing, fishing, cooking and spending time outdoors with her family and friends.

 

 

About CoreIntegrator

Since the late 1990’s, CoreIntegrator Workflow has been a leading software platform for Accounts Payable and Business Process Automation solutions.  The versatility and ability to ‘Automate Virtually Any Business Process’ has allowed CoreIntegrator Workflow to be used globally by thousands of users in both large and small organizations in almost every industry.  Formerly an operating division of Computer Support Services, Inc (CSSI), CoreIntegrator, LLC is now an independent company focusing on delivering the best possible service and support to our customers while providing a software solution that truly makes a difference in the day to day life of our customers.

CoreIntegrator, LLC
130 Buffalo Road
Lewisburg, PA 17837
(570) 964-5380
www.coreintegrator.com

 

 

 

 

Visit CoreIntegrator, LLC & Ancora Software (booth #619) at the 2018 APP2P Spring Conference and Expo

Since the late 1990’s, CoreIntegrator Workflow has been a leading software platform for Accounts Payable and Business Process Automation solutions. The versatility and ability to ‘Automate Virtually Any Business Process’ has allowed CoreIntegrator Workflow to be used globally by thousands of users in both large and small organizations in almost every industry. CoreIntegrator WorkFlow paired with ancora Software’s flagship product ancoraDocs provides an end-to-end solution from capture, and classification through the workflow business process.ancoraDocs’ artificial intelligence based document classification and patented machine learning data capture simplified the implementation of advanced capture providing a much quicker and relevant ROI to its customers. The combined solution from CoreIntegrator and ancora is disrupting the business process automation space, offering customers a more cost effective solution to solve their business issues.

Be sure to visit our booth #619 to learn more about the benefits of CoreIntegrator Workflow and ancoraDocs!

Who Should Attend?

https://www.iofm.com/conference-spring/