Newham College streamlines purchase-to-pay processes with Version One

Newham College has significantly streamlined its purchase-to-pay (P2P) processes with Version One’s document imaging system, DbArchive, and automated invoice processing solution, DbCapture. Newham College has also implemented Version One’s recently developed DbCapture PDF solution to further streamline P2P. DbCapture PDF is the latest addition to Version One’s document management suite, enabling invoice information to be captured and processed directly from a PDF invoice.

Version One’s solutions, which are integrated into Newham College’s Symmetry Financials accounting system, have significantly reduced paper usage across the college and cut invoice approval times. Version One’s software has also freed-up document storage space and eliminated document archiving costs.

Purchase invoices received in paper format are now imaged using DbArchive and key data on the invoices is automatically extracted and verified against the accounting system using Version One’s DbCapture solution. The imaged invoices are then automatically linked to the appropriate records in Symmetry. Using Symmetry’s integrated workflow functionality, invoice approvers are automatically emailed with a link to the invoice enabling them to approve, reject or query it on-screen with just a click of the mouse. This replaces manual and time-consuming P2P processes involving circulating paper invoices for approval.

Imaged documents can now be accessed directly from the Symmetry system by authorised Newham College staff, significantly cutting time-consuming administration. Version One’s software has also reduced Newham College’s reliance on paper, supporting its environmental agenda.

Ray Benn, Financial Account Manager from Newham College says, “With seven sites spread across 15 learning centres, the finance department was wasting both time and money by manually filing and circulating paper invoices. Using Version One’s software, we have significantly improved our purchase-to-pay efficiency by eliminating the paper trail.”

Using Version One’s DbCapture, Newham College has accelerated the capture of purchase invoice information. This system uses optical character recognition (OCR) technology to automatically capture purchase invoice data. The effect is to reduce manual data entry by up to 50% and replace with the more efficient process of scanning, checking and data transfer to the Symmetry system.

The addition of Version One’s DbCapture PDF solution is enabling Newham College to electronically process purchase invoices in PDF Format, eliminating the need for a paper invoice. DbCapture PDF automatically imports purchase invoices attached to email into Version One’s OCR system where the invoice information is extracted and verified before being uploaded into Newham College’s Symmetry Financials system.

Benn continues, “Version One's software will deliver considerable cost savings as we no longer have to post and photocopy invoices and will not be paying a third party document archiving facility. We have also reduced the time it takes to approve an invoice, so as to save potential late payment penalties.”

Benn adds, “Since implementing Version One’s software, staff no longer have to print out and photocopy invoices several times over, which has dramatically reduced our impact on the environment.”

FACTFILE:
www.newham.ac.uk

Newham College is one of the UK’s leading further education colleges. It has invested millions of pounds in creating world-class facilities with the aim of achieving the best standards of academic and vocational training. Ofsted awarded it ‘Outstanding’ status in 2009 and also noted its strong partnerships with businesses and the local authority.

Other awards it has gained over the years have included Beacon Awards for Employer Engagement, Heist Awards, a Queens Award and a Champion status in Investors In People. The College operates an open access policy setting it apart from other FE colleges. All sections of the community are encouraged to study and, using objective criteria, all applicants are offered places to match their needs and aspirations. Students can enrol at entry level and gain useful basic skills, progress to higher level courses and finally enrol for graduate degrees at its Newham University Centre (formerly the University Centre Stratford).

www.versionone.co.uk
Version One Ltd is the author of electronic document management and imaging solutions. These solutions enable the electronic storage, retrieval, management, enhancement and delivery of business documents such as invoices, purchase orders and statements. This 'paperless office' technology is seamlessly integrated into all major ERP and accounting systems and with a typical ROI of less than six months, Version One's solutions are enabling thousands of organisations to cut paper consumption whilst saving dramatic amounts of time and money.