NEW YORK - Jun 24, 2014
Infor, a leading provider of business application software serving more than 70,000 customers, today announced that Allina Health, a health care system of 12 owned and jointly owned hospitals and more than 90 clinics throughout Minnesota and western Wisconsin, has successfully gone live with Infor Lawson Cash and Treasury Management. Infor Lawson Cash and Treasury Management is a single, centralized application that manages cash reconciliation and position, bank administration and fee analysis, and helps an organization to improve its ability to understand cash positions and take effective action.
"We've saved a tremendous amount of time by just having a single, centralized platform to manage cash. The teams have all of the data they need in a singular place, simplifying complex tasks and allowing them to work more efficiently," said Bill Imholte, finance manager, Allina Health. "For example, Infor Lawson Cash and Treasury Management has provided our accounting team with more insight and visibility into daily numbers - a process that used to take a few days to aggregate. We've saved the accounting team hours of work during the critical month end cycle by being able to interface directly into General Ledger the morning of the second working day. This is two to three days earlier than our manual process."
This real time cash positioning brings together prior day bank account balances and intraday bank activity in order to calculate the projected closing balance for the main operating bank accounts at Allina Health. Users can view daily cash position in summary or detail by bank, account, or location, affording for more accuracy in reporting structures and consolidating processes.
In addition, Allina Health is able to better manage bank relationships, analyze bank fees and keep accurate track of bank accounts and contacts, including internal resources and permissions. Infor Lawson Cash and Treasury Management provides tools to maintain audit trails, track correspondence, and attach documents for later reference, including notifications about account changes.
"By being able to monitor every cash transaction for accuracy and timeliness electronically, our organization has been able to increase efficiency with faster access to data. We are able to eliminate any potential errors or human oversight throughout the entire process, giving us more confidence in our reporting." said Jerome Houizot, manager, Treasury Services, Allina Health.
Also, Allina Health now reconciles Accounts Payable checks with the Cash Ledger daily, rather than monthly, and it takes roughly five minutes. Reconciling it daily with Infor Cash and Treasury Management makes it much easier to identify and act on abnormal transactions on a timelier basis.
"Healthcare organizations need to be able to skillfully manage working capital in order to see its current cash position and as a comprehensive whole to build and execute effective short and long-term plans," said Suzanne Wilt, industry and solution strategy director, Infor. "Cash management principles can be very multifaceted, and leave room for error if transactions, bank accounts, and systems are not managed and monitored properly. Infor Cash and Treasury Management provides the tools needed to streamline the reconciliation process, optimize working capital and provide an overall more reliable picture of a current and future cash position."
For more information please visit https://www.infor.com/product_summary/fms/lawsons3financialmanagement/
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About Allina Health
Allina Health is dedicated to the prevention and treatment of illness and enhancing the greater health of individuals, families and communities throughout Minnesota and western Wisconsin. A not-for-profit health care system, Allina Health cares for patients from beginning to end-of-life through its 90+ clinics, 12 owned and jointly owned hospitals, 15 pharmacies, specialty care centers and specialty medical services that provide home care, senior transitions, hospice care, oxygen and home medical equipment, and emergency medical transportation. Learn more at allinahealth.org.
Infor is fundamentally changing the way information is published and consumed in the enterprise, helping 70,000 customers in more than 200 countries and territories improve operations, drive growth, and quickly adapt to changes in business demands. Infor offers deep industry-specific applications and suites, engineered for speed, and with an innovative user experience design that is simple, transparent, and elegant. Infor provides flexible deployment options that give customers a choice to run their businesses in the cloud, on-premises, or both. To learn more about Infor, please visit www.infor.com.
Infor customers include:
- 19 of the top 20 aerospace companies
- 12 of the top 13 high tech companies
- 10 of the top 10 pharmaceutical companies
- 21 of the 25 largest US health delivery networks
- 16 of the 20 largest US cities
- 84 of the top 100 automotive suppliers
- 31 of the top 50 industrial distributors
- 5 of the top 9 brewers