Doc-link’s proven integration to Epicor Enterprise accounting system was critical as they began to look for ways to streamline the accounts payable process
| Company |
Truliant Federal Credit Union |
| Industry |
Financial Services |
| Locations |
Headquarters plus 24 branch offices |
| Headquarters |
Winston-Salem, North Carolina |
|
Business Challenge |
The company's tier one enterprise system was too big , and operating and maintenance costs were too high |
| Solution |
Epicor Enterprise and doc-link |
| Business Benefits |
- Controlled and reduced the amount of time it takes to process vendor invoices
-
Managers have direct access to information when they need it
-
Continued growth without having to add employees
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Improved relationships with vendors and internal departments |
| Return on Investment |
-
Increased from 70% to 99.9% on-time rate in processing vendor invoices
-
Processing 900 invoices with only one accounts payable employee |
Company Background
The Credit Union was chartered in 1952 to serve the employees of Western Electric, known as Radio Shops Credit Union, which totaled approximately 2,000 members and a little over $100,000 in assets. More recently, they opened a Field of Membership on a selected basis to various groups and companies, which prompted the change in August, 1999 to Truliant; more accurately reflecting the growing and diversified field of membership. Today, they serve a membership nearing 200,000 with assets exceeding $1 billion; extending Credit Union services to more than 800 organizations located throughout five states.
The Challenge
Ruth Browder, Accounting Manager of Truliant Federal Credit Union was excited about the company’s purchase of Epicor Enterprise and the improvement it would bring to her department. One of the things she didn’t expect was the other opportunities that a relationship with Epicor would offer her. One of these opportunities was a way to go paperless in the finance department using Altec’s doc-link solution. Truliant was looking for ways to streamline the accounts payable process in a timely fashion.
“The Accounting department was unable to control the time it took to process vendor invoices. Invoices were going directly to our branch offices and many times when the finance department did receive the invoices from the field, the bill was already late.” Truliant recognized the benefits of a centralized payables process and implemented doc-link to achieve their goal of greater visibility and control. “We were running about 70% of our invoices in a timely manner. The rest were late. Using doc-link we now are paying at a 99.9% on-time rate.”
The Solution
Epicor immediately recommended doc-link. “Doc-link’s proven integration to our Epicor Enterprise accounting system was critical to our decision making process. We wanted to link our accounting data to these images without any additional effort. Doc-link came highly recommend by Epicor and it was the obvious choice.”
Truliant now captures images of all invoices and checks and links them together through doc-link’s Epicor integration. “We’ve given our 24 branch offices and 33 departments access to doc-link. When managers have questions, they no longer phone our department. They get the answers that they need when they need it.”
The Benefits
Truliant is processing 900 invoices per month with a single AP staff member. “Our company continues to grow but we have not needed to add staff to the department because of doc-link.”
In addition to improving vendor relationships, Truliant has also improved internal relationships. “We have started doing our employee expense vouchers through Epicor ACH and doc-link. The employees love it because they get their expense money reimbursed in half the time it used to take.”
“We are all about saving money and becoming more efficient in the Accounting department in every way we possibly can. Epicor and doc-link are so very complimentary of each other. As we continue to emphasize efficiency in all facets of our operation, doc-link has proven to be a life-saver. We've been able to save time and money while increasing productivity by utilizing features that before were unavailable to us. We now rely on doc-link as a vital organizational tool.”
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