This article was first published in the Winter 2014 issue of OnWindows
Leeco Steel is one of the largest steel plate distributors in North America. In recent years it has experienced exponential growth, but it was finding that its current imaging system could not keep up.
The company decided to look for a paperless document management solution in order to increase employee efficiency, simplify and make its accounts payable process more transparent, as well as increase billing accuracy.
The solution needed to be able to automate both Leeco’s accounts payable and receivable processes, be accessible via the web and give the company’s IT department the ability to manage its own system to cut back on costs.
Leeco selected Metafile’s MetaViewer document management solution to integrate with its existing enterprise resource planning (ERP) system. Today, the document management solution handles all of the company’s invoices – both print and electronic. This means that all invoices are indexed, routed and archived without the need for manila folders, filing cabinets and binder tabs. And, instead of risking the possibility of data entry errors, the entire process is automated and keeps invoices and other documents in order. By doing this, time can be used more efficiently by employees who no longer have to enter data manually.
“Integrating MetaViewer into both accounts payable and accounts receivable departments makes it quicker, easier and safer to manage invoices and other documents,” says Nick Sprau, vice president of marketing and sales at Metafile Information Systems. “By automating these processes, employees are freed up to work on other crucial business projects while letting MetaViewer and their ERP system do all the rest.”
Leeco’s accounts receivable department now has much more streamlined processes. By combining its new document management system with its existing ERP platform, time for invoice processing has been reduced while productivity has increased – the company is able to process 20% more invoices than before.
“The department had previously endured a daily multi-step process to manage documents, including bank documents, credit applications and accounts receivable invoices,” says Sprau. “Now, rather than sending multiple e-mails to clients and customers, they send out one all-inclusive email that contains all of the content that had previously been sent individually.”
In addition, the company’s daily received not invoiced (RNI) report, or accrued payables, used to amount to US$8 million worth of unpaid materials. With MetaViewer, its RNI report has been reduced down to only US$1 million. This has resulted in fewer incorrectly vouchered receipts in the RNI report and has saved the accounts payable department time, hassle and credibility.
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