Anybill, Inc., the leading provider of turn-key, on demand Accounts Payable services and software to small and medium sized businesses announced today that Boston Private Bank & Trust Company has selected Anybill to fully automate its Accounts Payable process.
Boston Private Bank began to consider replacing its manual invoice management methods with an automated Accounts Payable platform about eighteen months ago. Timothy Rowell, Boston Private Bank’s Project Manager, supervised the institution’s year long Accounts Payable due diligence research. “Our Accounts Payable process was entirely paper-based, which presented unnecessary time and cost inefficiencies,” noted Mr. Rowell. “We wanted an Accounts Payable specialty firm with a comprehensive platform that would give us real time invoice tracking with a completely electronic invoice approval process and ensure the best possible payment schedule.”
Anne Randall, Boston Private Bank CFO, established the overarching requirement that the new process must perform all Accounts Payable functions–from invoice receipt to invoice payment. Boston Private Bank sought a complete, web-based and dedicated solution, one that would be more than just document management. “Numerous products that we examined could perform some piece of the Accounts Payable function–but, only Anybill delivered the complete end-to-end accounts payable solution we required,” said Tim Rowell.
Mr. Rowell noted that when the Anybill platform becomes active at the end of 2008, he anticipates excellent reaction from Boston Private Bank employees. “I expect very positive feedback from our staff to the Anybill implementation. In fact, I am confident that Anybill will set the stage for other business process changes we might choose to make in the future.” The benefits of Anybill will include:
-Improved Control. Anybill’s on demand Accounts Payable optimization ensures that we can track any invoice or payment.
-Reduced Risk. Anybill’s SAS 70 (Level II) certification will help ensure that our risk mitigation procedures are state of the art.
-Our 90+ approvers and other key staff will gain a more efficient process for managing the invoice approval and payment process.
-Our Accounts Payable staff expects a 25-40% overall savings in time, allowing them to focus on more important, value-added tasks.
-Guaranteed on time payments with improved opportunity to discount our bills.
About Boston Private Bank & Trust Company
Established in 1987, Boston Private Bank offers deposit and cash management services, residential mortgages, investment management services, and commercial banking for both individuals and businesses. The bank is a leader in residential lending, lending in all six New England states, and provides commercial banking services to many of New England’s leading small and mid-size corporations. Under its Accessible Banking program, the bank is an active provider of real estate financing for affordable housing, economic development, and small businesses. Boston Private Bank’s investment management emphasis is on mid to large cap equity and actively managed fixed income portfolios. For further information, visit www.bostonprivatebank.com.
About Anybill, Inc.
Since 1998, Anybill has been developing and delivering the most secure, comprehensive and advanced suite of Internet-based Accounts Payable Software-as-a-Service to small and medium sized companies, accounting firms and tax-exempt associations and other not-for-profit organizations. Anybill’s unique back office business process enables users to save time and money through workplace automation, instant data visibility, financial transparency, records security, fraud protection and contributions to the conduct of financial audits. Anybill is based in Washington, DC and has a Western Region office in San Mateo, California. For more information about Anybill, visit www.anybill.com.