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MarkView Financial Suite
White Paper:
The Top 10 Reasons to Automate Your AP Processes
Automation of business processes to optimize financial transactions is a strategic initiative for finance managers in Global 2000 enterprises. Finance is under pressure to reduce operating costs yet maintain effective controls. Financial scandals and regulatory changes have resulted in intense scrutiny of a corporation’s financial processes by investors, financial analysts, the press, and regulatory bodies. Optimization requires the end-to-end automation of financial processes.
The MarkView Financial Suite’s applications provide Global 2000 finance executives with visibility and control over all core financial functions — accounts payable, procurement, accounts receivable, expenses, fixed assets, general ledger, human resources, and for services organizations, project rebilling. Closely integrated with ERP systems, including the Oracle E-Business Suite and SAP ERP, the MarkView Financial Suite delivers best practices, reducing costs while improving service levels and visibility to internal and external customers.
The MarkView Financial Suite’s powerful software creates a single, consistent, business process for all transactions. The suite integrates all associated information — paper, fax, EDI, electronic invoices, spreadsheets and email into ERP financials. Taking the paper out of the process and ensuring that all information is available online delivers the following benefits:
MarkView for Accounts Payable Automation optimizes the accounts payable (AP) process by capturing original transaction information, automating the entry process, applying best practice workflows and automatically creating an audit history trail. The results are lower operating costs, increased visibility into AP processing, strengthened controls and maximum cash flow. MarkView for Accounts Payable Automation increases service to line-of-business managers through reduced cycle times and browser based self service access to payment information. MarkView for AP Self Service Invoice enables line-of-business managers to initiate payment requests.
Reduction of labor and the costs associated with invoice receipt, scanning, and data entry is often the focus and foundation of automation investments. An examination of enterprise implementations demonstrates that there is no single solution to minimizing the costs and labor associated with capture and entry. MarkView supports the full array of capture options enabling companies to determine the right mix for their operations: scan, OCR, fax, self service invoice, email, EDI, e-invoicing supplier network, and outsourcing.
MarkView for Accounts Receivable Exception Processing (AR) enables automated downloading of unstructured image data and structured lockbox data to handle lockbox exception processing. AR managers can deal with issues such as unapplied receipts, resulting in cash applications occurring in a timely manner, and collections managers can resolve disputes faster. The optimized process provides better visibility into and enables better control over AR transactions. The results are increased staff productivity, lower operating costs, better credit decisions, faster collections and improved service to both suppliers and line-of-business managers.
MarkView for Asset Management Review optimizes the asset process, integrating all asset related documents seamlessly with the ERP asset record. Paper intensive, the asset management process includes invoices, purchase orders, contracts, RFPs, maintenance records, maintenance contracts, warranties, insurance contracts, leases, etc. Having this information available online is significantly less expensive than filing, retrieving, copying, emailing, faxing and storing paper documents. A self service interface provides asset information to audit and tax. MarkView for Asset Management Review results in smoother audits, lower administration costs, increased accounting productivity and improved control over fixed assets.
The MarkView Document Library provides standalone index-and-retrieve capabilities for both MarkView and non-MarkView documents. The MarkView Document Library accepts feeds from MarkView for AP Scan, a high volume front end imaging scanning solution and MarkView for AP Fax Server which receives faxes and stores them as electronic documents. A complete set of management functions, including assignment of properties, classification, access privileges and full text search are included.
MarkView for Expense Receipt Management optimizes the expense management process, reducing the burden on AP, approving managers, and expense report users. Fully integrated with ERP expenses, MarkView for Expense Receipt Management eliminates the need to route paper receipts through the organization. Receipts are stored electronically with the ERP expense report, ensuring compliance with corporate expense policies and facilitating audits. The results are increased productivity for all involved in the process, more accurate expense report reimbursement, reduced reimbursement cycle times, and greater compliance with corporate expense policies. For organizations such as professional service firms that rebill their expenses, MarkView for Expense Receipt Management provides a more thorough capture of expenses for project rebilling.
MarkView for General Ledger Management accelerates the monthly, quarterly, and yearly closing processes by making all general ledger transaction documentation easily available from within the ERP general ledger. Backup information needed by Accounting is available from within the ERP — receipts, credit/debit memos, spreadsheets, etc. Approval workflows for journal entries ensure compliance with corporate policies and procedures. During audits, the burden on Accounting is greatly reduced as auditors have fingertip access to journal entry backup information through browser based self service. MarkView for General Ledger Management achieves smoother audits, lowers administration costs, increases accounting productivity, improves control, and delivers more accurate financial reporting.
MarkView for Human Resources Records Processing (HR) puts employee personnel records online and centralizes the information for access by HR managers, line managers and employees. Access to employee information is restricted to those authorized to view the employee record in compliance with corporate privacy policies and government regulations such as HIPAA and EEOC. Providing line managers with complete employee related information enables them to make improved employee related decisions. The productivity of HR staff and line managers is increased due to MarkView for Human Resources Records Processing’s self service capabilities.
MarkView for Project Re-billing optimizes the expenditure-to-cash process for Professional Services revenue enhancement. Exploiting the power of the MarkView Financial Suite, and fully integrated with the ERP modules for Project Management, Accounts Payable, Accounts Receivable, and Expenses, MarkView for Project Re-billing places all project expense information within easy reach of everyone involved in the project and automates the rebilling process. The process of gathering and processing billing backup information, such as receipts and supplier invoices, to invoice or “rebill” clients no longer requires significant administrative overhead.
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