Admiral to Set Sail with Fully-Automated Purchase-to-Pay Processes

Admiral Group is fully-automating its purchase-to-pay (P2P)processes with Version One s document management technology (www.versionone.co.uk).The Admiral Group, which provides insurance services via its six brands Admiral,Diamond, Bell, elephant.co.uk, Gladiator and Confused.com is going live withVersion One s full portfolio of document management and imaging solutions. Version One s technology, which is being implemented into Admiral s existing SageEnterprise accounting system, will enable Admiral to move from time-consuming,manual-based P2P processes to a fully-automated P2P cycle. As well as considerablyimproving efficiency, this will cut costs, provide the finance department withgreater control and free-up both storage space and data entry clerks time. Admiral s current purchase-to-pay processes involve the manual data entry of invoiceinformation and passing invoices around the organisation for signatory approval.Once an invoice is approved, a cheque is raised and this, together with theremittance advice, is printed-out and posted. All paid invoices are stored away inon-site filing cabinets and after six months are shipped to an off-site archivefacility. Coralie Poumel, Admiral s Financial Controller says, These processes arelabour-intensive, inefficient, costly and prone to both data entry errors and lostinvoices during the approval process. With Version One s technology in place, Admiral will image all purchase invoicesusing a Kodak scanner. These invoices will be stored in the electronic archive andautomatically processed, with the data on the invoices being intelligently read andverified against the Sage system. The invoices will then be automatically sent forapproval and coding within the accounts department and then for approval to therelevant department managers, who will be able to view the imaged invoices viaweblinks. Once authorised, the purchase invoices will be paid by BACS-IP and theaccompanying remittances will be delivered either by electronic mail or automatedfax. Poumel says, By automating purchase-to-pay, huge amounts of paper will be removedfrom the process. The finance department will no longer need to chase paper invoicesaround the company during the approval process, provide copy invoices and print,envelope and post cheques and remittances. The filing and retrieval of paperinvoices will also be eliminated and time spent manually entering invoice data willbe significantly reduced. After gaining approval from HM Customs and Excise, Admiral will image and thendestroy all invoices, eventually eradicating its costly offsite document storagefacility. Poumel adds, We ll improve purchase-to-pay efficiency ten-fold and maintain fargreater control over the invoice approval process, enabling faster paymentprocessing. We ll also save over 3,000 each year by eliminating cheque payments. -Ends- Notes to Editor Images available upon request About Admiral Group Plc. www.admiralgroup.co.uk Admiral Group is a 708.2 million turnover company. In June 2006, the Group had over1 million customers, 2000 members of staff and six brands, as follows: Admiral - the Group s first brand, set up in 1993 - mainly targeting those whotraditionally pay higher than average premiums, including drivers under-35 and thoseliving in big cities. www.admiral.com Bell - set up originally as Bell Direct in 1997 - its main target market beingdrivers with low no claims bonus. www.bell.co.uk Diamond - created for women in response to a need in the market place for insurancespecifically for young women drivers, which is not only good value, but also ashassle free as possible. www.diamond.co.uk elephant.co.uk - is the UK s first wholly online car insurance service. The brandpasses on cost savings generated by being an online brand to customers in the formof lower premiums. www.elephant.co.uk Gladiator - is the Group s commercial vehicle insurance broker that was launched inApril 1998. The Company acts on behalf of several of the largest commercial vehicleinsurers in the UK. www.gladiator.co.uk Confused.com - is an intelligent, automated car insurance shopper. Customers inputtheir details once, and receive quotes from all the major car insurance websites.www.confused.com In 2006, Admiral went International with the launch of a Spanish operation, www.balumba.es About Version One www.versionone.co.uk Version One Ltd is the author of electronic document management and imagingsolutions. These solutions enable the electronic storage, retrieval, management,enhancement and delivery of business documents such as invoices, purchase orders andstatements. This 'paperless office' technology is seamlessly integrated into allmajor 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 paperconsumption whilst saving dramatic amounts of time and money. Contact:Liz Ebbrell, Version OneLiz.ebbrell@versionone.co.u k +44 (0)1625 856505 or 07917 634 705

Source: Express-Press-Release.com

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