In our last blog post we talked about the loss of control that can happen when controllers utilize paper-based processes rather than an automated financial workflow/document management system, like MetaViewer. These included poor cash management, difficult operational controls and unsafe and inconsistent compliance/security processes.
This week, we’re going to talk about how this control can be taken back with the implementation of a document management solution.
- Poor cash management: Late payments and fewer early-payment discounts are only a couple detriments of poor cash management due to paper-based financial processes. But, with document management, like MetaViewer, control can quickly be regained. In fact, according to the Institute of Financial Management (IOFM) 41 percent of senior finance executives said that improved visibility into invoices and payables information was the greatest benefit of AP automation/document management software. Cash can be managed more effectively with better visibility into financial procedures, and an automatedsolution makes it easy to see upcoming due-dates, bottlenecks, budget variances, trends, supplier issues, term negotiation opportunities, chance to capture early-payment discounts and more.
- Difficult operational control: Still keying in information from paper documents? Having to route, store and manage physical invoices? Do you feel like the paper is controlling you, rather than you controlling it? Poor operational control leads to misfiling documents and mis-entering information. A document management/AP automation solution makes invoice approval cycles more efficient. It also streamlines exception resolution, increases accuracy and helps you improve vendor relations because you no longer have to play phone-tag when trying to retrieve information about a payment. But don’t just take our word for it – a survey by CFO Research found that 39 percent of surveyed senior finance executives said that improved business process execution was one of the biggest benefits of workflow automation.
- Poor and unsafe compliance and security processes: Document retention regulations are hard enough to navigate, but they’re made even more difficult when your processes are paper-based. Noncompliance can lead to penalties and fines, even if your errors are unintentional. You can regain control and feel better about remaining compliant with a paperless automation solution. Automation creates well-defined processes with clearly defined roles and regulations that are catered to your unique organization. This helps enforce consistent business protocols and reduces the risk of discrepancies in processing invoices. Workflows are configurable, allowing you to adhere to document retention regulations. Additionally, document management/AP automation provides an audit trail for activities, so you can see which staff members have been involved in the processing lifecycle through detailed tracking. Document management/AP automation also offers role-based security so that access can be granted or restricted based on the sensitivity of the information.
Are you feeling like you’re out of control of your financial processes? Looking for a way to gain some of it back? A document management can help get you back on track to better regulate your AP procedures.
Ready to learn more? See MetaViewer Paperless Automation in action during a no-cost webinar!