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 has its 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 many forms, manual management was extremely time-consuming and often inaccurate. Additionally, since they are a growing company, its demands are constantly changing.
Solutions Implemented By Invoice Payment System (IPS)
Invoice Payment System needed a flexible and scalable solution to meet their growing needs without compromising efficiency. In order to improve their workflow, IPS implemented SysConnect, Tag Doc, and two MFPs. SysConnect created critical documents such as invoices, transaction summaries, a notice of assignments, and schedules of invoices. A Tag Doc barcode was added for each document to provide control over both incoming and outgoing paperwork.
SysConnect captures and merges with the corresponding form when a document is printed from the IPS application. According to predetermined settings, the form automatically prints to the MFP, routes to their digital archive system, and is faxed or emailed. Since the printed forms contain a Tag Doc barcode, Invoice Payment System can easily track these documents 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 SysConnect solution to efficiently manage 25,000 documents a month. “IPS has experienced tremendous time and cost savings by using SysConnect. The SysConnect solution facilitates workflow by simplifying the integration of various information pieces and enabling effective document creation and distribution control. It is an excellent tool that has helped our company be recognized as one of the most sophisticated in the market.” -President, IPS Invoice Payment System Corporation.
Benefits of Implementing SysConnect & Tag Doc
- Form Enhancement – SysConnect 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 reduces physical storage costs and ensures document security.
- Document Retrieval – Documents are archived with all 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 – SysConnect is flexible enough to fulfill the changing requirements of a growing company.