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Remote Auditing Technologies

Tim Nissen | Remote Auditing Technologies.

On-site auditing has been the customary default since the dawn of accounting. It’s worked reasonably well, though time and cost considerations – both from the company and firm’s vantages – typically took secondary focus to successful audit completion and maintaining healthy relationships. It’s now possible to encapsulate all these objectives through remote auditing.

Technologies in document management and automated access are driving remote auditing abilities. Through enterprise content management (ECM), offsite mobile access to source documentation from throughout organizations is enabled, automating the way. The cost and capability have been simplified to encompass SMB’s, large companies and accounting firms alike. The flow has become effectively simple: a company provides their auditing firm an ECM user account, with permissions set for what information the auditor may see. All related transactional documentation is available per project on-demand, providing a central repository for convenient search based on any criteria, enabling the auditor centralized access from decentralized locations.

This accomplishment begins with the company capturing all transactional documentation via the ECM’s automation tools, managing Accounting’s collection of documents pertaining to each vendor and transaction, and organizing them contiguously. Once input, the information is validated through the company’s ECM-ERP integration, with the accurate data archived in the ECM system.

A back-end advantage is the ECM’s business intelligence/analytics component. This enables the company to monitor the auditor’s activities and progress, providing guidance as needed. The system will generate reporting useful to both auditor and client company, based on any data points imaginable. Both internal and independent auditors can report on key data sets, relaying useful findings in formats permission-accessible for review by management, advisor, financier and investor audiences in formats they prefer. Providing additional customization, scalable dashboards deliver convenient self-service analytics reporting for each audit, visualizing data intuitively with drop-and-drag simplicity.

Functionally, remote auditing’s merits are rooted in an Accounting firm’s staff’s ability to audit from any location, even multiple locations simultaneously. Auditors can work from anywhere on the planet, collaborating with fellow team members and company representatives simultaneously. This flexibility benefits many firm’s geo-diverse structures, with client companies advantaged from expeditious project completions and relates cost savings (notably reduced audit fees, fewer company personnel hours consumed, less communal space occupied). The company staff’s time sourcing documentation from on- and off-site storage is eliminated, with all relevant information readily available to auditors through the ECM portal, facilitating a prominent cost-saver for all entities involved.

On-site meetings will continue to occur, though typically less frequently, and will be much better organized for to-the-point collaborations facilitating quicker collaborative resolutions. The company-firm relationship will remain strong, perhaps even improve with this efficiency. The beneficial face time will be maintained; personal proximity is the human element both warranted and appreciated, providing the understanding and leading to agreements, enhancing these interactions constructively. Additionally, auditors are freed from long stints as a company’s on-site guests – something all parties admittedly appreciate. There is such a thing as too much togetherness…

The economies of remote auditing are realized around cost flexibility. Auditors will incur fewer expenditures per remote audit (travel expenses avoided, billable hours more efficiently managed). This provides them cost effective service delivery. With it comes the opportunistic prevision options allowing the firm latitude regarding their pricing model. This is particularly advantageous in ever-present competitive environments; remote auditing provides the opportunity to share these savings with the company, while maintaining their profitability goals. Companies ultimately avoid audit projects exceeding projected timetables and budgets. All parties remain satisfied in their fiscal relationship.

Remote auditing is an option of advantage for all involved. ECM provides the platform to keep it convenient and cost effective.

 

Related: Preparing for an Accounts Payable Audit (and How AP Software Can Streamline the Process)

Infor XA Sales Order Automation

Tim Nissen | Infor XA Sales Order Automation.

Is your company paper-based and manual in your processing of customer sales orders? If so, you’ve experienced the lack of efficiency, control, and visibility. A paper environment results in high costs of managing customer order documents, and ultimately of order fulfillment.

In this manual environment, complexities begin when a customer order is received. The steps of sorting and labeling orders, verifying for accuracy, performing data entry, pushing the order through all the internal steps you have leading to fulfillment, collectively drive up the cost to process every one of your transactions.

