Business Challenge – Finding a Way to Go Paperless and Boost Efficiency
Humphrey Management is a residential property management firm. They manually processed more than 4,500 paper invoices each month for 70 locations throughout six different businesses. The company performed this labor-intensive task with only 4 AP personnel and an AP manager. More than 90% of paper invoices were sent directly to communities. They needed to stamp and sign the invoices for approval before eventually being sending them to corporate to receive final payment.
The constant flow of paperwork between all offices made it easy for things to get misplaced in the mail. Due to the numberous steps throughout the process, approval times were often very long. Because of the inefficiency of the manual process, community managers had to find extra time to drive the invoices to corporate for processing.
Regional managers had to go to communities for approving invoices if a staff member left. This only added one more task to complete in their busy schedule. Because of this, a top priority at Humphrey Management was to find a software solution to streamline this entire process.
Software Solution – AvidInvoice for Efficient Management
The finance team at Humphrey Management understood that their current method for handling such a large volume of paperwork was holding the company back. They needed to find a better solution quickly. Humphrey Management decided to implement AvidInvoice by AvidXchange to help manage their paper process for their entire business operations. The initial adoption of AvidInvoice made it possible to transition to an automated AP process much earlier compared to their competition. This gave them a significant edge. They were able to optimize the AP process and significantly decrease their expenses. This allowed them to allocate these savings to other aspects of their business.
The Results
Humphrey Management decreased their AP staff by 50%. This was due to employees no longer needing to do basic tasks, such as filing, copying bills, data entry, searching for lost papers, or fielding calls from various vendors. The AP team of 4 was cut in half. This resulted in $70,000 worth of annual savings in labor costs. Now regional managers can make better use of their time with the new approval process. They can easily approve invoices at any time without having to travel to a specific location.
After implementing AvidInvoice, field workers are able to become more self-sufficient. They can easily verify the status of bills independently. They can give vendors real-time information if they ask them about the status of an order.
Using AvidInovice is especially beneficial in paying bills. Everything is accessible on the computer without the need for constantly going back and forth to the file cabinet in search of a specific bill. Implementing AvidInvoice played a crucial role in boosting employee productivity while making everyone’s job much easier by eliminating the need for paper processes. These savings will only continue to add up over time, as using AvidInvoice was an excellent choice for Humphrey Management.
