subject: Document Management Company: Accounts Payable & Receivable [print this page] A document management company's Accounts Payable solution should enable organizations to capitalize on methods that eliminate unnecessary costs and add value. Automate your AP processes with Accounts Payable Workflow and Imaging and leave no vendor discount on the table.
Why Use a Document Management Company's Software?
With Accounts Payable Workflow and Imaging solutions, eliminate the bottlenecks that add time, cost and risk. Process automation with an electronic document management company allows agencies to process more documents in less time. A document management company's solutions allow businesses to do the following:
- Eliminate stalled invoices and automate document routing
- Easily perform and augment three-way matching, including exceptions resolution
- Seize all vendor discounts, improve vendor relationships and increase favorable terms
- Optimize approvals, payment cycles and reporting
- Lower costs and risk of accrual misstatement
- Take on volume increases without additional staffing
- Automate matching of invoices and checks to save many man-hours per week
- Easily pass audits with quicker access to needed documents and transaction histories
- Provide flexibility for customers to submit invoices in their preferred formats - whether scanning, faxing or through inter-office mail for AP staff to scan
- Resolve vendor disputes instantly with supporting documents at user's fingertips - POs, invoices and packing slips
- Replace costly, error-prone paper processes with automated records management
Case Study
The Lee County Clerk of the Circuit Court implemented a document management company solution that allows AP Clerks and Board Approvers to process 10,000 invoices a month - much more efficiently than with the prior paper-based system. The document management company's Accounts Payable solution reduced invoice approval processing times by 80%, improved auditing capabilities, and supported initiatives to allow employees to work from home.
The Accounts Receivable solutions of a document management company should help to clear the clutter of orders and payment documentation that are faxed, mailed and electronically delivered - according to the method preferred by customers. A document management company's Accounts Receivable Workflow and Imaging solutions will eliminate wasted time and improve Days Sales Outstanding (DSO) so agencies can see where they stand. By employing a document management company's solutions, businesses are able to do the following:
- Accelerate cash flow cycles
- Reduce risk of misapplied cash
- Easily identify and record discounts, deductions
- Help establish/enforce credit policies
- Optimize forecasting and strategic planning with real-time reporting
- Offer portal-based web access to documents or reports for remote employees, customers
- Instantly obtain account status including all documentation and history notes
- Auto-notify customers and management if accounts fall outside acceptable terms
- Address disputes easily with documents at the fingertips of both employees and customers
- Improve customer service
- Reduce payment cycle time
- Reclaim floor space and other resources devoted to maintaining paper-based files
Case Study
A Top 100 U.S. Staffing Firm reduced Days Sales Outstanding (DSO) in Accounts Receivable after implementing a document management company's Accounts Receivable Workflow and Imaging solution that automated the weekly printing, matching and mailing of 1,200 invoices with 6,000 timecards each week. Ninety-five percent of client invoices are now sent electronically, reducing AR processing time by more than 60% and saving $150,000 annually.
