When it comes to moving your business forward, your accounting department plays a huge role. Making sure that employees are efficiently receiving and sending payment for goods and managing those payments effectively is the foundation of commerce today.
The AP department seems simple, but add the thousands of transactions to and from numerous suppliers across the globe and the process can become muddled, complex and inefficient.
How can you curb this and keep your financial processes running smoothly? Paperless document management and workflow technology.
With an AP automation/document management solution, like MetaViewer Paperless ERP, organizations drive real productivity, cost savings and effectiveness, especially if the solution integrates with an ERP system like Microsoft Dynamics.
Paperless document management eliminates some of the challenges associated with paper- and process-based accounting, including:
- Efficiency: AP automation/document management means payments are made in a timelier manner, invoice approvals are streamlined and stakeholders are more satisfied.
- Cost savings: Do you know how much paper is costing your company? Office supplies, storage space and missing documents all add up. Implementing workflow technology eliminates the need for paper, and also helps you seize opportunities like early-payment discounts.
- Transparency and visibility: The C-suite wants to know what’s going on, and AP automation gives you real-time knowledge and visibility into financial processes to uncover bottlenecks and find opportunities for process improvement.
- Reliable data: A document management/AP automation solution allows you to keep invoices and supporting documentation in one place, as well as the ability to share this data with the AP department and beyond to support decision making.
Information stored on paper documents cannot be shared, understood or acted upon efficiently. But switching from a paper-based process to an automated one is only part of the solution. The data capture should also be intelligent so that, after the first time information is entered into the system, the data will never have to be rekeyed. This saves both time and money, leading to higher satisfaction and increased productivity.
All in all, AP automation/document management technology helps organizations accomplish data sharing, indexing and searching of documents within their AP automation solution and Microsoft Dynamics ERP system, eliminate manual data entry and save money on paper usage and storage.
Are you ready to combat the challenges that paper-based processes cause?