Further, factor in when an order is lost or misplaced, a data entry error occurs, or a change/revision to an existing order arrives. And the longer it takes to process an order, the higher your Days Sales Outstanding (DSO) will be. Meanwhile, maintaining communication with the customer regarding status of their order is further challenging if your lacks status visibility…

If your company utilizes Infor XA as your ERP, you have a paperless advantage when integrating Infor Solution Partner IntelliChief’s enterprise content management system (ECM).

With IntelliChief, your Sales Order process can be transformed to maximize efficiency, lower processing costs, mitigate risks, and increase visibility to customer POs. By capturing and archiving customer POs and the information they contain in a secure centralized repository, you’re able to utilize a workflow process that integrates all these functions into your XA system. You regain control of a process that is otherwise costly, lacks visibility and is difficult to manage. You will be able to provide an even greater level of service to your customers, and gain greater competitive advantages to help drive revenue throughout your organization.

See how. View this 30-minute video presentation: Infor XA Sales Order Automation

 

Related: Infor Document Management Solutions by IntelliChief

AP Automation Robotics for JD Edwards – Humans and Machines Together

Tim Nissen | AP Automation Robotics for JD Edwards – Humans and Machines Together.

There are business applications where people and mechanical systems work well together. Accounts Payable is one of them. Automating processing has numerous advantages, though AP professionals are the ones who dictate success, from mapping and optimizing process procedures to best suit their organization, to ensuring automation’s success by monitoring and interacting with systems to maximize accuracy.

Enterprise Content Management systems (ECM) create the environment of AP automation robotics for JD Edwards – humans and machines together. It encompasses Robotic Process Automation (RPA) and Artificial Intelligence (AI) – tools industry analysts are seeing reduce invoice processing cost and cycle time by over 75%.

IntelliChief ECM automates the capture of AP documentation, identifying key data needed for verification with JD Edwards, facilitates document matching and enables company-specific workflows for reviews and approvals. The results: reduced cost, decreased processing time, and increased early payment discount opportunity identification, with visibility for bill payment scheduling optimization.

If you’re a JD Edwards user looking to advance your Accounts Payable team by driving automation to increase visibility and control, this 30-minute video presentation demonstrates the way forward. It highlights how IntelliChief integrates seamlessly with JD Edwards EnterpriseOne and World, and how it uses RPA and AI to automate routine tasks inherent in manual invoice processing.

What positive fiscal impact will this have on you?  Find out by viewing AP Automation Robotics for JD Edwards – Humans and Machines Together

 

Related: Oracle JD Edwards Content Management Software Can Help You Make the Most of Your EnterpriseOne or World ERP

Connecting ERP and Other Business Systems Without Coding

Tim Nissen | Connecting ERP and Other Business Systems Without Coding.

A universal need that’s close to home: having the business systems you use communicating with each other.

You’ve experienced the problem: the costly waste of disengaged data, as silos of information remain that way. This environment lacks visibility and the beneficial versatility of shared knowledge where it’s needed most.

An answer to connecting ERP and other business systems without coding is IntelliChief ECM’s Integration Link. Incorporating ECM’s automated document capture, management and workflow abilities, with a coding-free alternative allows you to access and index documents in the IntelliChief system directly from the screens of any ERP or line of business applications your company utilizes. This allows integration and information validation amongst each system, opening access to data across platforms.

Through the Integration Link Designer, any application can be image-enabled, providing cross-platform usage of all information stored in each system, creating a convenient, accessible document management environment. The application further leverages value of your company’s existing systems.

The simplicity of operation begins with opening Integration Link’s Blueprint Designer, along with the application screen you want integrated with IntelliChief. Select New Blueprint, and Integration Link will prompt to click on the screen in the application. From there, Integration Link will recognize all the fields on the application’s screen, and prompt to link them to the corresponding fields in IntelliChief’s data processing profile. Complete the integration by clicking to activate the blueprint, and the link’s established.

