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.

A unique residential Military Academy opens at Bicton College in September 2012

The Academy will be the first of its type within a publicly funded college of further education. The Academy programme has been designed in consultation with Commando Training Centre Royal Marines, Lympstone, and has been closely monitored by a number of departments within the Ministry of Defence.

The Academy, based in the outstanding setting of Bicton College, will host a unique 25 week residential preparation course. The course will help provide young learners interested in a career within the Armed Forces with the essential skills, environment and resources, including accommodation, to better prepare them in being successful in the recruitment process and ultimately initial military training in any of the three single services.

The programme will be particularly appropriate for younger or less mature students, providing an essential introduction into the rigours of military life. Highly trained teaching and ex-military staff will use a variety of military training approaches in order to develop students’ self-esteem, independence, maturity, respect and leadership qualities. Although the aim of the programme is to prepare the majority of learners for a career in the Armed Forces, the programme has also been designed to be expansive and progressive, providing opportunities for learners to select alternative courses or career choices.

Bicton College Principal and Chief Executive David Henley said, ‘We believe that this is an exciting and important project, not only for Bicton and the Armed Forces, but potentially for wider society. Students will benefit from Bicton’s unique and supportive learning environment coupled with the benefit of gaining military insights and disciplines.

"Our Academy is set apart from other military preparation courses not just because ex-military staff will be delivering much of the subject matter but because of the fully residential nature of the programme. This approach will better prepare the learners, as separation from loved ones is recognised as one of the major risks for recruits not completing initial military training. Effectively, in the serious pursuit of what the Armed Forces quite rightly regard as “no ordinary career”, where better to prepare than through Bicton “no ordinary College”?

A spokesperson from the MOD added, "This is an interesting initiative over which we will be keeping a watchful eye. We wish Bicton College and the learners, the very best of luck with this exciting opportunity, one from which we hope the Armed Forces will benefit."

Potential students will need to be medically fit, aged up to 25 and have a strong commitment to developing themselves both personally and academically. They will be required to meet specific academic, medical and fitness criteria, as well as following the Academy’s dress and conduct codes. Student fitness will be closely monitored against performance over a 1.5 mile run, basic sit-ups and basic press-ups; they will be required to demonstrate improvement in their fitness throughout their time at the Academy.

For further information on Bicton College please visit www.bicton.ac.uk

Kilmarnock College to boost financial reporting and eliminate duplication of effort with system from Advanced Business Solutions

Kilmarnock College, a Further Education (FE) college based in East Ayrshire, Scotland, will transform its efficiency levels and improve financial control by implementing a financial management system from Advanced Business Solutions (ABS). The new system, which has integrated electronic workflow and document imaging functionality, will enhance the reporting and accessibility of financial information across the college and reduce administration time through less re-keying of data. The planned go-live is August 2011.

Kilmarnock College required a flexible and scalable financial management solution to replace its restrictive accounting system and to significantly reduce the time spent on invoice registration, reconciliation and authorisation. Following a competitive tender, Kilmarnock College chose ABS’ system due to its strength in reporting, advanced functionality and tight integration qualities.

Michael Breen, Director of Finance at Kilmarnock College, explains, “We recognised that our existing finance system was inefficient and no longer fit for purpose. Through a very robust competitive tendering process we were extremely impressed by the quality of responses we received however ABS stood out at each stage. It was apparent that ABS fully understood our business needs and that its system was ideally suited to fulfill all of our key requirements whilst representing good value for money.”

Breen continues, “ABS also submitted a very thorough and methodical project plan which gave us the reassurance that they had the capabilities and experience of implementing integrated systems to very tight timescales.”

ABS’ integrated software solution will streamline Kilmarnock College’s financial processes and significantly improve the visibility of financial information, resulting in improved decision making whilst ensuring greater financial control. In addition, by seamlessly linking the College’s student records and tracking system with ABS’ financial management system, it will be quicker and easier for the College to extract financial information and tailor reports to its specific needs.

Breen comments, “By automating our financial processes ABS’ system will significantly improve efficiencies within the finance department. The ABS solution will remove unnecessary duplication of effort as we will no longer have to spend time re-keying data from our student records and tracking system. In addition the finance team will no longer be required to manipulate financial data into Excel spreadsheets to provide management reports. This will eliminate the opportunity for associated data entry errors.”

Breen continues, “The system’s advanced reporting capabilities will also allow us to easily interpret more meaningful financial information in greater detail than present, while enabling the closer monitoring of financial plans and project management costs, further improving financial control.”

Furthermore, using the integrated document imaging functionality (powered by Version One’s technology), inbound paper invoices will be scanned, indexed and then linked to relevant ledger in the finance system. Invoices with approved purchase orders will be automatically matched and paid. Those requiring circulation will be electronically routed to the appropriate staff for approval without requiring manual intervention, eliminating the time-consuming and costly circulation of 8,000 paper invoices every year.

Breen adds, “By eliminating manually-intensive processes we will save significant amounts of staff time. The finance team will also be freed-up to concentrate on analysing financial data instead of expending all of their efforts creating information.”

www.kilmarnock.ac.uk