07Apr
Author Archive
11Mar
Streamline Your AP Process
Improve your AP Process
Nearly every business deals with Accounts Payable
Oftentimes, the processes in the AP department are heavily paper-intensive and time-consuming. In fact, for most businesses with manual processes, it takes roughly 16 days just to process one invoice. This ends up costing the organization in the form of labor, late fees, and printing and paper costs. An automated Accounts Payable solution can help an organization reduce those costs, keep more of their hard-earned profits and keep employees happy and productive.
Pain points our solution addresses
If anyone in your organization is saying any of the following, then you can benefit from our document capture solution:
• Manual AP processes are slowing down turnaround times and my AP department is
falling behind.
• Our invoices are rarely paid on time and we are almost never able to take advantage of prompt pay discounts.
• We need to be able to increase our processing but we can’t afford to hire more staff.
• Our manual processes are costing us too much in labor and human error.
• Our AP staff is frustrated with the process and they feel like they can’t ever catch up.
Quick stats about manual AP processing
• Average cost to manually process an invoice: $22.75
• Average time it takes to manually process an invoice: 16.3 days
• Percentage of companies with manual processes that can take advantage of prompt pay discounts: 16%
• Cost in labor to find a misfiled document: $120
• Cost to reproduce a lost document: $220
Quick stats about automated AP processing
• Average cost to process an invoice with automated process: $3.40
• Average time it takes to process an invoice with AP automation: 6.1 days
• Percentage of companies with automated processes that can take advantage of prompt pay discounts: 47%
• Automated AP processing greatly reduces or eliminates the issue of lost documents and errors
What can an organization gain from improving its accounts payable department?
• Increase the overall productivity of Accounts Payable staff by eliminating or greatly reducing manual data entry
• Reduce the amount of hours staff spends processing invoices
• Eliminate or greatly reduce the issue of lost invoices
• Trade in late payment penalties for early payment discounts
Example: If your company processes $10 Million worth of invoices and gets 2% net 10 from 80% of your vendors, and you are able to take advantage of the discount on all of them, you’d save $160,000 on your invoices.*
• Reduce the cost of processing an invoice and save significant money in the long-run
Example: The average cost to process an invoice manually is $22.75. If you manually process 1,000 invoices per month, or 12,000 per year, assuming your processing is the same as the average, invoice processing costs your business $273,000 annually. If you switch to automated invoice processing, the average cost to process the invoice is about $3.40, so the cost of processing the same amount of invoices for one year is $40,800. That’s an annual savings of $232,200.*
• Improve the audit process
Who should be thinking about document capture as a solution?
• YOU
• Also…CEO, CFO, CTO
• Accounts payable department manager
• Key accounts payable employees and supervisors
Important features of the capture solution
• OCR to convert scanned documents into meaningful text
• Classification to automatically separate invoices based on vendor >> Accelerated Classification Engine to automatically classify documents and extract data during the workflow without the need for configuration in advance
• Auto Zone Creation to allow the capture solution to auto-place smart zones
• Table Extraction to quickly extract line-item data
• Migration to iView on the IBM I and 60 other ECM systems and the ability to send data to just about any ERP
* These numbers are examples based on averages. Actual cost savings will vary.
14Jan
IRS Tax forms
It’s tax time. Don’t Miss the IRS Deadline. We have forms.
2020 IRS tax form implications
For year-end 2020, a major manufacturer of tax forms has run into some sort of manufacturing snafu which has caused mass delays of tax form orders affecting individuals and several large retailers.
We have been told that many retailers are out of year end IRS tax forms and can’t get restock orders at their locations.
If you’re experiencing delays in getting your tax forms order, contact, Erin at inFORM Decisions today
To see the 2020 IRS form 1099-MISC major changes click here.
Where can you obtain the necessary tax filing forms?
inFORM Decisions offers tax forms in just about every paper median for all your tax season preparation needs. W2, 1099, ACA, and many more are available as blank laser forms, pressure seal forms, continues forms, and more. Please call (800) 858-5544 or (949) 709-5838 Ext.123 to order your 2020 tax form paper and envelopes or email Erin at erin@informdecisions.com.
10Sep
IRS 1099-MISC vs. 1099-NEC
What happened to Box 7 on the IRS 1099-MISC form?
2020 IRS tax form implications
In a move that will impact business owners and tax professionals across the nation, the IRS has released the 2020 Form 1099-NEC. The new form replaces Form 1099-MISC for reporting nonemployee compensation (in Box 7), shifting the role of the 1099-MISC for reporting all other types of compensation. As a result of the new 1099-NEC and redesigned 1099-MISC, the overall process for reporting nonemployee compensation is changing for the 2020 tax year.