With premises or Cloud-based, production or custom systems, Integration Link allows you to access and index documents in IntelliChief universally throughout your organization through desktop screens or remotely utilizing IntelliChief Mobile. Costly programming and time-consuming customizations are no longer required. There’s no affect to future ERP or business application system updates – links remains intact.

 

Related IntelliChief Integration Link Lets You Integrate Your ECM Tools Your Other Business Programs

IntelliChief ECM Named Most Promising Document Management Solution

IntelliChief, a provider of automated document management and workflow enterprise content management (ECM) solutions, announces IntelliChief ECM named Most Promising Document Management Solution by CIOReview, recognizing them among the most innovative global technology innovators, for their accomplishments in ECM software development.

The CIOReview designation reflects the document management software company’s rapid growth, coupled with its industry-noted product development the areas of multi-format, AI-powered automated document capture and indexing, company-specific process configured workflow, providing desktop and mobile access for all staff and stakeholders. Additionally, operational visibility with business planning analytics, and integration capability with all enterprise resource planning (ERP) and business systems, factored in the company’s selection.

IntelliChief ECM provides a smooth, robotic process automation (RPA) transition from costly manual document management and workflow functions. Its industry-awarded automated capture, validation, database update and real-time analytic visibility enables users to capture documentation in any format, index contents and validate with data in their ERP and line of business applications. It lifecycle-manages all related documentation and facilitates optimized interdepartmental process workflow.

IntelliChief’s enterprise automated document management focus benefit at the departmental level, encompassing Accounts Payable, Order Processing, Finance, Purchasing, Sales Management, Customer Service, Human Resources-HCM, IT Legal, and Logistics/Distribution.

For IntelliChief ECM information, contact IntelliChief.

Case Study: Enterprising ECM – Reducing Accounts Payable Costs and Improving Order’s Customer Service

Tim Nissen | Case Study: Enterprising ECM – Reducing Accounts Payable Costs and Improving Order’s Customer Service.

Here’s another company suffering severe paper overload internally. Misfiled documents, lost invoices and delays in answering customer requests were overwhelming. Their Accounting Manager states, “We were looking to improve processes to save time and money . . . how we dealt with customers and how we did our daily jobs. Our ultimate goal was to find a way to improve the bottom line, to improve profitability.”

IntelliChief Solution

The company’s solution search party asked their ERP provider for a document management automation solution suggestion. IntelliChief ECM was recommended to them, for its feature-rich capabilities and easy integration with their ERP system.

The next step was to obtain project approval. The CEO and CFO wanted real ROI – reduced costs encompassing labor, faxing, postage, check stock and paper. “Neither the CEO or CFO wanted to see any soft dollars. We were able to show there were big savings, which could be used to improve profitability and services, and those were hard dollars,” explains their Accounting Manager

The first challenge was the company’s Purchase-to-Pay process: purchasing, receiving and accounts payable. When creating PO’s, buyers printed them, emailed or faxed them to the vendor, stapled the confirmation receipt to the PO, and put everything in a basket to wait for confirmation, which took up to 4 hours on a good day…

Streamlining Purchase-to-Pay

All these cumbersome steps were eliminated with IntelliChief. When a PO is created, an electronic copy is saved. Quadrant Software’s FastFax (an integrated fax server for IntelliChief) then faxes or emails the PO in mere seconds without user intervention. Order Acknowledgments, received by fax or email, are archived in the IntelliChief database and linked to the appropriate PO. All of these documents can be retrieved on familiar ERP screens at any time by IntelliChief users.

Incoming products had Receiving Documents matched against PO’s, entered in ERP and filed. When invoices arrived in Accounts Payable (AP), invoices were matched against the receiving record in the system. If there was a discrepancy, AP staff needed to look for the original receiving documents, to determine if they had been incorrectly entered into the ERP, or if the invoice was wrong. “If the purchase had been made by one of our other facilities, I had to call them to send me a copy of the receiving documents, so I could match, review everything associated, and find out what happened,” says the company’s Accounts Payable Associate.

Today, after documents are matched in the warehouse and a receiving record created in the ERP, the receiving documents are scanned into IntelliChief, eliminating the need for hard copies and ensuring they are digitally available without the need to send physical paper to Accounts Payable.

