Optimize Financial Transactions

Automation of business processes to optimize financial transactions is a strategic initiative for finance managers in Global 2000 enterprises. Finance is under pressure to reduce operating costs yet maintain effective controls. Financial scandals and regulatory changes have resulted in intense scrutiny of a corporation’s financial processes by investors, financial analysts, the press, and regulatory bodies. Optimization requires the end-to-end automation of financial processes.

The 170 MarkView® Financial Suite’s applications provide Global 2000 finance executives with visibility and control over all core financial functions - accounts payable, procurement, accounts receivable, expenses, fixed assets, general ledger, human resources, and for services organizations, project re-billing. Closely integrated with ERP systems, including the Oracle E-Business Suite and SAP ERP, the 170 MarkView Financial Suite delivers best practices, reducing costs while improving service levels and visibility to internal and external customers.

The 170 MarkView Financial Suite’s powerful software creates a single, consistent, business process for all transactions. The suite integrates all associated information - paper, fax, EDI, electronic invoices, spreadsheets and email into ERP financials. Taking the paper out of the process and ensuring that all information is available on-line delivers the following benefits:

• Significantly reduced transaction processing costs through dramatic productivity improvements
• Instant availability of all transactions, and instant visibility into all transaction data for finance managers and line-of-business managers
• Strengthened internal controls through automated workflows that segregate duties for each transaction
• Improved cash management through the elimination of late payment penalties and duplicate payments, a reduction in cash receipt cycle times, and the capture of all available discounts
• A “single source of the truth” as 170 MarkView is fully integrated with the ERP system. All associated information is permanently linked to the ERP transaction.
• Reduction in audit costs by providing internal and external auditors with a self-service access to all information and a complete audit trail
• Automation of complete finance processes, start to finish, applying unmatched experience to best practice workflows that expertly manage key finance processes
• An average payback period of 7.4 months

170 MarkView for Accounts Payable

The 170 MarkView for Accounts Payable application optimizes the accounts payable (AP) process by capturing original transaction information, automating the entry process, applying best practice workflows and automatically creating an audit history trail. The results are lower operating costs, increased visibility into AP processing, strengthened controls and maximum cash flow. 170 MarkView for AP increases service to line-of-business managers through reduced cycle times and browser-based self-service access to payment information. 170 MarkView for AP Self-Service Invoice enables line-of-business managers to initiate payment requests.

170 MarkView Accounting Details

170 MarkView Accounting Details enables individuals responsible for coding non-PO invoices to use a browser based interface to enter this information during the invoice approval process. The solution is tightly integrated with ERP payables applications; ensuring only valid code combinations are captured. In addition, accounting details entered into the online form automatically appear as invoice distribution lines in ERP payables, eliminating the need for the Accounts Payable group to re-key this information.

AP Capture Options

Reduction of labor and the costs associated with invoice receipt, scanning, and data entry is often the focus and foundation of automation investments. An examination of enterprise implementations demonstrates that there is no single solution to minimizing the costs and labor associated with capture and entry. 170 Systems supports the full array of capture options enabling companies to determine the right mix for their operations: scan, OCR, fax, self-service invoice, email, EDI, e-invoicing supplier network, and outsourcing.

170 MarkView for Accounts Receivable

170 MarkView for Accounts Receivable (AR) enables automated downloading of unstructured image data and structured lockbox data to handle lockbox exception processing. AR managers can deal with issues such as unapplied receipts, resulting in cash applications occurring in a timely manner, and collections managers can resolve disputes faster. The optimized process provides better visibility into and enables better control over AR transactions. The results are increased staff productivity, lower operating costs, better credit decisions, faster collections and improved service to both suppliers and line-of-business managers.

170 MarkView for Asset Management

170 MarkView for Asset Management optimizes the asset process, integrating all asset related documents seamlessly with the ERP asset record. Paper intensive, the asset management process includes invoices, purchase orders, contracts, RFP’s, maintenance records, maintenance contracts, warranties, insurance contracts, leases, etc. Having this information available on-line is significantly less expensive than filing, retrieving, copying, emailing, faxing and storing paper documents. A self-service interface provides asset information to audit and tax. 170 MarkView for Asset Management results in smoother audits, lower administration costs, increased accounting productivity and improved control over fixed assets.

170 MarkView for Document Library

170 MarkView Document Library provides stand-alone index-and-retrieve capabilities for both MarkView and non-MarkView documents. 170 MarkView Document Library accepts feeds from 170 MarkView Scan, a high-volume front-end imaging scanning solution and 170 MarkView Fax Server which receives faxes and stores them as electronic documents. A complete set of management functions, including assignment of properties, classification, access privileges and full text search are included.

170 MarkView for Expense Management

The 170 MarkView for Expense Management application optimizes the expense management process, reducing the burden on AP, approving managers, and expense report users. Fully integrated with ERP expenses, 170 MarkView for Expense Management eliminates the need to route paper receipts through the organization. Receipts are stored electronically with the ERP expense report, ensuring compliance with corporate expense policies and facilitating audits. The results are increased productivity for all involved in the process, more accurate expense report reimbursement, reduced reimbursement cycle times, and greater compliance with corporate expense policies. For organizations such as professional service firms that re-bill their expenses, 170 MarkView for Expense Management provides a more thorough capture of expenses for project re-billing.

170 MarkView for General Ledger

170 MarkView for General Ledger accelerates the monthly, quarterly, and yearly closing processes by making all general ledger (GL) transaction documentation easily available from within the ERP general ledger. Backup information needed by Accounting is available from within the ERP - receipts, credit/debit memos, spreadsheets, etc. Approval workflows for journal entries ensure compliance with corporate policies and procedures. During audits, the burden on Accounting is greatly reduced as auditors have fingertip access to journal entry backup information through browser-based self-service. 170 MarkView for General Ledger achieves smoother audits, lowers administration costs, increases accounting productivity, improves control, and delivers more accurate financial reporting.

170 MarkView for Human Resources

170 MarkView for Human Resources (HR) puts employee personnel records on-line and centralizes the information for access by HR managers, line managers and employees. Access to employee information is restricted to those authorized to view the employee record in compliance with corporate privacy policies and government regulations such as HIPAA and EEOC. Providing line managers with complete employee-related information enables them to make improved employee-related decisions. The productivity of HR staff and line managers is increased due to 170 MarkView for Human Resources’ self-service capabilities.

170 MarkView for Procurement

When combined with 170 MarkView for Accounts Payable, 170 MarkView for Procurement optimizes the procure-to-pay process from requisition to purchase order (PO) to payment. 170 MarkView for Procurement manages the required PO documentation. For non-PO purchases, 170 MarkView for Procurement automates the verification of charges. For contract-based procurement, the solution captures all contract related documents such as RFQs, RFPs, pricing documents, service level agreements, etc. The results are lower operating costs, better purchasing decisions, faster purchasing cycles, improved enforcement of internal controls, and easier auditing. Better service is provided to line-of-business managers and suppliers through browser-based self-service access to procurement information.

170 MarkView for Project Re-Billing

170 MarkView for Project Re-Billing optimizes the Expenditure-to-Cash process for Professional Services revenue enhancement. Exploiting the power of the 170 MarkView Financial Suite, and fully integrated with the ERP modules for Project Management, Accounts Payable, Accounts Receivable, and Expenses, 170 MarkView for Project Re-Billing places all project expense information within easy reach of everyone involved in the project and automates the re-billing process. The process of gathering and processing billing backup information, such as receipts and supplier invoices, to invoice or “re-bill” clients no longer requires significant administrative overhead.