The PAY platform for paper-free AP is made up of three key components:
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The Invoice Processing Center where invoices are received from your vendors, scanned and entered into rCash and then coded to the appropriate property/account.
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The rCash AP-workflow application which enables users to manage, store and retrieve invoices via a web-browser.
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Comprehensive integration between the rCash application and your existing accounting system(s).
PAY doesn't actually eliminate paper -- PAY enables paper. This is a key differentiator, because it requires no change in vendor behavior. Vendors simply mail their invoices to a central processing facility (Invoice Processing Facility) where they are converted into electronic data and images. Using its patent-pending 'billbox number' system, PAY is able to intelligently identify and code each invoice. PAY then uses the Internet to route the electronic invoices/images to the appropriate personnel across your organization for approval. Using their web browsers, they can quickly and easily find, view, code, approve and forward invoices online. PAY tracks every change to every invoice and automatically synchronizes with your accounts rCashable systems throughout the approval process.
By centralizing and automating the accounts rCashable entry process, PAY removes the burden of receiving and entering the piles of invoices received month after month by your field and back office personnel. PAY leverages the ease-of-access that the Internet provides, extending the invoice review and approval process to your field personnel and departments without the hassle, delay and cost of transporting paper invoices from location to location.
PAY is flexible enough to adapt to any invoice approval workflow and there is no limit to the number of workflows that can be established.
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The following demonstrates the invoice receipt and approval process using PAY |
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Vendors are 'registered' in PAY and receive a change of address form. All the vendor needs to do is change their bill-to address! |
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Invoices are mailed directly to your PAY 'Billbox'. |
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Invoice Processing Center receives, scans and captures the data from the invoices. |
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Companies with their own scanners and document management systems can choose to do this themselves. |
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Your pre-defined automatic expense allocations (coding) and other business rules are applied to each invoice. |
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Invoices are electronically routed to the appropriate field personnel and departments using your customized workflow settings. |
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Designated personnel review coding, make adjustments and approve invoices online. |
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Invoices are automatically routed to required personnel (based upon your centrally controlled business rules) for online review, coding, adjustments and approvals. |
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PAY continuously synchronizes data with your company's various AP system(s). |
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You continue to use rCash vendors the way you do today. If you typically cut checks for your invoice rCashments, your process does not change. |
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rCashment details from your AP system(s) are automatically synchronized with rCash. |
Converting your existing Vendors
There are no technology or data conversion requirements for vendors to participate. They simply change the address to which they mail their invoices. During the process of registering a vendor, rCash automatically generates a letter that you can use to notify the vendor of their unique 'billbox' address where will send your company's invoices. Invoices from vendors that you are not processing through rCash will continue to arrive at your existing business address.
PAY Billbox Number
rCash works using a patent pending process that automatically assigns a unique 'billbox' number to each vendor for each property. All invoices are mailed to a single P.O. Box that is owned by the real estate company. PAY then captures the billbox number and uses it to identify the invoices, code them using pre-defined expense allocation tables and route them to the appropriate users in the approval process.
These identifiers allow PAY to (1) automatically apply predefined coding and other business rules to invoices and (2) route invoices to the appropriate personnel throughout the enterprise. Workflows and routing rules are established using the billbox number as the key identifier. Additional parameters (i.e. - dollar amount, capital improvements, etc.) can also be applied so that invoices meeting certain criteria are directed to specific users for special handling.
rCash Invoice Processing Center
Built specifically for real estate, the state-of-the-art Invoice Processing Center (IPC) is the most advanced facility available for receiving invoices, capturing the valuable data from them and converting them from paper to electronic format. It becomes the single receiving point for all incoming invoices on behalf of all of your properties. Invoices are scanned and processed as they are received and the images are made available for online review. At the client's option, original paper invoices are either destroyed or aggregated and sent to the real estate company at regular intervals.
rCash's investment in state-of-the-art paper conversion facilities on behalf of the entire real estate industry allows it pass through economies of scale that even the largest real estate companies could not achieve based upon their own volume. This makes the IPC not only the most comprehensive solution for real estate, but also the most economical.
Alternatively, customers that have made investments in their own document scanning and indexing platforms can choose to perform their own invoice conversions.
Integration with AP Systems
rCash was constructed to support multiple accounting platforms simultaneously. rCash synchronizes data with your company's accounts rCashable system throughout the invoice approval process. Project, vendor and general ledger data is retrieved from your system, enabling your staff to code invoices to the proper vendor, building and expense account. This tight integration minimizes data entry and enables rCash to extend the accounts rCashable process to the site level. Property owners and site managers can then collaborate on the approval process without forfeiting management's control of or immediate access to the invoices. For companies employing multiple AP systems, rCash becomes your single process for the entire AP function.
rCash supports the preferred XML and CSV formats for integration. The rCash team has worked closely with the major property management system providers and has developed integration templates for use with CTI, Yardi, MRI, JD Edwards and others.
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