Control the process – control the costs

FileBound provides the affordable solution you need to meet the challenges of managing, controlling, and processing your accounts payable documents. Quickly deploy customized software that’s seamless and secure.
The main mission of any accounts payable department is to pay vendors , services providers, and employee expenses based on the established rules of the organization and the agreed upon payment terms. The challenge is to only make payment when the transaction is complete, all the paperwork is in order, and all of the rules have been satisfied. FileBound provides the right solution to streamline accounts payable processes and meet these challenges
head on.

FileBound allows you to quickly apply document management technology to your accounts payable processes to gain control and add automation for cost savings, quality management and scalability. FileBound is designed to be an end-to-end solution that maximizes results. By capturing documents at the beginning of their life cycle you eliminate many of the challenges associated with managing paper documents. Captured documents enter an automated workflow for all of the approval decision making and conflict resolution processing. The value of workflow is that rules, roles, and deadlines get configured once and automatically applied over and over again. This takes the human element out of the decision making process which reduces errors and collapses the time it takes to process documents.


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The advent of the Enterprise Document Management (EDM) Solution

An EDM, like the FileBound suite of solutions, takes the drudgery and duplication out of Accounts Payable by maintaining a highly controlled, efficient environment. With FileBound, the Accounts Payable department sets up their own system so that each account or project has its own electronic file. Using metadata recorded for each document, everything, including associated emails, is automatically stored electronically in the correct file. Every invoice is captured and processed electronically, creating a complete “purchase to payment” system.

Furthermore, A/P is the quintessential home for workflow. Today, documents move either by hand or by email from one step to the next, often times making up the majority of time spent by administrative personnel. FileBound Workflow, an in-the-box functionality with most FileBound solutions, automates this movement and approval of invoices. Using both time and event base triggers, FileBound Workflow automatically routes documents and reminders from person to person, or from step to step. Unlike an admin, FileBound never takes a holiday either.

You can eliminate most of your file cabinets—maybe even have room to walk around in your office again!—because instead of filing in a physical file, hard copy letters, data, and invoices are scanned into the DMS. Electronically created items, such as invoices, records of payments and receipts you are sending are automatically captured at the time of creation.

Because of the time saved on processing invoices, staff will be on top of their jobs like never before. You’ll be able to take advantage of discounts for prompt payment, reduce finance charges and free up your people to do valuable “thinking work” such as analyzing spending.

Because everything is available on your computer, you’ll be able to tell a vendor instantly what your PO number is, when a check was sent and what the credit memo request was for—talk about improving vendor relations!

A DMS, like FileBound, also keeps track of everything you have routing electronically within your company. No longer will a pile of checks needing signatures sit in a manila folder on the boss’ desk. Accounts payable staff will be able to keep the process flowing smoothly through ticklers and routing trackers.

Full regulatory compliance with laws is easier with online document storage and version control. That brings real peace of mind. If the Feds come knocking, you’ll look good.

A DMS also offers you real security against disasters such as flood, tornado or fire because your data is backed up electronically off site.

In addition, because a DMS, like FileBound, allows management to restrict file access to those who should see an item, you thwart those who would snoop in your company’s private or proprietary information. That’s an added level of protection that should make everyone feel more secure.

Clearly, it’s a new, more secure and efficient day for Accounts Payable. DMS has transformed this once tedious, difficult job into something bordering on a pleasure your staff will enjoy doing.

Several Types of Documents You Can Manage Using FileBound:

Incoming AP Document that can be managed:

  • Invoices
  • Packing Slips
  • Purchase Orders
  • EDI Invoices
  • Paper Invoices
  • Receiving Documents
  • Warranty Claims
  • Cheque Vouchers
  • EFT/ Direct Deposit
  • Purchasing Card

Internal AP Documents and Processes that can be managed:

  • Cash Advance Agreement
  • Cash Advance Reconciliation
  • Employee Voucher
  • Employee Voucher Instructions
  • Policy Exception Request
  • Stop Payment
  • Travel Authorisation
  • Travel Advance Agreement
  • Voucher/Disbursement

Click here to see our FileBound AP Datasheet.

Accounts Payable Challenges FileBound Solves:

  • Reduces the risk of making costly duplicated payments
  • Provides a process that addresses incomplete or incorrect invoices
  • Allows for accepting discounts as a result of improved process cycle times
  • Reduces vendor relationship issues due to lost invoices or late payments
  • Provides organizational scalability which allow for varying volumes and growth
  • Reduces basic human error
  • Provides predictable operational costs for better planning and budgeting
  • Reduces organizational risks and provides disaster recovery and a continuity plan

Accounts Payable Workflow Example

FileBound's automated solution for the Accounts Payable process

FileBound’s automated solution for the Accounts Payable process

FileBound AP Process Improvements

Receiving Document Handling

FileBound automates your receiving document processing. Documents first are scanned into the system and routed to users responsible for identifying issues that require vendor notification and resolution processing. Approved receiving documents are stored in a queue where they are retrieved and matched to invoices to complete the reconciliation process. FileBound eliminates handling errors and reduces the cost of processing receiving documents.

Invoice Approval Processing

FileBound automates the invoice approval process. Vendor invoices are scanned into the system which initiates an approval workflow process. The system provides visibility to related purchase orders and receiving documents required to complete the reconciliation and approval process. FileBound’s automation reduces cycle times, reduces errors, and creates organisational scalability. The result is invoices paid correctly on time with no more over-payments or lost discounts, adding bottom line dollars.

Invoice Coding Automation

FileBound streamlines the invoice coding process. Approved documents are queued for coding operators and distributed to them on demand. With FileBound the coding takes place directly from the invoice image and allows for load balanced distribution, supervisory oversight, and operator productivity reporting. This eliminates the hours of tedious reconciliation of cost accounts that coding errors create.

Documented Payment Matching

FileBound provides a process for linking a single payment to multiple invoices. Check images or payment data are imported and automatically linked to a single or multiple invoices that it is paying. This process assists in resolving vendor payment issues and reduces the operational costs associated with payment history research.

Integrated Document Retrieval

FileBound provides the tools that allow single click retrieval of accounts payable documents from within other core applications. This seamless retrieval provides productivity gains, eliminates complex training needs, and extends the value of your existing technology investments.

 

Please contact us if you would like to learn more about our products and services.