23 June 2011 – JET Total Vehicle Solutions (JET), a leading provider of vehicle solutions and services to manufacturers and leasing companies, is to speed-up its purchase-to-pay (P2P) processes by implementing Version One’s document management and imaging systems. JET is anticipating being able to reduce the time taken to close its financial accounts by up to ten days and reduce manual data entry by 80% using Version One’s technology tightly integrated into its Sage 200 accounting system. The software will go-live at the end of June 2011.
JET’s current P2P processes are extremely time-consuming and involve the manual data entry of invoice information and the physical filing and retrieval of paper copy documents. This can result in delays due to data entry errors, invoices going missing in addition to incurring significant costs through printing, photocopying and posting paper.
Beau Johnson, assistant accountant at JET Total Vehicle Solutions, explains, “We sought a document management and imaging solution to enable the more efficient handling of financial documents and to streamline our invoice authorisation process. The chosen solution also needed to seamlessly integrate into Sage 200.”
Johnson continues, “Version One has an excellent reputation as the market-leading provider of document management solutions and was also recommended to us by our trusted partner, FD Systems. We were also very impressed by the ability of Version One’s team to listen closely to our requirements and the superior functionality and ease-of-use of its software.”
Version One’s software will eliminate time-consuming, paper-based processes and enable the electronic storage and retrieval of documents directly from JET’s Sage 200 accounting system. The 25,000 purchase invoices that JET receives each year will be scanned, tagged to the appropriate record in the Sage 200 system and electronically stored. Version One’s optical character recognition (OCR) technology will allow the data on these invoices to be automatically captured and verified before being uploaded into Sage 200, significantly reducing manual data entry.
Johnson comments, “Version One’s systems will considerably improve the speed, accuracy and efficiency of our P2P processes whilst reducing manual data entry by approximately 80%. With greater security and instant access to our financial documents from the desktop, we anticipate being able to reduce the time taken to close our financial accounts by up to ten days.”
Johnson adds, “Version One’s technology will save us significant amounts of staff time and also free-up vital storage space by eliminating the need for us to photocopy and physically store invoices on-site. This will provide us with cost savings of approximately £50,000 each year, delivering us a rapid return on our investment.”
Moving forward, JET is to consider rolling-out Version One’s software to store and circulate additional financial documents as well as a range of non-financial documents including, supplier contracts, proof-of-deliveries and human resource records.
Notes to Editors:
About JET Total Vehicle Solutions www.jtvs.co.uk
For over 10 years JET Total Vehicle Solutions (JET) has been providing defleet and remarketing support for many of the top automotive brands in the UK. JET’s commitment to quality, value and above all service, has seen it build a reputation as one of the industry leaders.
All of JET’s vehicle support services are tailored to suit its client's needs. From individual services or a complete outsourced Defleet and Remarketing Partner, JET Total Vehicle Solutions can help.
About Version One www.versionone.co.uk
Version One Ltd is the author of electronic document management and imaging solutions. These solutions enable the electronic storage, retrieval, management, enhancement and delivery of business documents such as invoices, purchase orders and statements. This 'paperless office' technology is seamlessly integrated into all major ERP and accounting systems and with a typical ROI of less than six months, Version One's solutions are enabling thousands of organisations to cut paper consumption whilst saving dramatic amounts of time and money.
To increase the awareness of Version One’s Clean and Green Project and for project information and updates as well as green hints and tips, Version One has launched its Eco Gecko website www.ecogecko.org.
Version One is an Advanced Computer Software Group plc company.
Ben Carey and Tim Palmer, Version One
+44 (0)1625 856505
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