Accounts Payable Results

Faxed invoices are captured via FastFax and archived. Mailed invoices are scanned. Emailed invoices are saved with the easy-to-use IntelliChief Print Capture application.

IntelliChief’s Workflow matches invoices against receiving documents and sends them to an electronic inbox (“Matched Invoices”); invoices without a receiving document go to an “Unmatched Invoices” inbox.

The impact? The Accounts Payable Associate comments, “Previously, every day I had to pull up the folder and try to match invoices . . . that was a big pain. . . With IntelliChief, the invoices are awaiting electronic matching with the receiver, as if they were saying, ‘Hey, here we are!’ It’s a tremendous time saver.”

Prior to IntelliChief, the huge paper trail prevented invoices that needed approval to be paid quickly. Copies were made by AP staff, sent to the appropriate manager for approval, and came back to AP for a voucher. The AP Associate explains, “When invoices make it back to us, I had to contact each person to verify they received it, approved it, and sent it back. Sometimes invoices were paid late, or we couldn’t take advantage of vendor discounts because we couldn’t make the deadline.” IntelliChief’s Workflow now electronically forwards invoices or approval to the correct person. They approve it with a click of the mouse. With IntelliChief’s automating workflow, the company has put an end to missing invoices, delays and unachieved discount savings.

When Accounts Payable wanted to pay invoices, the AP Associate again had to match paper documents. “I used to spend at least half a day every week manually matching up invoices and checks to be approved and signed by senior staff. This meant looking through filing cabinets for correct invoices and putting them in a folder with the corresponding check.”

IntelliChief saves checks as an electronic image and manages them via Workflow. The AP Associate describes how IntelliChief streamlines check runs and approval processes: “IntelliChief automates our check production; checks go via Workflow to senior staff, and they can simply click and look up the relevant documentation on-screen and either approve or void the check.”

Order Processing Pains

The second challenge was orders – coming via fax, email and postal mail. They were manually routed to the Traffic Group for review and carrier information access and logged before going to Order Entry. They were sent back to the Customer Service Representative (CSR) or manager with any questions, or when a discount required approval.

Their CSR Manager explains, “There was no way to know where in the process the order was at any given time, until it was put into the system. Sometimes we had to ask the customer to re-send, which you can imagine they weren’t very happy about. Then the workflow-by-hand’s a tedious process, having to constantly ask staff in various departments where the order presently is, and where it’s going next. It slowed our fulfillment.”

After the order was entered, an acknowledgment was printed, proofed, and compared to the PO. Once approved, a CSR made a copy, faxed or mailed it to the customer, and filed the copy with the PO.

Order Processing Done Right

With IntelliChief, order processing is efficient. Faxed orders are captured with FastFax, mailed orders are scanned into the system, and emailed orders are saved with IntelliChief’s easy-to-use Print Capture feature, all archived in IntelliChief’s database.

The electronic order is sent to Order Entry or the CSR via IntelliChief Workflow. The order is routed to Traffic, and then to Order Entry. IntelliChief creates and saves the Acknowledgment, which is faxed or emailed directly to the customer.

“We now have only 3 people involved in the process rather than 7 previously, and we always know exactly where the order is,” says the CSR Manager. “IntelliChief cut our order process time in half.”

When customers called with questions about invoices, CSR’s had to request a copy from Accounting. The Accounting Manager explains, “Prior to IntelliChief’s automation, the invoice had to be pulled from the files, which could take minutes or hours, and then logged.” The order history (original PO, any change orders, acknowledgments, and all related documents) is now electronic. “We can view order status through IntelliChief Analytics and see where any bottlenecks are. We can see if orders are not being entered. Invoices are emailed to customers, saving postage, labor, and mailing costs,” the Accounting Manager exudes.

