- Location: Winston-Salem, North Carolina
- Industry: Financial services
- Number of Locations: HQ + 24 branch offices
- Web site: www.truliantfcu.org
Truliant Federal Credit Union Automates AP Process and Improved Vendor Relationships
"Our company continues to grow, but we have not needed to add staff to the department because of doc-link."
Ruth Browder, Accounting Manager | Truliant Federal Credit Union
Truliant Federal Credit Union was founded in 1952, in Winston-Salem, North Carolina. It currently serves over 180,000 members-owners from various communities, along with those from more than 850 businesses and organizations. Like all credit unions, Truliant is a not-for-profit financial institution that provides individuals and small businesses with a full range of convenient and innovative products and services, including checking accounts, online banking, certificates and businesses, auto and home loans. Member-owners of Truliant enjoy the benefits of a financial institution that traditionally charges lower fees, pays higher dividends on savings, and has lower interest rates on loans than other financial institutions.
Ruth Browder, accounting manager of Truliant Federal Credit Union, was excited about the company's purchase of their financial system and the improvement it would bring to her department. She didn't expect the other opportunities that a relationship with Epicor would offer her. One of these opportunities was a way to go paperless in the finance department using Altec's doc-link solution.
Truliant was having a great deal of difficulty managing their AP process in a manner that would allow them to pay their vendors in a timely fashion. "The finance department was unable to control the time it took to process vendor invoices. Invoices were going directly to our branch offices, and many times when the finance department did receive the invoices from the field, the bill was already late," said Browder.
Epicor immediately recommended doc-link. "doc-link's proven integration to our Epicor Enterprise accounting system was critical to our decision making process. We wanted to link our accounting data to these images without any additional effort. doc-link came highly recommended by Epicor, and it was the obvious choice."
Truliant now captures images of all invoices and checks, and links them together through doc-link's integration. "We've given our 24 branch offices access to doc-link. When branch managers have questions, they no longer call our department. They get the answers that they need when they need it."
Truliant recognized the benefits of the centralized payables process and implemented doc-link to achieve their goal of greater visibility and control. "We are running about 70% of our invoices paid on time and the rest were late. Using doc-link, we are now paying at a 99.9% on-time rate."
Truliant is also processing 900 invoices per month with a single AP staff member. "Our company continues to grow but we have not needed to add staff to the department because of doc-link." In addition to improving vendor relationships, Truliant has also improved internal relationships. "We have started doing our employee expense vouchers through Epicor ACH and doc-link. The employees love it because they get their expense money reimbursed in half the time it used to be late."
"We are all about saving money and becoming more efficient in the accounting department, in every way we possibly can. Epicor and doc-link are so complimentary of each other. As we continue to emphasize efficiency in all facets of our operation, doc-link has proved to be a lifesaver. We've been able to save time and money while increasing productivity by utilizing features that before were unavailable to us. We now rely on doc-link as a vital organization tool," stated Browder.
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.