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Harvard Medical School teaching hospital automates accounts payable functions with web-based solution
Massachusetts Eye and Ear Infirmary is using BancTec’s AP Master, a comprehensive, automated web-based SaaS AP solution powered by PaletteArena, the complete enterprise purchase-to-pay suite, to streamline its financial management and improve efficiencies across its North American operations.
Massachusetts Eye and Ear is headquartered in Boston, Massachusetts, and has 11 satellite locations across Massachusetts, with another location expected to go live later this year. The organisation deployed AP Master in September 2011, working with specialist integrator, New England Document Systems (NEdocs), located in Manchester, NH, to ensure that the 45,000 invoices the hospital receives annually are processed, approved and scheduled for payment quickly and efficiently.
The decision to deploy automated invoice processing was made to improve the efficiency of the Massachusetts Eye and Ear accounts payable process, by minimising manual paper-based administrative tasks and reducing total turn-round time for paying vendors. Massachusetts Eye and Ear also wanted improved visibility of the progress of invoices through the organization, and a single location to handle receipt and processing of invoices.
Cristin Monaco Shields, Senior Project Manager at Massachusetts Eye and Ear, said: “Before the deployment of AP Master, our invoicing system was paper-based, which was time-consuming and labour-intensive, causing us to overspend on resources.
Since deploying the solution, our reporting capabilities have improved ten-fold. The electronic approval process allows us to track the status of an invoice or payment across the system within 24 hours of receiving it. We can now schedule payments automatically and have reduced total turn-around times by 20%, which is enabling us to adhere to vendor contract times, giving us a better view of, and control over, our financial position.”
Massachusetts Eye and Ear selected AP Master due to its high level of functionality, and because it provided staff with greater transparency of the overall approval process through its ability to route the status of an invoice or payment across the system for electronic approval.
Over 150 employees use AP Master to approve and process invoices at Massachusetts Eye and Ear. Invoices are received at the NeDocs processing center, scanned into the AP Master software for processing or matching, and routed electronically to users for approval before receiving a final quality check prior to payment.
BancTec’s AP Master software suite is a comprehensive and fully automated web-based SaaS AP solution. Powered by PaletteArena, the complete enterprise purchase-to-pay suite, the solution is offered to customers as either a hosted environment or licensed for customers to deploy in-house. It was launched by BancTec in the US over three years ago, and has thousands of customers in America.
PaletteArena is a complete enterprise purchase-to-payment suite, enabling users to achieve significant, measurable cost savings and efficiency gains in processing supplier invoices and purchase orders. It includes the PaletteInvoice, PaletteBuyer, PaletteContract and PaletteSupplier Portal products, giving a web-based end-to-end solution that improves invoice management from receipt to payment. It integrates easily with accounting, information and business systems to automate and streamline accounts payable activity across the organization.
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