Version One’s solutions, which are tightly integrated into the University’s Oracle E-Business Suite enterprise resource planning (ERP) system, are being used for the electronic storage of purchase invoices and the electronic delivery of remittance advices. These solutions will soon be used for the electronic delivery of tens of thousands of student finance documents every year, including 20,000 invoices, 40,000 dunning letters and thousands of monthly statements.
As well as enabling Staffordshire University to cut stationery and postage costs, Version One’s solutions are freeing-up storage space and streamlining the University’s financial processes. Version One’s systems can be accessed by authorised Staffordshire University staff across five different sites.
quoteWhen we start electronically delivering over 100,000 finance documents each year, we will be significantly cutting costs and freeing-up administration time. For instance, the 2,000 invoices each month we currently post to students can take a full day to print, which eats into the finance team’s time.
quote- Lynne Coburn - Deputy Finance Director, Staffordshire University
Lynn Coburn, Deputy Finance Director from Staffordshire University, says, “Before Version One’s systems, posting remittances was both time-consuming and costly as we’d be sending out 1,500 remittances on pressure-sealed stationery in the first-class post every month. By sending these remittances electronically, we’re now saving over £6,000 every year.”
Furthermore, 30,000 purchase invoices each year are now being scanned using a Kodak i1420 scanner, automatically tagged to the relevant entries in the Oracle ledger and stored in the Version One archive. As all authorised staff can now access these invoices by drilling down through Oracle, this has eliminated the need to photocopy, manually circulate and store all paper purchase invoices.
Lynn Coburn explains, “Before Version One, we had no document imaging functionality. All the original purchase invoices were stored in the finance department. If anyone wanted to obtain an invoice, they would have to physically trek into the finance department to retrieve the required documents. This led to a number of staff creating their own file copies which was a waste of time and paper. Authorised staff now have instant desktop access to all imaged purchase invoices, significantly improving efficiency.”
The next stages of the project involve using Version One’s solutions integrated into Oracle’s workflow for the electronic circulation of documents around the University. The solutions will also be used for the electronic creation and automated delivery of thousands of student finance documents including invoices, dunning letters and monthly statements, cutting pre-printed stationery, printing and postage costs.
Lynn Coburn comments, “When we start electronically delivering over 100,000 finance documents each year, we will be significantly cutting costs and freeing-up administration time. For instance, the 2,000 invoices each month we currently post to students can take a full day to print, which eats into the finance team’s time.”
With pressure from Government to implement environmentally-friendly measures, Version One’s solutions (versionone.co.uk) also support the University’s green agenda. Lynn Coburn adds, “Eliminating the printing and photocopying of documents will cut paper waste considerably, supporting our crusade to become as paperless as possible.”