The University of Florida has taken significant steps to transform costly systems by introducing an automated Accounts Payable (AP) solution across its campuses.  Partnering with Corcentric, a provider cloud-based financial process automation solutions, the University is now eliminating paper processing of more than 180,000 invoices a year from more than 50,000 vendors and realizing significant cost savings and efficiencies from Corcentric’s cloud-based solution, COR360.

Processing 180.000 invoices a year

The University of Florida becomes one of the latest organizations across a wide range of industries to see the benefits of reducing complexity by automating its AP function with Corcentric. With many “one-time” vendors, such as students and employees needing reimbursement for out-of-pocket expenses, the University was mired in paperwork and the manual processes were increasing costs, while slowing payment time.

One of the key benefits the University found in working with Corcentric is the reduction in errors and exceptions handling. Information is now put in the system that includes a vendor portal, e-invoicing, OCR scanning technology, and automated workflows.

Randy Staples, Associate Controller at the University of Florida:
“Corcentric gives us a cloud-based AP automation solution that is easy to use for the actual end users. Our AP department has become a cost-efficient center that can focus on high-value payment services.”

“When you are relying on a person to manually input something, a lot of mistakes can be made. We had a lot of voided and returned checks because of incorrect addresses.  Corcentric matches remit addresses automatically, so exception handling has been reduced, freeing up staff time to work on more critical projects.”

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