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International Forest Products Inc. Doc-link

Company Facts

  • Location: 60 Logging Operations 7 Sawmills
  • Industry: Manufacturing
  • Web  site: www.ifpcorp.com/

"Doc-link is incredible due to the many, many cost savings the product offers. When you have this many offices and people are rarely available, doc- link creates a tool that keeps people productive without disrupting their busy schedules."
Lisa McKennon, A /P Manager | International Forest  Products, Inc. 

 

International Forest Products, Inc. (INTERFOR) started in 1935 with only one sawmill located in Whonnock, Canada. Seventy years, and over 25 acquisitions later, INTERFOR is one of Western Canada's largest logging and saw-milling companies, headquartered in British Columbia. They produce quality new and remanufactured wood products and are the industry leader in deploying new forest practices.

INTERFOR is a progressive company that has pledged to invest between $750 million to $1 billion in capital over a 10- year period to improve existing mills by investing in new technology in order to focus on company growth.

The Challenge

Keith Powers, IT Manager, and Lisa McKinnon, A /P Manager, saw great inefficiencies within the finance department relating to accounts payable processing.

INTERFOR operated in a decentralized, fragmented processing environment, which provided the finance team with limited accounting controls, extensive time delays and a rushed, reactionary environment. Paper was being moved between INTERFOR's 67 remote locations and their corporate finance department on a daily basis using expensive overnight delivery services.

Each month, over 16,000 accounts payable related documents were being manually filed. When filing cabinets became full, INTERFOR moved these paper documents off site using expensive paper storage services. INTERFOR was spending over $72,000 per year for overnight delivery services and paper storage services.

The Solution

INTERFOR decided to create a centralized processing environment and selected doc-link integrated document management to manage this new process. Using doc-link, vendor invoices are mailed to the corporate finance department first and scanned. Invoice images are then routed electronically via doc-link workflow to the appropriate INTERFOR manager (many are remotely located) for review, coding, and approval.

When approved invoices are returned to the corporate finance department, using side-by-side entry, the invoices are keyed into voucher entry with the GL codes and distribution amounts automatically imported. Doc-link automatically indexes all voucher entry fields to the vendor invoice image GL coding is automatically imported into the voucher entry screen.

Doc-link improves approval turnaround time and allows the finance department to track each and every invoice in the approval cycle. Doc-link eliminates the handling and matching of transaction-based documents and eliminates filing.

Benefits using doc-link

  • Electronic routing, tracking, and approval provide greater accounting controls and brings higher visibility to transactions in support of recently passed Sarbanes-Oxley 404 legislation.
  • Seamless integration with Epicor Financials links financial data to stored images and saves extension time in reconciling vendor invoices with supporting documentation.
  • With remote approvers utilizing the GL Distribution Stamp module, coding, and distribution annotation happens with a couple of mouse clicks eliminating the need for handwritten entries which can be misread or transposed. This same data is imported into the voucher entry screen eliminating duplicate entries and potential errors.
  • Matching of invoices to A/P checks is automated for ease of retrieval and research.
  • Forms costs are reduced and the costs associated with filing documents are eliminated.
  • Documents are stored in a centralized, disaster-proof environment with security controls.
  • Courier costs are greatly reduced and invoice approval cycle time is substantially reduced.
  • Off-site storage costs for financial transaction documents are eliminated.
  • Audits are handled efficiently in less time and are less disruptive to employees.

About Epicor

Epicor Software Corporation is a global leader delivering business software solutions to the manufacturing, distribution, retail, and service industries. With more than 40 years of experience, Epicor has more than 20,000 customers in over 150 countries. Epicor solutions enable companies to drive increased efficiency and improve profitability. With a history of innovation, industry expertise, and passion for excellence, Epicor inspires customers to build lasting competitive advantage. Epicor provides the single point of accountability that local, regional, and global businesses demand. For more information, visit www.epicor.com.



Success Highlights:

Challenge

  • Needed an efficient accounting system to centralize their operations and reduce costs

Solution

  • An enterprise system with paperless accounting to reduce the cost of shipping and storage

Why Epicor?

  • Savings of $72,000 in overnight shipping and storage costs
  • Saving in forms costs

Benefits

  • Improved turnaround time
  • Improved tracking system in the approval process

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