Barnwell Services improves cashflow
New document management system increases efficiency
M Barnwell Services Ltd, a specialist in the distribution of sealing products, has improved cash flow by £200,000 and enhanced company-wide efficiency by implementing document management systems from Version One.
The systems enabling the electronic design, delivery and storage of statements, purchase orders and invoices.
Tim Stanley, Financial Controller from M Barnwell Services said: 'We needed to save money and also to make our staff more effective. Too much staff time was spent paper chasing which doesn't add value and so we wanted to free them up to do more productive and rewarding tasks like chasing payment.'
With the new systems in place, M Barnwell produces statements, purchase orders, invoices and pro-forma invoices directly from the desktop. These documents are then delivered by automated fax and at the same time, copy sales invoices and purchase orders are automatically stored in the electronic archive.
'We can send out statements immediately at month end and with staff freed-up to chase debt far sooner, debtor days have been reduced by 5 days, improving cash flow by an incredible £200,000,' said Stanley.
'We produce over 1000 statements a month which used to take staff 4 hours to print out and a further 2 days to fold and put in envelopes. Now, emailed statements are delivered within minutes and faxed statements are automatically sent overnight, saving nearly 20 hours of staff time every month.'
'When 10,000 purchase orders and 50,000 sales invoices every year are also taken into account, accumulatively we're saving huge amounts of staff time. We're also cutting costs by over £15,000 per year by dramatically reducing pre-printed stationery, envelopes and postage charges,' said Stanley.
What do you think? Email us at fee [email protected]
Futher Reading:
Fire retailer ignites electronic document processes