Admiral to Set Sail with Fully-Automated Purchase-to-Pay Processes
The Admiral Group is fully-automating its purchase-to-pay (P2P) processes with V1 Document Management’s document management technology (Through V1 Document Management's UK sister company Version One). The Admiral Group, which provides insurance services via its six brands – Admiral, Diamond, Bell, elephant.co.uk, Gladiator and Confused.com – is going live with Version One’s full portfolio of document management and imaging solutions.
Version One’s technology, which is being implemented into Admiral’s existing Sage Enterprise accounting system, will enable Admiral to move from time-consuming, manual-based P2P processes to a fully-automated P2P cycle. As well as considerably improving efficiency, this will cut costs, provide the finance department with greater control and free-up both storage space and data entry clerks’ time.
Admiral’s current purchase-to-pay processes involve the manual data entry of invoice information and passing invoices around the organization for signatory approval. Once an invoice is approved, a check is raised and this, together with the remittance advice, is printed-out and posted. All paid invoices are stored away in on-site filing cabinets and after six months are shipped to an off-site archive facility.
Coralie Poumel, Admiral’s Financial Controller says, “These processes are labor-intensive, inefficient, costly and prone to both data entry errors and lost invoices during the approval process.”
The finance department will no longer have to chase paper invoices around the company during the approval process...
- Coralie Poumel, Admiral Group
With Version One’s technology in place, Admiral will image all vendor invoices using a Kodak scanner. These invoices will be stored in the electronic archive and automatically processed, with the data on the invoices being intelligently read and verified against the Sage system. The invoices will then be automatically sent for approval and coding within the accounts department and then for approval to the relevant department managers, who will be able to view the imaged invoices via weblinks. Once authorized, the vendor invoices will be paid by BACS-IP and the accompanying remittances will be delivered either by electronic mail or automated fax.
Poumel says, “By automating purchase-to-pay, huge amounts of paper will be removed from the process. The finance department will no longer need to chase paper invoices around the company during the approval process, provide copy invoices and print, envelope and post checks and remittances. The filing and retrieval of paper invoices will also be eliminated and time spent manually entering invoice data will be significantly reduced.”
After gaining approval from HM Customs and Excise, Admiral will image and then destroy all invoices, eventually eradicating its costly offsite document storage facility.
Poumel adds, “We’ll improve purchase-to-pay efficiency ten-fold and maintain far greater control over the invoice approval process, enabling faster payment processing. We’ll also save over $6,000 each year by eliminating check payments.”
