Ryder Cuts the Cost of Check Signing with Wycom
Manual check processing is riddled with problems – including inefficient and error-prone duplicate data entry, mundane tasks that tie up staff resources, and high costs for pre-printed check stock. Faced with those very issues, Ryder Transportation’s accounts payable department turned to the Wycom Premier for a better approach.
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Ryder implemented Premier in mid-2004, automating what was previously a manual process for signing and printing 6,000 to 7,000 checks each month. Accounts Payable Team Leader Sheila Cobb explains why Ryder needed a more streamlined solution.
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“Before, we were keying in the check data twice: once into Quicken, and again into our Walker accounts payable system,” she says. “We generated the checks on a dot matrix printer on expensive pre-printed stock, and then one Team Leader had to manually sign each one. If the printer jammed, we wasted check stock and had to void it and start over. The whole process took a lot of staff labor.”
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Saving Time & Money
Ryder chose Wycom Premier to provide a faster, easier, and more cost-effective solution. To streamline the process, Wycom’s technical staff worked with the Ryder IT team to create an interface between Premier and the Walker AP system. Now, checks are created in the AP system once and feed automatically to the Wycom unit.
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“The biggest benefit is the improved efficiency,” Cobb says. “With our AP system interfacing to the Wycom Premier, we’ve reduced the handling time for our check processors and eliminated duplicate data entry and the errors it can create.” With less manual work, Ryder reduced its head count by one person immediately. An additional open position has yet to be filled, cutting the department’s staff expense further.
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Check signing is especially efficient, since Premier is pre-programmed to electronically sign checks up to an amount specified by Ryder. “We started out having checks up to $2,000 signed electronically,” Cobb explains. “Then we assessed our volume and found it made sense to increase the limit to $5,000.” By greatly reducing the number of checks signed manually, Premier has freed up the AP Team Leaders for more important tasks.
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Besides the head count reduction and improved efficiency, Premier has saved Ryder money in other ways. Ryder now prints checks to a laser printer using the MICR Laser Printing option, eliminating the need for pre-printed stock.
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“By printing to blank safety paper, we’re saving about 60 percent on the check stock alone,” Cobb says.
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Improved security is another big plus for Ryder. Checks can only be released for printing by a Team Leader using the Wycom unit’s exclusive, double-key security system. “It doesn’t matter who creates a check; no one can release it except a Team Leader,” she says. The blank check stock is another safety improvement, eliminating the need to lock up checks.
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Wycom Premier also affords Ryder the flexibility it needs on several levels. Premier supports multiple bank accounts, allowing Ryder to generate on-demand checks for its six different accounts. Each account’s checks are customized with the name of the Ryder entity and the appropriate bank name, and all checks print with the Ryder logo.
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“We’re very happy with how Premier works – so much that we’re encouraging another department in the company to implement it,” Cobb says. “It’s made our work much easier and saved us money in the process.”