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 automate, standardize, and simplify your accounts payable process. The following steps will take you through the many possibilities.
Get paper out of the process. By scanning paper documents on arrival 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. Validate or classify information, match invoices with receipts, pull line items, trigger requisition workflows for approvals, and process more documents in less time with fewer people.
Flag Exceptions. The system will flag documents with data that is questionable allowing humans to intervene. And the system learns from these corrections so that next time it grabs the right information for that field.
Lock down information. User groups are defined to keep sensitive information from being downloaded and away from prying eyes. Users see only what they're authorized to view and permissions are set for editing, exporting, and other such actions.
Implement records management strategies. DocFinity offers a seamless, automated approach to declaring records and managing retention. Rather than having your staff manually declare records (which often results in inaccuracies), DocFinity matches pre-defined rules to the file's document type. From there, archival, retention, and disposition schedules are all automated. This ensures that records are retained and disposed of according to industry standards. This approach also frees up space in your repositories when information is no longer needed.
Enable legal holds. DocFinity ensures that documents are not disposed of or altered during litigation periods. Once released from legal hold, disposition schedules resume.
Prepare with disaster recovery. DocFinity helps you plan for business continuity in cases of fire, flood, or other disasters.
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.
Documents are captured, indexed, and stored, and a workflow is triggered based off of a metadata value.
DocFinity compares metadata values with predefined rules.
The system can trigger a check issuing process when the job completes.
DocFinity stores the invoice according to the retention rules set.
A custodian is notified when invoices are to be disposed of.
Documents matching predefined rules flow through the following steps.
Exceptions, or documents not matching predefined rules, are pulled for a closer look by staff.
Implement governance procedures. Ensure transparency, security, and accountability. It's important to know who accessed, approved, and modified what and when. DocFinity simplifies audits and compliance initiatives, providing better service to stakeholders.