Invoice Payment System Corporation (IPS) is a leading financial institution headquartered in Mississauga, Ontario. IPS offers its corporate clients a state-of-the-art invoice payment system unparalleled in the market.
Through the prompt payment and efficient management of its clients’ invoices, IPS provides the liquidity that every business needs to achieve financial stability.
Invoice Payment System Corporation (IPS) Challenges
Effectively managing document workflow was a challenge for IPS due to the unique requirements of their business. IPS handles hundreds of documents per day and each document had its own specifications depending on the client or document type. Previously, IPS was managing all of their paperwork manually. This meant that documents were hand delivered to recipients and stored in filing cabinets. With such a large number of forms, manual management was extremely time consuming and often times inaccurate. Additionally, since they are a growing company, their demands are constantly changing and increasing.
Solutions Implemented By Invoice Payment System (IPS)
Invoice Payment System needed a flexible and scalable solution that would meet their growing needs without compromising efficiency. In order to improve their workflow, IPS implemented Reform VDP, Tag Doc, and two MFPs. Reform VDP created critical documents such as invoices, transaction summaries, a notice of assignments, and schedules of invoices. For each document, a Tag Doc barcode was added to provide control over both incoming and outgoing paperwork.
When a document is now printed from IPS’s application, Reform captures and merges with the corresponding form. According to predetermined settings, the form automatically prints to the MFP and routes to their digital archive system and is faxed or emailed. Since the printed forms contain a Tag Doc barcode, Invoice Payment System can track these documents with ease once the forms are scanned. Tag Doc will automatically recognize the barcode and intelligently identify how the document needs to be routed.
IPS has been using the Reform solution to manage 25,000 documents a month efficiently. “IPS has experienced tremendous time and cost savings by using Reform. The Reform solution facilitates workflow by simplifying the integration of various pieces of information and hence enables effective document creation and distribution control. It is an excellent tool that has helped our company to be recognized as one of the most sophisticated in the market.” -President, IPS Invoice Payment System Corporation.
Benefits Implementing Reform & Tag Doc
- Form Enhancement – Reform allows Invoice Payment Systems to create professional-looking forms and print them to high-speed Ricoh MFPs.
- Automatic Distribution – Important forms are immediately routed to the needed recipients via fax or email.
- Instant Archiving – Scanned or printed forms are stored in digital archive systems. Electronic archival reduce physical storage costs and ensures document security.
- Document Retrieval – Documents are archived with all of the needed indexes and directory locations. If a specific document needs to be referenced, IPS employees can perform searches in order to retrieve them.
- Quicker Turnaround – Since documents are delivered immediately, they are processed at a much faster rate.
- Scalability – Reform is flexible enough to fulfill the changing requirements of a growing company.