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2018 Annual Report • Finance Department • St. Anthony Village, Minnesota <br /> <br /> <br /> <br />20 <br /> <br />IV. Technological Advances <br />CHECK SCANNING AND ELECTRONIC DEPOSIT TECHNOLOGY SAVES TIME <br />Remote deposits are a growing trend today. To reduce staff time involved in recording, <br />preparing, and actually making the drive to the bank for a deposit, check scanner technology <br />was implemented at City Hall. The check scanner enables on-site electronic deposit and moves <br />from paper to an electronic deposit process. Currently, the Finance department <br />processes approximately 1,955 checks every quarter. Checks are securely <br />scanned in as they come and staff transmits the deposits to the bank <br />electronically at the end of the day. The deposits post to the City’s <br />bank account the next business day versus what could take up to 2 <br />to 3 business days in the past. <br />Not only does the check scanner securely store electronic <br />deposited paper checks, it can also detect duplicate checks. This mitigates fraud risk and <br />strengthens internal control. In addition, costs associated with paper are reduced since reports <br />can be accessed electronically now. By speeding up deposit process with the new on-site check <br />scanner, staff can be more efficient with their time. Savings on time means savings on money! <br />ANOTHER STEP TOWARDS LESS PAPER <br />The Finance Department staff shared spent the later part of 2018 implementing paperless invoice <br />processing. This is a new feature of the accounting software that allows for invoices to be <br />approved and readied for payment electronically, rather than paper being passed from person to <br />person. Finance staff had previously completed this paperless invoice implementation at the <br />MWMO. The city’s partnership with the MWMO allowed staff to design, test and implement a <br />new tool on a small scale before doing so city-wide. This has led to a smooth transition at city- <br />hall and a better designed <br />process through the hands-on <br />experience gained on a smaller <br />scale. This new process will <br />eliminate a significant amount <br />of paper storage, and <br />eliminating the time spent filing <br />paper invoices to vendor files.