Accounts Payable Outsourcing Services Go Mainstream, Part 2

Web-based A/P technology maximizes cash flow for multi-unit businesses

Managing multiple businesses demands efficient processes and cost-saving technology. L&L Management Services Inc., an association management company, knows that providing exceptional service and saving clients money is the only way to succeed in its industry. In fact, exceeding clients’ expectations is central to L&L’s philosophy.

Serving many associations with members all over the world, L&L handles everything from administration, finance and membership, to meeting and tradeshow management, enabling its association clients to focus on providing exceptional programs and services to their members.

Gaining cost efficiencies and expertise

Linda Scher, president of L&L, keeps a constant eye out for leading-edge technology to increase efficiency and improve service. As L&L has grown, so has the complexity and cost of paying bills and managing expense reports for the multiple associations it represents. In her search for the latest technology, Scher learned about IntelAccount, a Web-based provider of accounts payable (A/P) services that promised a customized, secure service and cost savings of up to 70 percent. In addition, the IntelAccount system would automate the invoice approval routing process as well as provide digital storage and 24/7 retrieval of old invoices and expense reports. “IntelAccount’s service gave us the control and flexibility to support our growth as well as our client’s different business requirements,” explained Scher.

At L&L, A/P documents need to be routed to the appropriate people for approval – sometimes internationally. The complicated process requires significant expenditures of time and manpower, not to mention related costs such as postage, courier and long distance charges.

IntelAccount’s Web-based system gave L&L the online tools it needed to easily manage all A/P documents for all its associations and provided confidential, secure document access based on the unique requirements of each organization. Further, IntelAccount’s electronic payment services eliminated internal check processing, review and mailing costs and provided improved cash flow management using automated clearing house (ACH) payment technology. Vendors benefited as well, gaining accessibility to funds the day of receipt. Non-productive time and internal processing costs, along with mountains of paper have been virtually eliminated. Scher is pleased that L&L has “gone green” using IntelAccount’s paperless system.

Freeing up time and resources

Now, L&L’s invoices are sent directly to IntelAccount where A/P professionals scan and enter relevant data into a secure system and automatically route all invoices to authorized approvers. Once approved, IntelAccount pays the bills. Because A/P documents have been digitally scanned into IntelAccount’s automated routing system, authorized approvers can log on 24/7, from anywhere in the world to review and approve items for payment. “With IntelAccount’s Web-based approval system, our staff can review and approve invoices faster than ever, even when traveling internationally,” Scher said.

The smart way to significant savings

“IntelAccount has saved us money by eliminating the need for additional accounts payable employees and by reducing our copying and storage expenses. The IntelAccount system was so easy, our staff learned to use it in less than 20 minutes,” Scher explained. “Now we spend much less time managing payables; allowing us to focus on serving our clients.” While IntelAccount manages the A/P process from start to finish, L&L retains total control of invoice processing and payment decisions.

The overlooked cost

“Accounts payable is something every company has to do. It rarely comes to mind as an expense that can be reduced or a process that can be significantly improved,” explained David Crane, CEO and founder of IntelAccount. “ Automated invoice and expense processing is proven to dramatically control costs and increase productivity. Already embraced by large organizations for its positive impact on productivity and cost control, now small and medium-sized businesses can take advantage of the same benefits.” (To calculate potential internal costs and savings go to click here)

Quick Facts

• Web-based invoice approval eliminates lost invoices during the approval process and allows 24/7 system access by remote approvers from anywhere in the world.

• Invoices are digitally stored, 100 percent secure and available in seconds from any computer – even old invoices that used to be archived off-site.

• Clients save up to 70 percent compared to internal accounts payable processing costs.