The 2020 IRS form 1099-MISC has major changes
Nonemployee compensation (Box 7) has been removed from the Miscellaneous Form. If you typically file any 1099-MISC forms with Box 7 completed, you will need to file Form 1099-NEC for tax year 2020. You must also file Form 1099-MISC for anyone from whom you withheld federal income tax under the backup withholding rules, regardless of the amount for tax year ending 2020. Boxes 7 – 17 have been repurposed. Box 18 has been eliminated.
Introducing the new form required for tax year 2020, Form 1099-NEC
Data previously reported on Box 7 (Nonemployee compensation) of the 1099-MISC, the new 1099-NEC will capture any payments to nonemployee service providers, such as independent contractors, freelancers, vendors, consultants and other self-employed individuals (commonly referred to as 1099 workers) for tax year 2020. This will be required to be reported in Box 1 of Form 1099-NEC for tax year 2020.
Why is the 1099-NEC Replacing Form 1099-MISC (Box 7)?
The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) — enacted on December 18, 2015 – created a unique situation for tax filers. In addition to moving the due date for Form 1099-MISC Forms containing data in Box 7; (nonemployee compensation), from February 28 to January 31, the legislation eliminated the automatic 30-day filing extension. If an employer filed a batch of multiple 1099-MISC forms (potentially with data in Box 7 (nonemployee compensation) and without) after the January 31st deadline, the IRS could mistakenly treat them all as late returns and apply fines.
Beyond the time-management and administrative issues for the IRS to properly process the forms, some misaligned deadlines on the taxpayer side opened the door to fraud. To resolve the various issues, the IRS revived Form 1099-NEC (originally established in 1982), effectively separating Box 7 (nonemployee compensation) from the 1099-MISC, as well as staggering the filing due dates.
What is your next move?
Contact your software provider to ensure compatibility and updates to support the new 1099-NEC form. Form 1099-NEC is not a replacement for Form 1099-MISC. Form 1099-NEC is only replacing the use of Form 1099-MISC for reporting independent contractor payments. According to the IRS, the people for whom an organization should use the new 1099-NEC are those with at least $600 in services performed by someone who is not an employee (including parts and materials) (Box 1). The IRS estimates that 70% of all 1099_MISC filings will require Form 1099-NEC. For tax year 2020, filing 1099-MISC to the IRS and various states is still mandatory for reporting other types of income. State reporting requirements vary by state. Approximately 20 states have indicated support for 1099-NEC. It is expected more states will require it. This translates to an estimated 70 million 1099-NEC filings for tax year 2020. To obtain instructions for Forms 1099-MISC and 1099-NEC (2020), consult the IRS website.
Where can you obtain the necessary tax filing forms?
inFORM Decisions offers tax forms in just about every paper median for all your tax season preparation needs. W2, 1099, ACA, and many more are available as blank laser forms, pressure seal forms, continues forms, and more. Please call (800) 858-5544 or (949) 709-5838 Ext.123 to order your 2020 tax form paper and envelopes or email Erin at erin@informdecisions.com.
01Sep
Positive Pay Can Prevent Check Fraud
Positive pay is a simple but effective way to prevent check fraud
Check fraud is on the rise
In spite of the fact that overall paper check usage continues to decline each year, check fraud is on the rise due to today’s advanced technology that makes it easier than ever to create realistic counterfeit checks. Simple low-tech paper checks continue to lead as the payment type most susceptible to fraudulent attacks. Since they’re passed hand-to-hand on their way to payment, checks remain the most-often targeted payment method by those committing fraud attacks.
Check fraud also accounts for the largest dollar amount of financial loss due to fraud. Paper checks can easily be stolen, duplicated, altered, or cashed illegally. And the payer can be liable for the fraudulent checks as the liability for a bad check can quickly shift to the check issuer and away from the bank that accepts an altered deposit.
There are several situations where organizations can be prevented from seeking restitution from a bank that pays a fraudulent check, especially if the organization did not exercise “ordinary care” in issuing checks. This means an organization can’t count on a bank making them whole after accepting a fraudulent check. All of which calls for a better solution to catching fraudulent checks as they occur. One of the better ways to protect your organization from altered checks is to implement Positive Pay protection, which is available in several IBM i check printing software packages, including iChecks from inFORM Decisions.
Understanding Positive Pay
Positive pay is an automated cash-management service employed to deter check fraud. Most Commercial Banks use positive pay to match the checks a company issues with those it presents for payment. Any check considered suspect is sent back to the issuer for examination. The system acts as a form of insurance for a company against fraud, losses, and other liabilities. There is generally a charge incurred for using it, although some banks now offer the service for free. It protects against altered, forged, and counterfeit checks by verifying the accuracy of a check’s account number, date, and dollar amount when the check is presented for payment.
