The Challenge:
Provide a solution to search and retrieve accounts payable check payments and supporting documents for a property management firm managing over 50 properties. Check copies and supporting document materials covering thousands of images need to be retrieved by searching check register disbursement information. The service solution must be performed timely to meet accounting and auditing review requirements.
The Solution:
A deployment of STATCO’s Accounts Payable Files Digital Document Conversion Service was designed to match the scanned images of the physical accounts payable vendor file to the accounting disbursement information for the property management company’s 50+ bank accounts. Custom document preparation processes, scanning and optical character recognition (OCR) technology is created to join the accounting information and provide a searchable database linked to document images.
The Result:
Searchable databases and related accounts payable check copies and documentation are delivered to the property management company on a periodic basis to meet accounting and auditing schedules. Audit fees are lowered by providing electronic images of disbursements. Hours of research are saved each month by searching databases instead of filing cabinets for accounts payable support documents.
