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BankAtlantic Case Study

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Excerpt

BankAtlantic had a traditional paper-based accounts payable (AP) process. All invoices were received by mail, sorted and routed to 40-50 department managers scattered across 7 locations ─ a time consuming and inefficient process. Invoices were often sent to the wrong department causing their staff needless review cycles and the AP staff was not always able to discern the approving signatures; they had lots of manual checks and balances to manage approvals causing inefficiencies that slowed down their process. Invoices were entered and scanned into an onsite imaging system that did not integrate to their AP or ACH systems requiring manual intervention to keep their records straight…