How it Works
Positive pay is a simple but effective way to prevent check fraud. It stops criminals from cashing fraudulent checks using stolen account numbers. It also catches bad checks where the check amount has been altered or the check has an invalid date.
- Bank customers send a check register file containing check numbers, dates, and amounts to their bank for checks the customer has written.
- When a check is presented for payment, the bank compares the presented check against the customer’s previously transmitted check information for that account.
- The service matches the check number, dollar amount, and account number of each check against a list provided by the company. In some cases the payee may also be included on the list.
- Where there’s a discrepancy between a presented check and check file information, the check will not be cleared. The bank notifies their customer through an exceptions report and withholds payment until the customer tells the bank to accept or reject the check.
Payee Positive Pay
Payee Positive Pay offers even a higher level of fraud protection than traditional Positive Pay. Traditional Positive Pay only includes comparing check numbers, dates, and amounts. It does not include payee verification, to insure the payee name has not been altered. Many banks provide Payee Positive Pay as an added feature to Positive Pay, and that may include additional fees. If you choose payee verification, make sure that your software and your bank both support it. iChecks from inFORM Decisions supports Payee Positive Pay
Transmission File
There are several different transmission methods and formats in which check data can be submitted to a bank. Not all banks use the same transmission format and transfer protocol. And some banks use different formats in different divisions. If your organization is planning Positive Pay, you may have to account for several different check file formats. If you’re implementing Positive Pay on an IBM i contact inFORM Decisions for a check writing package that enables you to produce the correct format for your bank. The file can then be submitted using a variety of transmission protocols such as FTP and sFTP.
Benefits
Although using Positive Pay requires a few extra steps, the advantages for your business are well worth the effort. Consider the many benefits, which include: Lower costs. By significantly reducing the potential for check fraud, Positive Pay can save you time, effort and real dollars.
When checks are printed with iChecks/Positive Pay Software, the process becomes simple. A file containing information such as check number, date, amount, and payee is automatically sent to your bank. When a check is presented at the bank for payment, the bank reviews the positive pay file to see if the check is valid. Funds are released only when the payment details match the exact items on the check file. Check fraud prevention is easy with inFORM Decisions.
Call (800) 858-5544 / (949) 709-5838 or visit us at www.informdecisions.com for more information about Positive Pay or our acclaimed iDocs suite of IBM i products.
21Aug
IBM i + iPDF
iPDF from inFORM Decisions is now even more powerful
Native conversion leverages the power of your IBM i (AS/400) investment to convert *SCS and *USERASCII spool files to PDF or TIFF format with full-color overlays small enough to be emailed or stored – delivering more security and faster processing of documents and reports.
As the evolving impacts of COVID-19 ripple through our communities, we are all facing unforeseen challenges. Expand your IBM I applications with modern functions and save money by digitally distributing reports. Some clients have reduced the paper they print by 90%, saving them thousands each month. iPDF paperless report conversion software will copy spool files to PDF or TIFF easily, dynamically naming, emailing and archiving without programming or additional hardware. Reduce users’ dependence on your IT staff in finding reports or converting them into an electronic format. Automated report distribution and parsing also reduce the number of reports that your IT staff needs to write. Employees save countless hours because they no longer have to file, search, print and mail paper reports.
inFORM Decisions IBM i and Power Systems NATIVE PCL to PDF converter for Spool Files, iPDF, converts standard HP LaserJet output (Printer Control Language) into the popular Adobe PDF (Portable Document Format). IBM native conversion eliminates the need to download to a PC (or secondary server) to process PDF files, thus improving security and speed of PDF document conversion. Much more than a simple conversion tool, iPDF enables report distribution, PDF document archival and retrieval, bursting, sorting and outputting PDF reports and custom business forms in the open PDF standard where they can be easily viewed using the free Acrobat Reader
Benefit from cloud repository services. The PDF attachment can be dynamically assigned descriptive names and deposited on the target IFS, any shared drive, remote PC, Microsoft OneDrive or SharePoint. If you supply user and/or owner passwords scraped from the originating spool file iPDF can password encrypt the generated PDF documents. This would enable viewing only by the intended recipient. Think deposit tickets.
A fully automated solution that always runs when you need it, even outside of working hours, iPDF includes an automatic output queue processing program that will monitor any designate output queue. When any spooled file appears in this output queue it will be automatically converted to a PDF and placed in any desired destination. Usage is even easier utilizing the convenient dashboard monitor to create, start, end and manage all PDF jobs from a single screen. Jobs can also be initiated real-time and submitted using embedded RPG or CL commands.
For a quick product demonstration of how to use the iPDF Monitor to convert your spool files to PDF or TIFF use the link below.
Call (800) 858-5544 / (949) 709-5838 or visit us at www.informdecisions.com for more information about iPDF or our acclaimed iDocs suite of IBM i products.
