When data entry errors get between you and your customers, it’s time to focus on minimizing the errors.
But if you’re a business persisting with outdated technology, it might be time to consider the benefits of automated accounts payable (AP) processes made possible through software.
Here's how you can get more done in less time at a lower cost.
The Benefits Of Accounting Automation
The right document management system lays the foundation for better processes that ultimately increase business performance and customer loyalty. It takes manual AP processes, and streamlines and automates them in the following ways:
Digitizing Your Documents: Instead of manually keying in data from an invoice, simply scan in the paper invoice or import the electronic invoice. From that point, the document management system applies intelligent indexing to capture all of the relevant data from the invoice as metadata and then stores it securely in a digital file cabinet.
Perfecting Your Digital Workflows: Once the new invoice has been captured and stored in the document management system, it automatically launches a digital workflow process. The system uses the metadata captured earlier to search for the matching purchase order and compares them to identify discrepancies. If there’s no discrepancy between the purchase order and the invoice, the digital workflow automatically provides all of the data selected from the invoice for uploading into your accounting package. If the system does find a discrepancy, it triggers an approval process to resolve that issue before sending the data to the accounting package.
Analyzing And Further Optimizing Your Business Processes: When you automate accounting tasks, the document management system allows you to analyze workflows to discover bottlenecks and further optimize your processes. When you have a precise record of how long it takes you to approve each invoice, you’re able to identify which suppliers’ invoices take more of your time than the average. Now, look for ways to improve their invoices or the data you need to check them until you’re able to process them automatically into the system.
Through accounts payable automation and the right document management system, you take the headaches out of accessing and processing client paperwork, and instead focus on achieving better results for your clients and your business.
Learn more tips to improve the efficiency of your employees and accounting processes by downloading 9 Ways To Reduce Costs In Your Accounting Processes With Enterprise Content Management.