Accounts staff and Financial Controllers are under constant
But the unfortunate perception may be that your accounts department is too slow, unable to pay invoices on time or provide the real-time information needed to properly manage cash flow.
The perils of paper-based AP systems
The real culprit isn't your department: It's paper. Despite decades of technology investments, many businesses still haven't equipped their AP teams with all the tools they need to take control of their financial information, cut the high cost of processing invoices and other AP documentation and reduce the errors associated with paper-based processes.
Is your paper-based AP system a problem?
Wondering if your paper is to blame in your AP
- Are you confident that you can locate any invoice, receipt and supporting document you are asked for in under 5 minutes, every time?
- In the past year, how frequently have you been unable to locate an invoice?
- In the past year, how often have misplaced or mismanaged documents led to any invoice processing errors?
- In the past year, how often have you needed an approval from someone who wasn't in the office?
- Are you happy with your department's time-to-process speed?
Six critical functions that every AP department needs to perform
To create more efficient, transparent AP Processes, you must be able to perform each of these six functions:
- Scan and capture paper file
- Store and
organisedocuments in a manner that enables staff to find them instantly.
- Enable mobile access to invoices and other AP documentation.
- Secure and protect confidential information.
- Process invoices, agreements and contracts.
- Archive financial records and be able to retrieve them quickly.
While products are available that can help with just one or two of these capabilities, high volume AP departments should look for a true Document Management System (DMS), a comprehensive solution that offers all of these capabilities.
Why AP departments should go paperless
An investment in a paperless office for your AP department can actually add to the bottom line.
The benefits of DMS and the paperless office
But the financial benefits are just the beginning. By investing in a document management solution to eliminate "content chaos" across your AP department, improve time-to-process and dramatically reduce manual errors.
Perhaps most importantly, you'll be able to ensure that confidential information is completely secured and protected. In fact, today's leading Document Management Systems
It's not just your AP team that will benefit, either. Since legal, accounting, AR and even sales and business teams often require access to AP records, you can dramatically improve both your internal responsiveness and your compliance with local and federal laws and tax requirements.
Tips for choosing the best DMS for your AP
AS you research the right DMS for your business, consider these helpful tips:
- Look for a Document Management System that doesn't confine you to the desktop. Today's AP teams depend on mobile access to review receipts, provide approvals and process invoices faster, from anywhere.
besDMS solutions allow you to organiseinformation in tonnes of ways (like document type, customer, date andpermissions). Eliminate any solution that doesn't allow you to quickly and easily locate information by "what" it is versus by "where" it is stored.
it's not just documentsthat need organising. The best document management solutions can handle anything your AP team needs to organise processand/or track. Only consider the DMS solutions that allow you to organisenon-document objects such as customers, accounts, contacts, projects, cases and literally any other "thing" pertinent to your business and processes.
For some other important things to consider when researching a DMS, check out this post.
If you would like to know more about how a document management system can help your business or even trial our solution, please contact us today. We're happy to assist!