IntelliChief Integration Link Connects Business System Databases

For large and small companies alike, collaboration is crucial. But, multiple IT systems and disparate databases can make this difficult.

IntelliChief makes it easier to connect colleagues on their related projects and transactions, without making Information Technology get involved. Our Integration Link module is a coding-free alternative, that allows systems to connect without costly modifications.

Integration Link allows employees (from any department) to save and retrieve documents in IntelliChief’s electronic document management system. They can do so directly from the screen of any ERP or line of business application that they happen to be using. This way, you can integrate all of your systems’ databases and cross-validate information in seconds.

To learn more about Integration Link – or any of IntelliChief’s other document management capabilities – contact us today. We can help you customize a solution for your company’s specific IT infrastructure.

Supply Chain Management IT Spending Up – But Where’s the Value?

According to Gartner, supply chain management IT spending is up 11 percent in 2017, topping $15 billion for the year. And according to projections, this upward trend is likely to continue.

But the question many companies are left asking? Where’s the value? 

Managing a supply chain is still complex, and highly inefficient. For instance, it can take 14.6 days and $16.91 to process a single supplier invoice.

One investment, however, can make these numbers much more palatable.

Accounts Payable automation, which takes manual data entry out of the purchasing process, allows companies to process invoices in 2.9 days, at a cost of $3.47.

There’s the value. It’s a 75 percent reduction in invoice processing costs, and a 80 percent reduction in cycle time. Those results can speak for themselves.

Other advantages of AP automation:

  • The secure and accurate collection of all transactional information, carefully organized and easy to search
  • Automatic import into your financial ERP
  • Increased visibility into legacy Accounts Payable processes
  • Less risk of late payment fees (and more early payment discounts)
  • Streamlined reporting for better decision-making
  • The ability to re-allocate staff resources to more important financial initiatives
  • A more complete, cost-efficient back-office operations strategy

Interested in achieving these same cost savings in your own business? Click here to download IntelliChief’s AP automation guide. Or, contact us today to see how process optimization can improve your supply chain.

IntelliChief ECM Named Top Accounts Payable Solution Provider

CFO Tech Outlook has named IntelliChief a Top Accounts Payable Solution Provider. The designation not only reflects our best-in-class AP automation solutions, but also our commitment to behind-the-scenes tech support.

Furthermore, our solutions scale well beyond Accounts Payable. Companies that want to make the most of enterprise automation can leverage IntelliChief in Finance, Purchasing, Customer Service, HR, and Accounts Receivable.

To learn more about our comprehensive workflow automation solutions, contact us today.

 

IntelliChief ECM 4.1 Launch Features Active Directory Synchronization, Mobile

IntelliChief Version 4.1 is designed for today’s fast-paced approach to business. Taking our classic document management & workflow automation products and making them mobile, it’s a faster, more flexible solution than ever before – and you’ll see the difference right away.

Our new, mobile-friendly document management system lets you increase productivity, whether you’re in the office or in the field.

Features include:

  • Remote access & workflow capabilities
  • Microsoft Active Directory synchronization
  • Enhanced support for additional native document file types (including TIFF images)

Version 4.1 comes with a new web server client and mobile browser that lets users view, save, add notes to, and approve documents on a smartphone or tablet. All of the project information & transactional documents that they could previously only access on desktop, are now in the palm of their hand.

Active directory support also allows users to synchronize data from their Active Directory profiles with their IntelliChief user profiles. This reduces the amount of manual administration & keying, while improving automated workflow management.

To learn more about IntelliChief’s latest advances in ECM, contact us today.

Early Payment Discounts for Increased Revenue

Early payment discounts can help your company save hundreds – if not thousands – of dollars every month.

Spend less on the products you need to buy, and increase your working capital. Take the money that you have sitting in a low-yielding corporate account, waiting to be sent to a supplier, and leverage it to generate a higher rate of return. It’s a valuable strategy for your business – but it can be easier said than done.

Early Payment Discounts for Increased Revenue

Dynamic Discounting as an Early Payment Incentive

It’s common for suppliers to offer regular discounts for early payment. Sometimes, companies that offer early payment discounts are trying to motivate customers to pay faster so they can reduce their DSO. Other times, they’re trying to address cash flow issues. Either way, your company can benefit from the incentive.

2/10 net 30 is a common example. This incentive would allow you to deduct 2 percent of the invoice’s total amount if you pay within 10 days. (If you pay within 30 days, you owe the entire balance. If you pay after that point, you may owe a late fee.)

If you’re offered 2/10 net 30 terms on a $1,000 invoice, you can pay just $980 if you’re able to issue that payment within a week and a half. If your company has the cash on hand (or a readily available line of credit), those terms are firmly in your favor. That 2% early payment discount for paying 20 days early? If you do that just 18 times in a fiscal year, you get an annual return of approximately 36%.

By taking advantage of dynamic discounts, your Accounts Payable department can directly impact your company’s profitability. The only problem? 10 days isn’t a lot of time.

The Problem with a Long Invoice Processing Cycle

When you get an invoice in the mail, it may be several days before someone finds it. And if you rely on manual invoice processing methods, it can take several more days to move it through your organization. Getting all of the approvals & validations that an invoice needs before it can be paid is painstakingly slow.

When you’re working with a short time frame, a single delay (like a processor being out of town) can prevent you from capturing those valuable discounts. And when you have hundreds of invoices to deal with every month? There’s a pretty high chance that at least a few of them fall through the cracks. That’s why many companies have a hard time processing their invoices quickly enough to qualify for early payment discounts.

A sad reality? Industry research shows that that average invoice processing cycle time is 12.4 days, from receipt till payment. It’s frustrating to miss the mark by just 2.4 days – but it’s also encouraging, as it means a few strategic changes can get you over the hump.

So how can you make your process more efficient?

Invoice automation lets you streamline your accounts payable workflow. You don’t have to manually collect your invoices, and you don’t have to manually confirm that the charges are correct. Technology handles all of the behind the scenes, automating the most time-consuming steps with ease. And if a key employee is out of the office? They can still process documents remotely, keeping your worfklows…well…flowing.

At IntelliChief, we’ve helped our customers reduce their payment cycle times by as much as 80 percent. One customer was even able to capture $5.4 million savings in the 2016 fiscal year – just by using our automation software to process their incoming invoices.

Our AP automation software works directly with your enterprise content management system (ECM) to make sure every incoming invoice is correct. It even checks for “process-by” target dates – letting you finally start capitalizing on your early payment discounts, without extra work for your employees. It’s an easy way to start meeting your cash flow objectives – and we’re here whenever you’re ready to get started.

For more information, or help speeding up your invoice processing cycle, contact IntelliChief today.