Financial and Accounting case study

Financial Services Case study

Financial and Accounting services

Case study details

For this case study, our client is an Financial and accounting service provider

The Customer provides accounting services to various customers and companies. They also deal with external parties for which they process medical and insurance claims

Claims and applications are received via various input methods

The challenge

The Customer business challenge was to process various document types:

  • Annual financial statements
  • Trial balances
  • Personal tax documents
  • General invoice capture

40% were received by courier from various locations in paper format and 60% of the documents were ere received electronically email into various email mailboxes. Email boxes shared amongst various consultants. Multiple attachment types including PDF, TIF, JPEG, DOC, EXCEL etc. was received.

Consultants using their accounting package to index all these various document types. Documents remained within outlook as the "document management system". The email attachments in many cases had to be printed to enable indexing.

Turn around time for these document indexing was hours to days as the manual processes took up a lot of time. Especially the financial statement s and trail balance document, with many values. Once the documents were indexed, the email would be marked as read.
Turn around time on indexing and claims claims was between 72-120 hours

Solution

DCM EasyDocs was implemented in an on-premise solution to capture, classify, and extract data from the financial statements, trial balances, invoices and claim documents.
First step was to consolidate and automate the incoming documents and the conversion to a standard processing format. Automated email extraction was configured whereby multiple email mailboxes could be monitored. New email bodies and attachments are automatically extracted and converted to PDF files for further processing. Via the central importing module all scanned documents and email are processed and batches are created without any user input.

Document classification and template matching is applied to the documents to assist with the indexing process. Templates where created for document types that are regularly used. Documents are presented in a central capture interface with all documents securely store on the server and no local document processing is required.
Consultants can view the imported documents and perform index and data validations. Documents that were successfully classified and validated will be automatically saved for further processing

On completion the documents are automatically exported in to various formats for importing into the accounting system
Turn around time of most of the documents is 2 -5 min per claim that must be indexed manually
This allows for a lot of time staff members can then spend on helping the business grow in different ways. DCM has not only saved time in processing of the documents but increased the speed of the data input and the processing of the claims

Benefits

With DCM EasyDocs any file or document could be easily processed
Increasing staff productivity and time management
Delays looking for files and retrieving them was decreased by hours and sometimes days.
The paperless office saved the storage, printing and copying costs, was almost eliminated

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