Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that Parsippany, NJ-based American Financial Resources, Inc. (AFR) has realized significant operational savings through its use of the ApprovalSoft® system to manage vendor invoices and streamline internal approval processes.
Read More: Equifax Launches Innovative New Solutions for Credit Monitoring and Identity Theft Protection
American Financial Resources Gains Tangible Operational Savings Through Advantage Systems’ ApprovalSoft Mortgage Accounting Solution
The capability for vendors to directly interact with the system is a key benefit for AFR. Lisa Gerhard, Accounting Manager at AFR, explained, “Most of our vendors email their invoices directly to ApprovalSoft. Then, the system uses the inbound email to automatically start a payable item and attaches the PDF of the invoice. For our common vendors, ApprovalSoft also chooses the default expense account.”
“The upload invoices at loan level feature is huge for us, especially for the larger invoices that have small amounts per loan, but for hundreds of loans,” said Gerhard. AFR estimates that ApprovalSoft saves its staff the time equivalent of a full-time employee in its accounting department, delivering significant ROI.
Read More: A Quick Review on Some of The Biggest Global Fintech Mergers & Acquisitions
Through its data-driven design, ApprovalSoft facilitates the control of any type of approvable document, including company records, vendor invoices, journal entries, cash receipts and even engineering changes. Developed to address mortgage lenders’ unique business needs, Advantage Systems has recently invested in a redesigned ApprovalSoft website to further support its customers and partners in the industry.
“We designed ApprovalSoft to allow companies, like American Financial Resources, to streamline internal approval processes and easily manage any type of approvable event,” said Brian Lynch, President and Founder of Advantage Systems. “Working with AFR for over 7 years, we are thrilled that their accounting team continues to report excellent results from their use of the system.”
Read More: Banks Are Experiencing a Kodak Moment: Lessons Learned from a Fallen Giant
