One of the biggest priorities for accounts payable departments is enhancing document management and leveraging opportunities to go paperless. In fact, according to the Institute of Finance & Management (IOFM), 27 percent of businesses plan to deploy an automated capture and workflow system for invoice approval. They also found that 48 percent of businesses are using workflow technology for invoice processes.
A document management/AP automation solution, like MetaViewer, combines a number of capabilities for maximum efficiency.
- Automated Document Capture: An essential element of effective document management is the automated capture of documents, both paper and electronic. Data from documents that enter businesses electronically is extracted automatically and the document doesn’t need to be scanned. Documents that enter organizations on paper go through full-text OCR, eliminating manual data entry. This technology captures header and line-item data, and is subject to pre-defined business rules. When the data is extracted, the document management/AP automation solution matches and links all documents that are related to a specific transaction and electronically attaches a GL code to the documents for posting within an ERP.
- Intelligent Workflow: Sick of walking invoices around the office for proper approval? Intelligent workflow within a document management/AP automation solution routes invoices for review and approval based on your uniquely defined business rules. That way, managers can see the status of invoices in real-time and identify bottlenecks. Workflows can also be adjusted depending on the priority of specific types of documents, time-in-queue, etc.
- Monitoring and Reporting: The C-Suite needs full visibility into the invoicing processes at your company. Document management/AP automation solutions enable end-to-end, real-time monitoring and reporting that you don’t get when processes are paper-based.
- Integration with ERP Solutions: Using Microsoft Dynamics or NetSuite? The right document management solution will integrate seamlessly with your ERP system, eliminating the need for staff to learn a whole new system. This provides unobscured access to all of your financial documents – indexed, cross-referenced and organized by transaction – according to your business rules.
Can you pass up a system that offers all of these capabilities and more? A document management/AP automation solution can benefit the entire enterprise in its efforts to become more efficient, cost-effective, transparent and environmentally friendly.
Photo Courtesy: Keith Williamson