Nelnet, Inc. modernizes accounts payable for more productivity in the face of growth
Nelnet, Inc. is a US-based conglomerate that offers a variety of business and educational solutions to students, families, and organizations. Once an education financing and planning company, Nelnet has continued to grow and diversify its offerings. These changes, however, added complexity in the accounting department, which handles numerous check requisitions for internal and external clients on a daily basis.
When Bottomline Technologies conducted an analysis of the accounts payable (AP) department, they found several issues that impeded service. The department’s paper-based procedures required a slow, error-prone approval and oversight process. Because the documents passed from person to person, they were difficult to track and hard to retrieve if stored in the wrong location. These inefficiencies caused Nelnet to incur penalties for late payments and resulted in a decrease in cash flow.
Bottomline’s Transform AP for Microsoft Dynamics GP
Nelnet chose Bottomline Technologies’ Transform AP® to streamline processes while using existing hardware and software. This accounts payable invoice automation system is designed to leverage the document management strengths of the SharePoint® platform. For example, the system leverages SharePoint to allow finance staff and non-finance approvers and coders to view invoice details via a standard web browser.
Unlike invoice automation systems that call for significant hardware and software additions, Transform AP sits on SharePoint and easily integrates with Microsoft Dynamics® GP. It bridges gaps in payments processing by importing paper and electronic invoices into one system. This solution makes accounts payable highly visible, uses a nearly instantaneous approval process, and includes a full suite of auditing and reporting tools.
Since switching to Transform AP, productivity has improved for the accounts payable team, which increased its payables volume without adding new staff and decreased remote processing time by 80-90 percent. Processes that used to take two to six days now take a single day. With a single system for paper and electronic origination, coding and approval processes, Nelnet can ensure automatic adherence to compliance requirements.
In the Customer’s Own Words
“With less manual effort and automated integration into our ERP system, Transform AP helps individuals do their jobs more effectively.”
Darrin Jameson, Director of Transactional Accounting, Nelnet, Inc.