J&B Software, a premier provider of enterprise-wide transaction and payment solutions, will demonstrate its accounts payable (AP) and accounts receivable (AR) automation solutions in Booth #500 at FUSION 2010, TAWPI’s Annual Forum & Expo. The event will be held May 9 through 13 at the Gaylord Texan Hotel and Convention Center in Grapevine, TX. J&B’s AP and AR automation solutions deliver better control over cash flow, improve visibility into payment processes and ensure corporate and regulatory compliance.
“Many companies struggle with how to efficiently and effectively manage complex back-office processes,” according to Jim McShea, chief revenue officer of J&B’s parent company, 3i Infotech, North America. “Organizations that still use manual intervention for much of their AP and AR processing are incurring wholly unnecessary costs and delays. Our optimized and automated AP and AR processes can cut financial and time expenditures by roughly 500%, compared with industry averages.”
J&B’s AP automation solution converts paper invoices and associated documents into electronic images. Advanced optical character recognition (OCR) technology adapts captured invoice fields into usable data using ERP information, sophisticated algorithms and an extensive knowledge base. Following capture, the invoices and data are submitted to an appropriate staff member for review.
The automated distribution of discrepancy items for review is based on a sophisticated business rules engine that is configured according to individual company requirements. This speeds approval workflows while providing proper documentation and audit trails. The system’s dashboard controls also provide management with the tools necessary to adjust priorities, handle exceptions and relieve bottlenecks as necessary. Once invoices have been verified and completed for payment, they are exported to the back-end ERP or accounting system for posting and easy access.
J&B’s AR automation solution reduces manual processing, increases transparency and automates workflow so staff can focus on error and exception handling. Many organizations have departments that operate in silos, which make it difficult to integrate processes and deliver a complete set of documents related to a specific transaction. J&B’s AR automation solution addresses these pain points by unifying workflow, freeing staff from manual tasks and allowing them to concentrate on exception, deduction and dispute management to accelerate resolution.
The solution consolidates payments and remittance documentation from a variety of complex paper and electronic input channels into a single portal. The captured data is then verified against existing ERP payment data with an advanced cash application rules engine that decreases manual processing and helps avoid errors such as misapplied payments. After data has been verified or exceptions have been resolved, the system transfers the applied cash and associated transaction for posting by single or multiple ERP or back-end systems.
J&B’s solutions will also be on display during a sold-out tour of Allstate’s Dallas-area facility on May 11. This site tour, which is affiliated with the FUSION event, will provide a first-hand look at Allstate’s remittance processing and accounts payable processing operations. Attendees will see how Allstate processes 1.2 million remittances per month at this facility. Allstate uses solutions from J&B, OPEX Corporation and other vendors to facilitate its mail opening, imaging and processing. In the AP department, attendees will receive an overview of the company’s automated invoice processing system.
McShea will speak on the “Lockbox Processing in Turbulent Times” panel at 9:45 am on May 10. This panel of leading lockbox processing providers will discuss implications and opportunities, as well as emergent trends that foreshadow next-generation lockbox services. The panelists will address the rapid growth of outsourcing as an increasingly important tool for transaction processing and receivables management. They will share their insights on: the changing business case for outsourcing payments processing and receivables management, the evolving mix of lockbox services, new outsourcing business models, the future role of banks in lockbox processing, developing a rock-solid business case for outsourcing, successful vendor selection and management and their predictions for 2010 and beyond.
J&B and its customer CN Railway (which operates the largest rail network in Canada and the only transcontinental network in North America) will co-present an in-depth case study on May 11 at 11 am The presentation will detail how CN is obtaining significant ROI, process improvements and enhanced cash flow from J&B’s state-of-the-art cash processing techniques and technologies. Attendees will learn how CN is using J&B’s intelligent document recognition, electronic clearing and enterprise content management solutions to gain impressive and immediate results.
J&B will co-present another case study on May 11 at 2:15 pm Along with its customer Edward Jones (the brokerage with the highest number of branches in the U.S.), J&B will discuss how Edward Jones deployed J&B’s remote deposit capture and electronic check collection solutions across 10,000 branches in less than one year, on time and on budget. The session will highlight efficient and successful project management, coupled with a feature-rich Web-based remote deposit capture offering.
Laurie Hunter-Manning, a senior account executive at J&B, will speak on the “Trends in Government Processing” panel at 3:30 pm on May 11. This session will present results of the TAWPI/FTA government processing survey. The study gathered comparative information examining current market trends in the adoption of document and payment processing technologies, cost per item analysis, best practices and cost-cutting strategies among local, state and federal government agencies.
John Kincade, J&B’s VP of business development, will speak on the “Best Practices in Payments and Receivables Automation” panel at 4:30 pm on May 12. This roundtable discussion will include the following topics: improving operations efficiency, optimizing electronic clearing methods, integrating multiple payment channels, streamlining exceptions management, making the most out of remote deposit capture and improving A/R posting.
J&B’s sister company, Regulus Group, will also exhibit in Booth #500 at the show. As the largest outsourced payment processor and one of the largest outsourced bill presentment providers in the United States, Regulus services over two billion paper and electronic transactions every year for companies in the telecom, insurance, finance, utility and healthcare industries. Like J&B, Regulus is a wholly-owned subsidiary of 3i Infotech (3i-infotech.com).
Jill Humbert, Regulus’ senior vice president of business development, will speak on the “Payments Processing Benchmarks” panel at 2:15 pm on May 11. This session will present the results of TAWPI’s 2009-2010 Payments Processing Benchmark Study. The study examined the productivity and cost of processing payments through an analysis of various functions, such as the business cases for in-house and outsourced functions and the integration levels of front-end payments systems and back-end ERP platforms.
Last month, OPEX (a J&B partner) announced the release of its next-generation AS-series scanner – the AS7200. J&B and OPEX are co-marketing this product, which is the world’s most efficient out-of-the-envelope scanning platform. The AS7200 is the successor to the AS3690 high-speed production scanner. When integrated with an OPEX.