For those in the manufacturing industry, migrating from a paper-based process to a computerized one is only part of the overall accounting solution. True automation results when accounting systems deliver built-in intelligence across the customer and supplier landscape so that after the very first time information is entered at any point, the data will never have to be rekeyed. Document management and workflow automation technology is available to help manufacturing organizations introduce visibility into accounting processes, and identify and resolve paper- and process-based breakdowns.
By tracking the flow of an invoice within, outside and among procure-to-pay stakeholders, accounting leaders can identify and correct process breakdowns. They can also take steps to ensure the right talent is positioned in the right accounting roles to ensure efficiency. Technology can also help organizations easily identify the number and prioritization of invoices awaiting action.
For example, technology can help manufacturing organizations accomplish data sharing, indexing and searching between their document management solutions and their respective ERP systems. Indexed data and supporting documents can then be shared, so that searches in the ERP system will retrieve invoices stored in the document management solution. That means users key in information only once, whether using the document management solution or ERP. Users also can accomplish two- and three-way invoice matching and retrieve supporting information across disparate sources with just a few mouse clicks. Document management and workflow solutions are only as strong as their link to the systems supporting them.
Accounting departments in all manufacturing organizations are constantly challenged to prioritize efficiency and cost savings when executing the procure-to-pay process — one of the most critical and visible contributors to the organization’s success. To explore these technology options, we invite you to contact one of our team members or leave questions in the comments section below!