As we look toward the third quarter of 2021, economic recovery is well underway. The issues that are up for debate include how much and how fast the economy will bounce back. In the past two years, many companies turned to technology to enable efficient work at home and provide the business agility demanded by quick and unexpected shifts in the economic climate According to a CFO magazine article, 10 Vital Roles for CFOs, “Digital fluency is more important as finance departments increasingly use technology to streamline and automate processes.”
1. Can you easily find invoices –not just search for them, but actually find them?Huge productivity benefits can be gained by providing all offices with access to a centralized document pool and by directly incorporating field-generated documents into office workflows. Think about the difference it could make if each person had the information they need to do their job — without waiting in a queue at a physical file room or searching shared and personal drives for documents.
2. Can you extract key details from the invoices, including split code billing, and automatically match them to corresponding purchase orders?
This means monitoring the accounts payable email, extracting relevant index terms, such as vendor name, date, and amount, indexing the invoice, and applying artificial intelligence to all of the above so that the system learns over time.
3. Can your staff review and approve invoices on any mobile device? Anywhere?Self-service access to information positively impacts everyone in the company.
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4. Do you have a secure, organized and searchable invoice archive and audit trail for audits and budget planning?
One of the most stressful times for any accounting department is the wasted effort associated with responding to auditor document requests — pulling paper documents, copying them, and refiling the originals.
5. Do you process invoices promptly, take advantage of early payment discounts, keep track of due dates and status changes, and have control over your cash flow management?
Automation of the invoicing and payable process does not just save money; it earns money by allowing the company to take advantage of discounts. Organizations with manual invoicing processes usually lack the core information they need to effectively run the business — how many orders are waiting to be processed, where they are in the process, and the value of each order.
6. Have you standardized the core workflows that are needed to accelerate the approval processes
7. Is the supplier on-boarding process still a manual nightmare?
8. Can you route invoice approval requests based on amounts, vendor name or split code billing with multi-levels?
9. Can you automatically post approved invoices to your accounting or ERP system, eliminating double data entry and errors?
10. Have you standardized the core workflows that are needed to accelerate the approval process?
Organizations typically do not realize how much wasted time and effort — and money – is tied up in simply waiting for a manual process to move from one manual stage to another.
- How does their product handle cybersecurity as work-from-home and hybrid work continues to be important?
- Can their solution be deployed via the cloud or on-premises – without sacrificing functionality
- How quickly can their solution be deployed?
- Can the solution provider give you a reference list of customers from your industry?
- Can you buy the solution “by the drink” – via a subscription model – or is a big upfront investment required?
- Can the solution be easily extended to other processes outside of finance, or is it just a point solution?
Ready to eliminate manual touch from your invoice process?
If you want to know more about how to begin your invoice processing automation initiative, DocuWare can help. With the DocuWare for Invoice Processing, a preconfigured, cloud-based solution, you can completely automate your invoice process, from data capture to approval, in just a few days; that's how easy it is to get started.