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.
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.
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.
Security and Records Management
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.
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.
DocFinity ensures that documents are not disposed of or altered during litigation periods. Once released from legal hold, disposition schedules resume.
DocFinity helps you plan for business continuity in cases of fire, flood, or other disasters.
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