Paperless Invoicing and Payments Streamlined. Significant Time Saved.
In less than three months, Ashforth’s property management division’s accounting team implemented a major new initiative to streamline invoicing and payments in a single environment and to go entirely paperless. This included training, transition and rollout.
Ashforth worked with their existing accounting platform Yardi, to add on Yardi PAYscan, part of the Yardi Procure to Pay procurement, vendor management and electronic invoicing platform, to convert invoices into electronic transactions, and automate workflows across the approval process. The online approval workflows, combined with electronic document retention, reduce the Ashforth accounting team’s time on initial invoicing and later research needs.
“We process close to 2,000 invoices per month, with property managers and accountants spread across several different locations. Our team was spending a significant amount of time sending invoices between offices for approvals, completing manual entry or scanning invoices into a separate system before processing them for payment, and filing paper copies once an invoice was paid. The new system has greatly helped us reduce the time spent processing invoices by more than half,” said Lisa Horvath, Vice President & Controller for Albert B. Ashforth, Inc. – Management Services, a division of The Ashforth Company.
“Also, we now can see and analyze more data and have robust reporting than was available to us before. This allows our accountants to pay closer attention to coding and our property managers have much more insight into where revenue will be at the end of the month. Overall, we can act more quickly on the online data, enabling us to operate more efficiently for our clients. The system is helping us to continually improve our accounting processes,” Horvath added.
