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Improving Invoice Processing with ECM

The December 2008 Gartner report, Accounts Payable Invoice Automation, noted that approximately 75-80% of invoices in the US are still paper-based. If your business is manually processing paper invoices, you are exposing your company to unnecessary risks and expenses. Under a paper-based system, you have ample opportunity for keying errors, lost documents, duplicate payments, late penalties, storage and shipping costs, and a number of other expenditures. To truly eliminate the high costs and process inefficiencies that are associated with paper invoices, you need to find a way to minimize human intervention in your invoice processing. This is where DocFinity excels.

DocFinity allows you remove paper from the invoice processing equation, resulting in substantial savings in time, money, and turnaround:

1. Invoices and related paperwork can be scanned upon receipt, making them accessible immediately.
2. You can use OCR to capture and extract invoice data and launch it into a business process for matches, approvals, and payments. Many of your manual processing steps can be replaced with automated workflow, enabling your skilled workforce to focus their efforts on exception handling and customer service.
3. Invoices can be matched automatically with bills of lading, purchase order requests, quotes, and receipts.
4. The entire process can be tracked and time/date stamped. This helps you comply with audits and provides the transparency and accountability that are required for industry regulations. Approvals can be automated to further demonstrate accountability.
5. DocFinity allows you to automate your archival, retention, and destruction schedules. This ensures that information is readily available if it is requested, but is not kept beyond the timeframe mandated by law.

DocFinity can integrate your business processes to make your entire enterprise more successful and productive. Contact us to discover how easy and rewarding it can be to automate your invoice processing.