Virtual Filing System for CPA Firm
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CPA firm handling thousands of invoices
A fast growing CPA firm, offering specialized Accounting services to the Restaurant Industry, handles thousands of vendor invoices every week. Saraff Infotech worked with this CPA firm to analyze the current processes and determine the technological solution to handle these invoices to sustain the aggressive growth plan of the CPA firm.
Client Profile
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A leading, fast growing CPA firm. |
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Servicing over 5,000 documents per week. |
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Offices at 3 different locations. |
Need
Restaurants receive several paper invoices from their vendors every week. The CPA firm processes these invoices to manage their account payable and prepares reports on weekly basis.
The need to “view” specific invoices to determine payments or to review the discrepancies is a tedious task as it involves retrieval of the physical invoice, make a photocopy or fax it, and to refile it back.
Saraff Infotech was required to provide a robust and scalable technology solution to enable quick retrieval and view of the required vendor invoice.
Solution
The Saraff Infotech team collaborated with the client’s management team and business users to:
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Document the current business process flow, and the related physical and IT systems. |
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Identified the “search criteria” that help the individuals to access the required invoice physically. |
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Implemented a fast, auto-scanning solution to create low-size yet high-clarity images of each invoice and “virtually” file them in clearly defined folder tree structure on the servers. |
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Deploying the Straight Through Processing principle, used the already available accounting system data to tag each image with various search criteria. |
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Identified and created a robust web-based platform to create a multi-indexed database which stores the tag data as well as the tagged images. |
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Created a simple but powerfully intuitive graphical user interface which enables the users to “retrieve and view” any invoice at the click of a button – users have several options to retrieve the required invoices e.g. for a vendor, by invoice number, by date range etc. |
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Total cost of creation of the system : US$ 1500 only (for inhouse installation). |
Benefits
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Search time savings estimated to be of the value of about US$ 65,000 per year. |
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Super Instant Retrieval of the required invoice image helps in redressal of queries instantly thereby improving vendor relationships as a result of efficient management of payables. |
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Clients can now have instant, web based access to their invoice data and images. |
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Much easier document storage laws compliance. |
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Paper documents now need not be stored at a costly office space, and hence return on investment on office space improved as more high value work can be done from the expensive, prime office space. |
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The system, named “Virtual Filing System” is now a “Value Added Service” that helps the CPA firm to attract more clients. |
Contact Us Today to discuss how we can assist you in converting your manual processes into technology based powerful business tools.
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