ECM and Accounting
Given the time it takes to process an invoice — to match them with requisitions, POs, receipts, related invoices, and other supporting documentation — consider the required resources and associated cost. Add the potential losses from being unable to take advantage of early-pay discounts from vendors, lack of accountability, and lack of transparency and auditability. Then consider the resulting squeeze on your margins. The more clear the picture gets, the less pretty it gets.
Far more than a document management solution, DocFinity can make that picture better — and your business more efficient and profitable. DocFinity helps you:
- Get paper out of the process. By scanning paper documents on receipt and requesting electronic invoices, you can centrally store, index, retrieve, secure, and audit everything.
- Extract indexing data with optical character recognition (OCR). You’ll eliminate manual entry by capturing data in documents during scanning and import. And you’ll be able to validate or classify information, match invoices with receipts, send requisitions for approvals, and process more documents in less time with fewer people.
- Incorporate BPM/Workflow to automate tasks and establish best practices for processing invoices and receivables with consistency and accountability. Clean invoices and receivables can be processed immediately and approved electronically. Exceptions can be flagged for review. Turnaround is faster. Errors are eliminated. Staff members are employed effectively and productively. Workloads are monitored. Volumes and cycle times are measured. And bottlenecks are eliminated.
- Implement records management strategies to automate archival, retention, and disposition schedules. This ensures that records are retained and disposed of according to industry standards. DocFinity also helps with disaster recovery, ensuring business continuity in cases of fire, flood, or other disasters.
- Implement governance procedures to ensure transparency, security, and accountability. You’ll know who accessed what and when, simplifying audits and compliance initiatives, providing better service to stakeholders.