A regional Credit Union cuts Invoice processing cost by 50% while reducing processing time from a month to few days using BerkOne platform.
A regional Credit Union cuts Invoice processing cost by 50% while reducing processing time from a month to few days.
A manual paper based flow of receiving, filing, routing, copying and approval of invoices was typical of processes used by medium size companies including this Credit Union. Such processes are not only time consuming but are also error prone.
The BerkOne solution “ accepts scanned invoice files and a vendor master feed from the credit union for improved data accuracy, checks for data integrity and verification into key index fields, and integrates the information feed into their ERP system. Relevant credit union AP processors and approvers can tap into critical features such as three-way matching where PO requisitions are matched with invoices and receipt of goods sold all via the web.” The result is reduced processing costs, shorter processing time which eliminates late payment penalties and even takes advantage of early payment discounts. Full story…