Key Benefits

IntelliChief provides the company both ROI and intangible benefits. “It helped decrease the stress level! Being able to really see what’s happening, to see where holdups are is incredible,” states the Accounting Manager. “From a management standpoint, that’s a measurable benefit to me.” An additional benefit is having everything electronic accessible for their auditors. “We can’t wait until next year when the independent auditors come in; we’ll provide them with a workstation accessing IntelliChief; they can do document searches without involving any of our Accounting staff.”

Paperless Future

Implementing document management automation is admittedly a procedural shift. “The idea of not having paper anymore for some people was difficult to overcome, initially. They now understand automation is a real advantage for all of us, with how we serve our customers, and everyone realizes the competitive advantage it provides us,” the Accounting Manager states.

Realizing the advantages of automating document capture and workflow, the company plans to roll out IntelliChief to other high-documentation, workflow-intensive areas of the company, maximizing abilities of their ERP, while reducing costs throughout the organization, and serving customers faster and more efficiently.

 

Also see: Workflow Automation: How to Speed Up Your Business Processes

Paperless HRIS System

Tim Nissen | Paperless HRIS System.

Your core HRIS platform probably include components for Applicant Tracking, Employee Onboarding, Performance Management, and Employee Self Service. It’s the employee file management that most systems lack. This is where enterprise content management (ECM) comes in.

IntelliChief ECM provides a paperless option to file cabinet storage, integrated with your HRIS. It captures all employee or contractor’s information you need to maintain, converting the documents in their various native formats to uniform electronic images. From there, it verifies key HRIS-stored information and archives all documentation electronically. You also have the option to include automated workflow to assist collaboration with departmental management. Want the ease of reporting on any data set you can imagine? IntelliChief Analytics has you covered with real-time status visibility and customized reporting.

IntelliChief ECM enables a thoroughly paperless HRIS system. In addition to the convenience of keyword searching any information you ever need, it’s also protecting you and your organization’s security, confidentiality and compliance.

This 30-minute video presentation shows you how: //bit.ly/2DcXLWU

 

Related: Automation Human Resources Functions: The Benefits of Paperless HR

Accessing Financial Operations Data

Tim Nissen | Accessing Financial Operations Data.

Surveys of Accounting and Finance professionals resonate a pressing need: accessing financial operations data from a single system source.

The problem comes from two primary perspectives. One is attempting to report from disparate systems, particularly ERP’s and line of business systems, manually assembling reports cobbled from these multiple sources. The other is the manual approach of exporting data out of ERP systems and into Microsoft Office applications. Unfortunately, neither solves the data integration issues standing in the way of gaining accurate, actionable information consistently.

The number that relays the consequences of this continuing lack: less than 20% of Accounting and Finance professionals’ time is allocated to strategic activities. It’s the time and effort tied-up in the common problem – manual reporting, rather than utilizing a single-source visualizing and reporting source integrated with their ERP’s and business systems.

Further, those surveyed denote that it’s the non-value-added tasks; data gathering, verifying accuracy, and formatting reports, that distract from the strategic analysis emphasis needed. System integration constitutes the biggest technology obstacle to gaining actionable reporting information, to report on both financial and operational data.

An actual automated source is available by utilizing an enterprise content management (ECM) system. These can sync with ERP’s and business systems, creating a hub for transactional information and supporting documentation, with full cashflow visibility and financial reporting, in configurations of the user’s choosing.

Through ECM, users can deliver the value-added analysis desired by key stakeholders.

While the system integrations enable ECM’s effectiveness, success starts with automating the capture (imaging) and indexing (OCR) all needed transactional information from related documentation, from beginning to end, to populate corresponding ECM fields. This enables information verification amongst systems for accuracy both in processing and reporting. Automating interdepartmental workflows provides the field of view for real-time financial reporting, as does document archival ECM provides. Together, a single-source document management system accessing financial operations data easily and accurately.

 

Also see:

Accounts Payable Automation: Leverage the Power of Technology to Streamline Your AP Workflows

Accounts Receivable Automation Software for Reduced DSO’s and Improved Cash Flow

IntelliChief ECM Named Quest Oracle Community Partner

IntelliChief, LLC, an Oracle PartnerNetwork Member, Gold Level Product Integration member, and provider of automated document management and workflow enterprise content management (ECM) solutions, announces IntelliChief ECM named Quest Oracle Community Partner.

