Virtually every company relies on selling. Whether products or services - and sometimes both - purchase payments are the lifeblood that keeps business pumping. But what is often overlooked is how important back-end activities are to business growth and success. Accounting departments oversee purchasing responsibilities, and without efficient, accurate bookkeeping, business would not survive. If collections weren't accurately recorded, it would look like they never happened at all. The key to creating a productive Accounting department is to develop a strategy that allows staff to route, track and review business-critical data easily, efficiently, and with minimal resources.
As technology continues to rapidly evolve, document management is without question one of the top considerations for business growth. But the real question is which document management partner is the right one for you? When looking for a document management solutions partner that will open the door to new opportunities, there are three must-have qualities to consider. The following considerations will not only ensure successful solution implementation, but will end up being the “triple threat” in your organizations long-term success:
In The Simplicity of Capture Automation Part I, we talked about the significant impact document capture has on organizations. Today we discuss ongoing business challenges and how capture automation works to solve those challenges, specifically in three key departments.
Even within the world of rapid technology advancement, paper isn’t going away anytime soon. This is especially true in Accounts Payable (AP) departments. While the amount of invoices received differs based on company size, number of vendors and industry, AIIM research finds that invoices represent around 77% of business documents. A typical AP employee spends on average 30-40% of their time mining invoices for information, proving that manual data processing is an ineffective use of time and resources.
Every business has invoices to pay. Whether one clerk or a team of 20, the Accounts Payable (AP) process is universal and one of the most heavily stricken by paperwork. The constant influx of invoices, purchase orders and packing slips can seem never ending, one pile after another. Even worse, managing paper-based documents can drive up costs and create inefficiencies in daily performance. From fraudulent charges, to missed deadlines and double payments (yes, I said DOUBLE), the best way to ensure your invoices are paid properly is by taking Accounts Payable digital.
Wouldn’t it be nice to focus on the performance of your work, rather than managing the logistics of sending, filing or creating time for document collaboration? Automated document workflows enable organizations to manage project tasks more efficiently by attaching business logic to documentation. With document workflows in place, process consistency is established, impacting productivity levels by extending the ways in which people can work with their business critical information.
Delivering paperwork from desk to desk, requesting written approval, manually searching for correspondence – all of these tasks are inefficient and time-consuming. Implementing a process automation solution can transform an existing routine from ineffective to exceptional.
Accounts Payable (AP) is arguably one of the most critical departments of any company, regardless of industry. Accounts Payable processes often involve paper-intensive tasks including invoice processing, three-way matching and the overall management of payment records. Working with paper-based files and invoices can cause AP employees to capture data inefficiently and incorrectly. Paper records can also build up quickly, causing data entry processes to become very cumbersome, especially if your company has a large number of invoices.
Maintaining a paper filing system is physically demanding, creating unnecessary stress for staff members. A sophisticated document management system that utilizes advanced software to store and manage important documents is the ideal solution for busy accounting departments. In addition to reducing paper waste substantially, document management systems help businesses reduce costs and boost productivity by:
- Streamlining operations
- Eliminating many manual processes
- Reducing photocopies by up to 75%
- Saving time
- Improving accuracy on approvals
- Reducing human errors
Essentially every business, regardless of industry, manages a Purchase to Pay process. For financial departments, Purchase to Pay is common knowledge, but those in other areas of business might struggle to understand this process in its entirety. Also called ‘Procure to Pay’ and more commonly referred to as P2P, Purchase to Pay is the process of events which occurs in a business between the purchase of goods and services and the payment of an invoice.
From purchase requisition to purchase order, delivery confirmation and final payment, P2P is a document-intensive cycle and involves the proper management of detailed paperwork including checks, invoices and proof of deliveries (PODs), among others. A critical cross-functional process, various people and departments are involved, making paper-based Purchase to Pay initiatives time-consuming and highly inefficient.