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Newham College streamlines purchase-to-pay processes with V1
Newham College, a leading further education institution has significantly streamlined its purchase-to-pay (P2P) processes with V1’s document imaging system, DbArchive, and automated invoice processing solution, DbCapture. Newham College has also implemented V1’s recently developed DbCapture PDF solution to further streamline P2P. DbCapture PDF is the latest addition to V1’s document management suite, enabling invoice information to be captured and processed directly from a PDF invoice.
V1’s solutions, which are integrated into Newham College’s Symmetry Financials accounting system, have significantly reduced paper usage across the college and cut invoice approval times. V1’s software has also freed-up document storage space and eliminated document archiving costs.
Purchase invoices received in paper format are now imaged using DbArchive and key data on the invoices is automatically extracted and verified against the accounting system using V1’s DbCapture solution. The imaged invoices are then automatically linked to the appropriate records in Symmetry. Using Symmetry’s integrated workflow functionality, invoice approvers are automatically emailed with a link to the invoice enabling them to approve, reject or query it on-screen with just a click of the mouse. This replaces manual and time-consuming P2P processes involving circulating paper invoices for approval.
Imaged documents can now be accessed directly from the Symmetry system by authorised Newham College staff, significantly cutting time-consuming administration. V1’s software has also reduced Newham College’s reliance on paper, supporting its environmental agenda.
Ray Benn, Financial Account Manager from Newham College says, “With seven sites spread across 15 learning centres, the finance department was wasting both time and money by manually filing and circulating paper invoices. Using V1’s software, we have significantly improved our purchase-to-pay efficiency by eliminating the paper trail.”
Using V1’s DbCapture, Newham College has accelerated the capture of purchase invoice information. This system uses optical character recognition (OCR) technology to automatically capture purchase invoice data. The effect is to reduce manual data entry by up to 50% and replace with the more efficient process of scanning, checking and data transfer to the Symmetry system.
The addition of V1’s DbCapture PDF solution is enabling Newham College to electronically process purchase invoices in PDF Format, eliminating the need for a paper invoice. DbCapture PDF automatically imports purchase invoices attached to email into V1’s OCR system where the invoice information is extracted and verified before being uploaded into Newham College’s Symmetry Financials system.
Benn continues, “V1's software will deliver considerable cost savings as we no longer have to post and photocopy invoices and will not be paying a third party document archiving facility. We have also reduced the time it takes to approve an invoice, so as to save potential late payment penalties.”
Benn adds, “Since implementing V1’s software, staff no longer have to print out and photocopy invoices several times over, which has dramatically reduced our impact on the environment.”
Published - 17th January, 2012 | Contact PR - pr@WeAreV1.com or call 01625 856 505
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"Version One's software will deliver considerable cost savings as we no longer have to post and photocopy invoices and will not be paying a third party document archiving facility. We have also reduced the time it takes to approve an invoice, so as to save potential late payment penalties."
Ray Benn, Financial Account Manager, Newham College