The designation reflects the company’s ongoing support of regional Quest Oracle Community user groups, and progressive product development of Accounts Payable automation and Orders Processing automation for JD Edwards EnterpriseOne, JD Edwards World, Oracle E-Business Suite and PeopleSoft users. Also attributed was the company’s industry-noted product advancements in the areas of multi-format automated document capture and indexing, AI and robotic process automation (RPA) and company-specific process configured workflow, providing mobile access for all staff and stakeholders.

IntelliChief’s enterprise AI-powered automated document management focus benefit at manufacturer’s departmental level, encompassing Accounts Payable, Order Processing, Finance, Purchasing, Sales Management, Customer Service, Human Resources-HCM, IT Legal, and Logistics/Distribution.

IntelliChief ECM provides a smooth, automated transition from costly manual document management and workflow functions. Its industry-awarded automated capture, validation, database update and real-time analytic visibility enables users to capture documentation in any format, index contents and validate with data in their ERP and line of business applications. It lifecycle-manages all related documentation, facilitates optimized interdepartmental processes workflow automation and cash flow optimization.

For IntelliChief ECM information, contact IntelliChief.

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Comparison: Manual and Automated Sales Order Processing

Tim Nissen | Comparison: Manual and Automated Sales Order Processing.

The bottom line gives it away – the average cost to process a sales order manually is $50.70. Add automation, and it drops to $1.26.

The comparison of manual and automated sales order processing is stark. It’s also much deeper than cost alone.

The most cumbersome aspects of order processing revolve around verifying and validating data, and with securing necessary approvals. Involving multiple systems and staff to accomplish, lack of visibility is the problem’s root – the time taken for order information’s dissemination to everyone involved to act upon, timely, compounds DSO’s. The resulting reverberations stress an entire organization.

Factoring invoicing errors, disputes and efforts to collect missing documentation, it’s noticeable that manual processing’s lack of order data visibility further encumbers fulfillment and reduces profitability.

Automating sales order processing is accomplished by adding an enterprise content management system (ECM) integrated with a company’s ERP and business systems involved in fulfillment. This creates the ability to capture order documentation in all formats received and created, from receipt to shipping. Pertinent information contained within is extracted to fill order fields in the ERP, then verified and validated against each customer’s contractual data, fostering accuracy.

Automated workflow routs each order to those involved in fulfillment for approvals to clear exceptions, and to add beneficial comments and garner approvals. All workflow data is also captured for archival, providing sales and customer service teams visible access to fulfillment status throughout, while chronicling details and updating customer records, bolstering sales management and forecasting. Ultimately, streamlining throughput and saving money while improving service.

Analytics-driven reporting is a necessary additional automation benefit, providing visibility of aspects at every stage of order processing.

These are functional essentials to automate, optimizing inbound sales order processing:

– Inbound document capture, eliminating handling of paper, utilizing optical character recognition (OCR), removing manual data entry by enabling hands-free straight through processing.

– Workflow for supporting documentation access, and to coordinate all processes that occur throughout fulfillment

– Visible access to information about each order’s processing via analytics and reporting.

The results of manual and automated sales order processing comparison utilizing ECM:

– Reducing order-to-cash processing costs by 70%

– Significantly increasing the percentage of order line items captured electronically; increasing data entry accuracy by up to 99%

– Preventing lost or misplaced orders and associated supporting documentation

– Reducing customer service staff time required by an average of 65%

– Lowering stored data costs with digital archival

– Reducing product returns, increasing customer loyalty.

Combining ECM with a company’s ERP compounds benefits by facilitating:

– Quick order processing and efficient delivery scheduling

– Comprehensive customer order tracking and prioritization

– Structured data for customer profitability analysis

– Rapid dispute resolution

– Fewer duplicate orders processed.

 

Related Automated Sales Order Processing Software – The First Step in a Faster Order Fulfillment Process