Posts Tagged ‘manual’

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.

Document Management Industry Roundup: October 11, 2013

October 11, 2013
This week's industry roundup has everything you need to know, from cloud computing to managing litigation.

This week’s industry roundup has everything you need to know, from cloud computing to managing litigation.

This week’s important resources:

1. Is your organization’s content organized in a way that makes finding information for an audit or litigation simple? If you control your content before something major happens, it will be easy to manage when there’s a problem.

2. Take a look at these 5 document management strategies your organization should implement, including a policy on document retention and litigation hold.

3. Do you want your organization to embrace the cloud? Instead of focusing on cost savings to sell decesion makers on the idea, tout the benefits of growth and innovation.

4. If the technology your organization has in place doesn’t allow you do your job quicker or more easily, it’s not doing it’s job.

In case you missed our latest blog:

With manual paper invoices, Servo Innovations had issues with the time-consuming process starting to hinder their cash flows. After implementing FileBound, the company saved time with a faster invoice process and turnaround, while also realizing cost savings in unexpected areas, like envelopes, paper and postage.