Seven Years’ Worth of Paper
It gets even more complicated because of record retention. By law, they are required to retain all A/P invoices for seven years, which meant a warehouse with several pallets for each year of invoices. “If we didn’t have room in our current building we probably would have had to rent additional space just to store files,” Syvinski says.
Mike Broome, CFO, agrees. “It was very labor intense in filing and processing those invoices daily. It was also very labor intense to archive those invoices at year-end. And just the retrieval of information—if we had a vendor or supplier call with a question, it was not easy to retrieve the required documents.”
With all these paper pain points, it made sense to look into going paperless. They compared several paperless companies and chose eFileCabinet. “We liked the ease of the workflow of it,” says Kathryn Zechman, Tax and Compliance Manager. “And we liked all of the individual support that was available.” NC Mutual worked closely with the Implementation Team and the transition went smoothly as they set up templates and electronic cabinets.
They started their paperless transformation in their particularly paper-heavy Accounting Department. “Our goal initially was to implement in the Accounting Department as we thought it would provide immediate payback and create success,” says Broome. “As we implement, it triggers other potential areas of opportunity—other places we can streamline operational issues.” They plan to roll it out next in Human Resources, followed by the Sales and Merchandising Teams.