RealPage Incorporated announced today the results of a six-month roll-out of electronic invoicing by Bell Partners via the OpsTechnology system that is bearing annualized savings for Bell, as well as its owners, of approximately $100,000.
The electronic invoicing allows a vendor to submit paperless invoices, enabling owners to process and approve them without the additional need of a data entry via an automated workflow that integrates directly into their accounting system. The result is process efficiency, reduction in late fees and better cash flow management.
Earlier in the year, Bell Partners, along with a management portfolio of nearly 60,000 units, made an industry-leading move to require its vendors to submit invoices electronically through the OpsTechnology system. This has resulted in a savings of nearly $100,000 annually for the company as well as its clients.
According to Vice President of Purchasing for Bell Partners Mark Vernon, “Since we made the decision to accept only electronic invoices, the adoption rate for our vendors has been incredible. In fact, the number of vendors that moved to paperless invoicing grew more than 90% in the first six months. We currently receive close to 75% of all invoices online, and that number continues to rise. The vendors like the convenience, fast response times and the visibility that a paperless system provides, so it’s been very well received.”
Via the OpsTechnology system, vendors can submit invoices electronically, effectively eliminating hand keying of invoice data, lost invoices and manual approvals processes. In addition to that, it also offers a significant savings in both time and costs. Invoices are routed through the system and the data is securely stored online for easy retrieval.
Source: The Sacramento Bee – RealPage Paperless Invoicing Provides Bell Partners Six Figure Savings as Vendor Adoption of Paperless System Exceeds Expectations