Rental Company Partners for Effective AP Management Process
NES Rentals, a leading U.S.-based equipment rental company and top provider of aerial lifts, streamlines accounts payable processes with the help of Recall™ digital Document Management Solutions.
NES Rentals was receiving over 15,000 vendor invoices from its 82 branches on a monthly basis. Upon receiving the invoices, a cumbersome, manual process ensued, beginning with a “Received” date stamp on each invoice, followed by the sorting of all invoices by branch, then keying, indexing, error reconciliation, faxing, onsite filing and, finally, submission for payment. Often, errors made during the keying process led to retracing of prior steps and, eventually, re-entry. Later, the invoices were removed from location.
Not surprisingly, the audit trail for this process was both difficult and cumbersome, and the group responsible for payments was working on a standard two-week backlog, a hindrance to the efficiency of the company’s accounts payable (AP) specialists and early-payment discounts.
NES Rentals realized it needed a streamlined process to effectively manage its accounts payable and eliminate the inefficiencies caused by paper invoicing. After an extensive vendor search, NES Rentals chose to partner with Recall, the global leader in information management.
The Recall Solution
Recall’s proven methodology for automating AP processing worked wonders for NES Rentals. By efficiently digitizing and indexing the company’s invoices within 72 hours of receipt, NES Rentals saves the time and manpower required to manage the process manually. Through workflow rules and three-way matching, NES Rentals sees a near 70 percent rate of first-time passes of all invoices directly to the enterprise resource planning (ERP) system for payment, requiring no human intervention.
The remaining invoices are electronically routed to assigned approvers who have preauthorized access to ReView® Powered by OnBase®. Once approved, at the touch of a button, NES Rentals’ invoices are routed back to the ERP, which is integrated with ReView, to await payment. Recall’s AP solution has provided NES Rentals a new level of access, control and visibility — in short, a one-stop resource for the management of all NES Rentals invoice management needs.
Today, NES Rentals has a well-defined integrated workflow process using the Recall ReView application in conjunction with Recall's back-office processing services. All of NES Rentals’ invoices flow seamlessly through the ReView workflow to their ERP system.
NES Rentals was able to reduce its AP specialists from 11 to seven.
Nearly 70 percent of all invoices flow through the ReView workflow without any human intervention.
The annual outside audit, previously requiring multiple employees and auditors across multiple locations, is now completed more efficiently through ReView, saving a significant amount of both internal and billable hours.
Considerable portions of non-value-added work have been eliminated.
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