Accounting and Finance is the engine that keeps every business running. Your employees are charged with ensuring that the financial health of your business is well taken care of and every day they manage the variety of different pieces that all make up your business’ finances, maintaining relationships across departments and with vendors and customers. Accounting, specifically Accounts Payable, is notoriously a paper-heavy process, with many offices holding thousands of documents in desktop folders and physical filing cabinets. It also relies on a significant amount of manual data entry, with employees entering (and re-entering) data from invoices into your ERP.
With demands increasing and your accounting department being stretched even thinner, efficient Document Management and Automated Invoice Processing have become indispensable for organizations seeking to streamline their operations and maximize productivity without increasing cost and headcount.
Discover how embracing Automated Invoice Processing and Document Management can revolutionize your organization’s document handling and invoice management, enabling you to focus on core tasks, enhance collaboration, and keep up to pace in an ever-evolving market.
Eliminate paper and manual data entry
What’s worse than piles of paper invoices? Your employees having to manually key in the data from them. With Accounts Payable Automation enabled Document Management, your paper problems are no more. The two biggest benefits of Automated Invoice Processing through Document Management are the elimination of paper and manual data entry.
Automated Invoice Processing allows you to multiply the abilities of your existing team and streamline your Accounting processes, all while making things easier for your employees. The first step to automation is through an intelligent Document Management system with built-in automation capabilities.
A Document Management system at its core is designed to securely store files that previously only existed on paper, in confusing file structures, or in inboxes. It allows you and your team to easily access documents from anywhere, at any time, meaning that if an old invoice needs to be referenced it can quickly be found (without wasting time digging through filing cabinets).
With the help of Artificial Intelligence through Intelligent Indexing, necessary data is automatically extracted from incoming invoices and kick-starts workflows to process invoices faster. This eliminates data entry and the errors and time associated with paper invoices.
Once data is captured, you can digitally route invoices for approval, either automatically for pre-defined amounts and parameters, or directly through the chain of decision makers (without passing the invoice from desk-to-desk!). Exceptions can quickly be identified and handled, and with a direct integration with your ERP, your employees don’t have to double up on data entry between systems.
All in all, Automated Invoice Processing makes work easier for your employees and helps you save time and money.
Promote security across your entire organization
Security and risk mitigation are top of mind for many executives, with more and more security breaches and cyber attacks. Many organizations don’t fully understand the impact of lost data or audits, which can cause them to lose countless hours and a lot of money. Right now, the security of sensitive financial information is of utmost importance within accounting departments. Document Management offers numerous benefits that enhance the security of accounting documents.
Document Management has always been a centralized and secure repository for storing and accessing financial records. It’s designed to ensure that confidential information is protected from unauthorized access thanks to advanced user authentication and permission settings. Because only authorized personnel can access specific documents, you actively reduce the risk of data breaches. Robust encryption methods to safeguard documents adds an extra layer of security both during transmission and storage to protect against potential threats.
Features like audit trails, version control, and document retention policies, enable your accounting team to maintain a complete and secure document history and ensure compliance with regulatory requirements. By implementing Document Management, accounting departments can enjoy peace of mind, knowing that their financial data is securely managed and protected, reducing the potential for costly security breaches and reputational damage.
Additional Benefits of Document Management in Accounting
Reclaim early payment discounts
Process invoices before they're due, catching early payment discounts, avoiding late fees and keeping vendors happy. Build a stronger position for negotiating pricing or additional discounts to save even more.
Reduce audit preparation time
Unfortunately, audits are unavoidable, but Document Management makes preparing for them easier and faster. Rather than dig through piles of paper and disorganized folders, you can find digital invoices instantly and deliver them as a secure and organized archive accessible only to authorized users.
Automatically capture documents
Process invoices before they're due, catching early payment discounts, avoiding late fees and keeping vendors happy. Build a stronger position for negotiating pricing or additional discounts to save even more.
Automatically move along key workflows
Automate and accelerate processes through digital workflows, connecting documents, tasks and people across distributed offices and mobile team members.
Integrate with your ERP
A Document Management system integrates easily with your existing ERP to ensure data integrity across systems and provide a complete picture of accounting information.
Recover quickly from disaster
Get back up and running quickly when your financial information is digitized, archived and backed up to protect against fire, flood and other natural disasters.
Have visibility and control
When was an invoice recorded? Where is it right now? Who accessed it last? Trace every step in the lifecycle of a document for complete visibility.
Cloud-enabled
Host your Document Management System in the Cloud to allow access to documents from anywhere and easily scale your system to grow alongside your organization.
How can you get started with Document Management in Accounting?
Your Accounting and Finance team is always busy and sometimes may be resistant to change. Investing in a Document Management solution now is a low-effort, high-impact opportunity that has a long lasting impact across your entire organization. The benefit of investing in a Document Management solution from PiF Technologies is that we offer the personalization of a custom-built solution, with the ease of out-of-the-box software thanks to pre-built modules. Our professional services team also works directly with you to identify your unique business needs, and builds a solution around them to enhance your workflows company-wide. It is an optimal investment for organizations looking to establish a robust records management policy and a more efficient organization.
Given the benefits of Document Management and Automated Invoice Processing, as well as the predicted rapid growth in the market, now is the perfect time to invest in a solution for your organization.
Complete the form below to get in touch with us, we can answer any questions you may have and take the first steps towards implementing your Document Management system and Automated Invoice Processing.
