Posts Tagged ‘document capture’

How Document Management Benefits Accounts Payable: Productivity Improvements

January 29, 2014

If you’re looking to increase your value as an employee, find out how document management can streamline processes and improve performance. 

Document management software saves time and money by automating labor intensive business processes for accounting and finance departments. In addition to the significant savings that can be realized, there are other significant advantages associated with accounts payable automation, among them improved vendor and supplier management, enhanced employee performance review capabilities, and more efficient transaction verification and audit control. When properly deployed, document management can result in a better, faster and cheaper accounts payable (AP) process. 

Productivity Improvements

Shifting from the manual paper processes of accounts payable to an automated electronic document management alternative leads to several immediate productivity improvements. Invoices are processed more efficiently with fewer errors as each part of the process contains specific checks and balances and contains automatic exception handling for most errors. Error reduction leads to faster validation and quicker payment approval allowing the company to take advantage of early payment discounts. Plus, staff are processing payments and not rummaging through piles of paperwork.

Time savings is a major benefit of using an electronic solution. When front-end document capture is used to convert paper documents into electronic files, the result is the nearly instantaneous ability to track every aspect of an invoice, regardless of where the documents arrive. Even the most distributed procurement process can be handled in near real-time. Physical space in the office is also conserved as paper is digitized and stored on a server and not in file cabinets.

The implementation of electronic process management, sometimes called workflow, yields a consistent predictable process for how typical AP documents are handled and how document exceptions are managed. AP staff can spot discrepancies immediately and can automatically route the issue to the appropriate person for correction. This yields an additional benefit to management as workflow applications provide an overall view of the process that can be used to identify bottlenecks, streamline processes and evaluate employee performance. The workflow application can also be extended to monitor the overall performance of vendors.

Pharmaceutical Distributor in Southwest

October 24, 2012
This large pharmaceutical distributor serves independent pharmacists and drugstores throughout the Southwest United States. Employing 250 men and women in various capacities, the distributor uses its own trucks as well as third party haulers to deliver orders as quickly and efficiently as possible.

This pharmaceutical distributor increased document access and efficiency with FileBound  On-Demand and FileBound Importer Pro.

The Problem

From two warehouses located in separate states, this pharmaceutical distributor used truck delivery to meet the needs of customers throughout the Southwest. Once deliveries were made, each truck returned to the warehouses with a stack of signed manifests, giving proof that the product had arrived safely at each location. For five years, paper manifests accumulated in boxes at the respective warehouses. At a rate of 250,000 manifests per year for one warehouse and 100,000 from the other, the manifest system was rapidly giving rise to several problems:

• It was difficult (and often impossible) to locate a particular manifest if a customer had a question about delivery.

• Faxing a manifest to a customer for proof of delivery consumed additional employee time, as did re-filing the manifests after faxing was complete.

• Storage space was diminishing as the boxes of manifests multiplied and the company would soon be looking at renting storage space to house the overflow.

• The company was losing centralized control by having manifests stored on-location at the warehouses.

• Auditing manifests was not possible.

The Solution

The VAR recommended a solution to the distributor that combined FileBound® Importer ProTM and FileBound® On-DemandTM capabilities with the Fujitsu 6010, NSi Autostore and Kofax Capture. The company was pleased that the recommendation did not require the purchase of either software or hardware. In addition, no specialized workforce was required to operate the new solution.

FileBound Results

The company is overwhelmingly pleased with the implementation. Today, its employees can instantly locate any manifest or set of manifests no matter how long ago the product was delivered. Manifests can be viewed, emailed, printed and downloaded from a secure web repository where they are completely safe from disaster or theft. Multiple users can look at the same manifest at once and the company receives monthly transaction audit logs on request, allowing headquarters to stay firmly in control of activity in the field. Finally, the company has freed up a huge amount of storage space where the old manifests were previously housed.