Utah's #1 Homebuilder Ivory Homes Minimizes Errors & Expedites Invoice Processing with AP Automation
You don’t achieve the title of “number one homebuilder in the state” without a lot of happy customers and Ivory Homes, a top-rated, Utah-based homebuilder, has thousands of them after leading the Utah market for 33 consecutive years.
But that sort of success can come at a price if you’re using paper-reliant processes. That was the position Ivory Homes found itself in: drowning in paper and struggling to manage their growing volume of invoices. So, the business went on a search for a digital solution to their paper problems.
An All-Too-Common Story: Paper-Based Processes Hindering Success
Ivory Homes needed an accounts payable (AP) solution to replace the paper-bound processes it had outgrown. The drawbacks were piling up as fast as the stacks of paper: duplicate and lost documents, an ongoing struggle to manage the growing volume of invoices, and a staggering 170 linear feet of 3-foot deep, 6-foot-tall filing cabinets. At the time, even email invoices were printed and placed in files for AP clerks to sort and endure hours of manual data entry. Even the digital documents were generating paper bottlenecks.
The issues Ivory Homes was facing are not specific to the construction industry. Any company that still relies on paper for AP invoice processing can find themselves facing the same, substantial challenges. An estimated 70% of invoices are still processed manually today, weighing down accounting departments with time-consuming data entry. Not only does this create poor financial visibility, but manual data entry is often riddled with errors and incompatible with line of business (LOB) systems.
Ivory Homes struggled with most of these issues. The company’s reliance on paper made tracking financials a time-consuming process. When Controller Nick Jeppson joined the company, he knew the labor-intensive accounts payable system in place wasn’t sustainable. He saw the connection between the piles of paper, the scrambling AP team and the costly errors that continuously emerged.
“The straw that broke the camel’s back was when an AP clerk who was rushing to enter an invoice we received for a few thousand dollars accidentally keyed it in with a few extra zeros,” said Jeppson. “Overpaying by a factor of 100 was the moment we decided to get an outsourced solution.”
The Most Common AP Challenges
- Excessive, costly manual paper handling
- High error rates in key invoice data extraction
- Lost and duplicate invoice issues
- Hazy visibility into AP status
- Workflow exception failures
- Weak internal controls
- Ineffective enterprise resource planning (ERP) and LOB system integration
A 21st Century Solution to Paper Bottlenecks
After speaking with several other companies, Jeppson landed on MetaSource and saw a good fit in our team’s deep expertise in AP automation software along with the visibility it provided. MetaSource designed and implemented a solution that enables Ivory Homes to electronically cross-reference invoice line items with content from budgeting sheets. This has drastically reduced their number of errors, turnaround times and costs.
“It’s made our budgeting manager much smarter at his job,” said Jeppson. “He has the tools he’s always wanted, and we’ve saved so much money.”
One of the best outcomes from the new technology, Jeppson said, was that AP clerks went from data entry to data validation. This shift substantially reduced errors and cut what had been a 21-day process down to just 3 days.
And the benefits don’t end there for Ivory Homes. Since partnering with MetaSource and implementing a custom AP automation solution, the company has reaped several advantages, including the following.
Key Benefits of AP Automation
- Cloud-based, same-day invoice approval
- Paper reduction and elimination of paper storage
- Clear visibility into budgeting
- Accelerated invoice processing and increased efficiency
- Improved invoice management, even during high-volume periods
“It’s made our budgeting manager much smarter at his job. He has the tools he’s always wanted, and we’ve saved so much money.”
Nick Jeppson
Controller, Ivory Homes
An Experienced AP Partner for Enhanced Productivity
MetaSource has deep expertise with AP software. Our team of industry experts works closely with clients to identify organizational needs, develop and implement solutions, and assist with the ongoing management of digital platforms.
Our primary goal is to empower accounts payable teams with end-to-end AP automation solutions. We can assist you in eliminating manual data entry with optical character recognition (OCR), machine learning and natural language technology. With up to 95% accuracy, we can classify, separate and extract unstructured data from invoices and other documents. The result?
- Increased employee productivity and operational flexibility
- Lower processing costs and optimized cash management
- Faster invoice processing with reduced error rates
- Strengthened internal controls and greater process visibility
MetaSource partners with organizations to customize solutions to your exact needs. We optimized AP invoice processing for Ivory Homes, and we can do it for you too.
About Ivory Homes
For over 33 consecutive years, Ivory Homes has been Utah’s number one homebuilder. With an organization-wide commitment to bring affordable, high-quality, personalized housing to Utah residents, Ivory Homes has provided optimal services to over 20,000 homebuyers since 1988. The homebuilder offers a variety of housing options—from luxury apartments to townhomes to single-family homes. With over 70 communities, more than 100 home designs and over 45 model homes to choose from, Ivory Homes offers opportunities for prospective homebuyers of all kinds.
About MetaSource
MetaSource delivers intelligent document management, workflow automation, and business process management solutions to help organizations streamline processes, ensure compliance, and improve efficiency. With over 30 years of experience, MetaSource successfully meets enterprise needs with secure, reliable software and managed services.