Many accounts payable (AP) processes utilize outdated and inefficient techniques for data capture and distribution. According to a study by the Aberdeen Group, 50% of accounting organizations surveyed have yet to adopt an automated AP solution, with a third of those organizations receiving roughly 25,000 invoices per month! Whether they are aware or not, manually processing business critical AP documents can lead to a number of business challenges, from repetitive data entry, to missed deadlines, and costly double payments.
Over 47,000 businesses around the globe are using Microsoft Dynamics® GP to gain greater control over financials, inventory, and operations. And why wouldn’t they? As a complete enterprise resource planning (ERP) solution, Dynamics GP supports business data and initiatives, empowering accounting professionals to take part in successful, more informed decision-making.
Whether you are considering Dynamics GP as a new business solution, or are an existing customer looking to expand on current capabilities, there are integration opportunities such as the Microsoft Dynamics GP Connector, that combines the power of Dynamics GP with Enterprise Content Management (ECM) software. This unique integration streamlines data processing and collaboration through high-powered document automation. Square 9’s ECM software captures business-critical accounting data that pushes straight into Dynamics GP, eliminating manual data entry and enabling users to manage documents with far greater efficiency.
Accounts Payable (AP) departments are responsible for making payments owed by a company to its suppliers. Being that every company has bills to pay, AP processes are critical to revenue management. But there are many challenges to paper-based accounting practices that can negatively impact a company’s profitability, including time-consuming invoice approval, error-prone data entry, and missed payments. However, AP tasks are essentially universal and highly repeatable, which can be greatly improved with digital process automation.
Arguably one of the most business-critical departments, Accounts Payable (AP) staff work daily on document-intensive tasks including invoice processing, three-way matching, payroll management and administrating payment records. Working with paper-based files can cause AP employees to capture data inefficiently and inaccurately. 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.
A proven solution for paper-intensive work environments, Enterprise Content Management (ECM) software allows businesses to become more efficient through the seamless ability to capture, index, process, and archive business documents. After transforming paper documents into digital files, ECM automates document-centric tasks, like data capture and approval routing, to increase productivity while eliminating a company’s reliance on paper. But that’s not all. Let’s identify common business challenges where the ROI benefits of document management software come to light.
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.