University of Florida Takes a Bite out of Inefficient Accounts Payable Processes
MCLEAN, VA, August 10, 2015 – With many organizations looking to more efficiently manage its Accounts Payable processes, cut down on paper, and streamline payment management, the University of Florida has taken significant steps to transform costly systems by introducing an automated Accounts Payable (AP) solution across its campuses. Partnering with Corcentric, a provider cloud-based financial process automation solutions, the University is now eliminating paper processing of more than 180,000 invoices a year from more than 50,000 vendors and realizing significant cost savings and efficiencies from Corcentric’s cloud-based solution, COR360.
The University becomes one of the latest organizations across a wide range of industries to see the benefits of reducing complexity by automating its AP function that provides greater visibility into payment transactions. Recent research by Ardent Partners shows that 83% of AP professionals believe that automating AP processes is a top trend in the procure-to-pay cycle. With many “one-time” vendors, such as students and employees needing reimbursement for out-of-pocket expenses, the University was mired in paperwork and the manual processes were increasing costs, while slowing payment time.
“Corcentric gives us a cloud-based AP automation solution that is easy to use for the actual end users,” said Randy Staples, Associate Controller at the University of Florida. “Our AP department has become a cost-efficient center that can focus on high-value payment services.”
One of the key benefits the University found in working with Corcentric is the reduction in errors and exceptions handling. Information is now put in the system that includes a vendor portal, e-invoicing, OCR scanning technology, and automated workflows.
“When you are relying on a person to manually input something, a lot of mistakes can be made,” adds Staples. “We had a lot of voided and returned checks because of incorrect addresses. Corcentric matches remit addresses automatically, so exception handling has been reduced, freeing up staff time to work on more critical projects.”
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, LLC, provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.