automating Accounts Payable
Moonee Valley Racing Club automates AP to win back time and move towards a paperless efficient office
Established in 1883, the Moonee Valley Racing Club is the home of one of Australia’s most prestigious horse races, the W.S. Cox Plate. The Club offers an exciting range of events year-round, and hosts hundreds of private events every year.
It was important for our client to move towards a paperless and more efficient office, to benefit from efficiencies but also to be perceived as moving with the times in the world of racing and event management.
The Accounting department manages invoices from hundreds of different suppliers every month, with spikes of activity around major events.
Manually keying in invoice information, paper invoices moving around the office for approval (including the potential to lose paperwork), paper filing & storage, obtaining management approval with the correct delegation of authority and audit trail… all this was often a time-consuming, tedious and inefficient process.
Additionally, any delayed supplier payments represented a business risk, with a potential negative impact on reputation and upcoming event organisation.
The DocMX team analysed business requirements and designed a workflow that matched the client’s specific needs.
- Automated capture: paper or electronic invoices and other documents are automatically captured and indexed with OCR (smart optical character recognition)
- Centralised secure storage: paper documents are scanned in, emails and attachments ingested. All is securely stored online, easily accessed with powerful search criteria (including words within the document itself).
- Workflow & collaboration: invoices are distributed to the right staff for comments/approval.
- Approved invoices are automatically sent into the financial system for payment.
During implementation and ever since, the team have been a pleasure to deal with!"
The Mooney Valley Finance & Accounting team has listed the following benefits brought by the DocMX system:
- Reduced data keying, improved accuracy of data input
- Automation of tedious, time consuming tasks: staff time is freed up for non-manual processes
- No more lost documents, reduced physical storage; simple but powerful search allows to instantly retrieve documents and address any queries
- Accelerated approvals with a full electronic audit trail of who loaded/approved invoices for payment
- Generally improved AP process: more timely payments, potentially benefiting from early payment discounts, increased transparency/compliance and better forecast of monthly/yearly spend
“I would definitely recommend this system to colleagues. The benefits listed above, the quick/easy/accurate service delivered by the DocMX team, and the price are key considerations.” said Paul Camilleri, Financial Controller.
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