01Jun
OCEAN Tech Con 20 – inFORM Decisions
Virtual IBM i Tech Conference
IBM keeps rolling out enhancements that not only improve the IBM I platform, but make it easier to use Open source tools. Smart IBM I customers are adapting these new tools rapidly and are requiring some new hires to have some knowledge, not years, of these new features. They also pay a premium for these skills.
Where can you learn these new tools?
OCEAN TechCon20
IBM i Technical Conference
July 22–24, 2020 – Plus On-Demand Sessions available July 27th through August 26th 2020
Three Days of Training, Networking & Insight into the Latest IBM Power Systems IBM i Technologies. Leverage the best of both the native IBM i as well as open platform solutions.
We’re passionate about continuing education on the IBM Power Systems platform !
Join Document Management Specialist and IBMi Professional
Orlando Ferrer,
as he shares how inFORM Decisions has been successfully helping IBMi customers automate the processing, distributing, storing, retrieving and sharing of documents natively on the IBMi. See how managing documents goes beyond printing and emailing spool files. Learn about the benefits of using an alternative to the cumbersome and obsolete AFPDS/IPDS printing. Find out how customers have benefitted from strategically managing documents & reports being distributed directly from the IBMi. Discover the power of converting inbound documents into useful information that can be used to run your business more efficiently while eliminating the need for file cabinets. Instead, your laptop or desktop computer can record your business transactions, send and store documents, and keep your financial records without taking up any added space. Multiple staffers can access authorized documents simultaneously boosting efficiency.
Find the complete #OceanTechCon20 details here.
Call (800) 858-5544 / (949) 709-5838 or visit us at www.informdecisions.com for more information about our booth at the conference. Hoping to see you there!
22May
So…what is a workflow software?
Workflow is a generic term for a process or for the movement of information or material from one activity to another. So, what does that actually mean? Consider the inbox and outbox on your desk. These are true signs of a paper-based, inefficient business process. Imagine an office where the flow of work is all digital, and at any moment you can see the status of a work item, and who has it for tasking. Workflow has the ability to take any business process (including emails), and create a digital copy. Want to have an approvals inbox for all your invoices? No problem. Need to have contracts flow through your organization for a review process? With workflow, it’s a snap.
Simply put, workflow software provides organizations with unique technology that allows the creation of new working environments that will vastly improve the speed and efficiency of their operations. Typically, a workflow software will be used to define and manage a company’s processes and uses integrations with common day-to-day applications to execute them accordingly. Changing or altering a process becomes a simple point and click operation..
Many companies that have used workflow software successfully also claim that it has assisted them in improving productivity, increasing visibility and evenly distributes accountability. The workflow software solutions were first introduced to the tech world way back in the 1990’s and have since been gaining in popularity each year.
Since then, workflow software is required to comply with Business Process Management (BPM)’s integrated collection of critical software technologies. BPM refers to aligning processes with an organization’s strategic goals, designing and implementing process architectures, establishing process measurement systems that align with organizational goals, and educating and organizing managers so that they will manage processes effectively. BPM can also refer to various automation efforts, including workflow systems, XML Business Process languages and packaged ERP systems. The versatility of these software solutions is preferred as it enables companies to collaboratively work on designs, development or the execution of certain cycles.
Workflow automation software has vastly improved and evolved over the past couple of decades as more software companies are realizing the benefits of developing workflow technologies. It’s important to keep in mind that the majority of the most reputable workflow software solutions allow you to take the software for a “test drive” before making a costly commitment.
Especially now, with businesses offices closed and everyone working from home, workflow solutions become more and more critical to survival. So, go ahead and find the workflow software solution that best fits the technology needs of your business! Looking for an advanced Business Process Management and Workflow tool? Inform Decisions offers iWorkflow, a native IBM i workflow system as well as K2 Workflow, Forms, Data and Reports, Business Process Apps outside the IBM world.
Call our experts today. (800) 858-5544 / (949) 709-5838 or visit us at
informdecisions.com for more information about our paperless solutions and document automation.
22Apr
Earth Day 2020
It’s Earth Day!
Today commemorates the 50th anniversary of Earth Day. As a business that specializes in document management and imaging products, inFORM Decisions plays a major part in reducing the amount of industry generated paper-waste. We provide customers with the means to properly eliminate paper in the workplace and take the necessary efforts to protect and conserve Earth’s natural resources.
Join us in helping to create a healthier planet. IFD’s Green Manifesto highlights 8 specific commitments we’ve made as a company and as individuals. Check out more about how inFORM Decisions contributes to sustainability by visiting our Green Policy page.
Call (800) 858-5544 / (949) 709-5838 or visit us at www.informdecisions.com for more information about our paperless solutions and document automation.