What Automation Looks Like in Accounting & Finance Departments
An automated accounting and finance department is an efficient one. Imagine having clear insights into cash flow and critical business processes. With an automation solution, all of this and more is possible. You’ll get to say goodbye to manual processing labor for good. And because you’ll do less printing, shipping, and storing, you will enjoy those reduced costs too. As you grow and business volume increases, you’ll be able to keep up. You won’t even have to add headcount to your department. You can trust that your solution will support your company’s growth now and into the future.
Your accounting automation solution will manage your processes from start to finish.
First, you can capture your data, regardless of form (paper or electronic), using tools like scanning and intelligent capture. You can then store your content in a single content management platform. This feature provides you with quick and easy access to all the information you need in one convenient location that you can access from anywhere, anytime.
Pro Tip: You spend lots of time in your enterprise resource planning (ERP) system. The best content management solutions can integrate with your ERP for:
- Transparent Content Retrieval
- Workflow Initiation
- Data/Transaction Posting
Now, put that data to work! Workflow automation guides content and approvals through the correct processes. If an issue or exception comes up, the system can manage these processes. It addresses each issue or exemption based on your business rules.
With a document and content management system, you’ll complete tasks faster. And, when you leave the office each day, you’ll be confident your system accurately completed all tasks in full compliance.
Where to Automate
Accounts Payable is a common place to begin the automation process. There are a lot of manual tasks and costs involved with invoice processing. This reality makes accounts payable an ideal first stop. Plus, you can realize a quick return on investment and who doesn’t like that!
Benefits of Accounts Payable Automation
- Capture data from documents regardless of how they were received (fax, mail, EDI, electronic, etc.)
- Retrieve invoices, goods receipts, check images, vendor contracts, and historical communications directly from your familiar ERP application
- Review and approve invoices and input additional data directly from email or mobile devices such as mobile phones and tablets
- Automate business processes, including GL-coding, schedule of authority, and exception routing to appropriate business units, three-way matching, and automatic posting to accounting applications
Our Go-To Tools for Accounts Payable Automation
- Document & Content Management
- Electronic forms
- Workflow Automation
- Intelligent Capture (OCR)
- Vendor Portal
Accounts receivable automation gives you a real-time view of your cash flow. You no longer need to make best guesses based on historical data. You can see exactly what is coming and going, and what is running behind. Intelligent capture technology and content management software is a powerful combo. It helps you process and review critical documentation and essential data faster. Manual data entry will be a thing of the past. And all your documents and data will be at your fingertips. Analysis, reporting, and auditing will finally be simple.
First, the solution electronically imports and scans your data making it instantly available to start working with that document. For the next level of automation, you can also add Intelligent Capture to your automation process. This duo lets you reconcile remittances in seconds instead of hours or days. With intelligent capture, the software first scrapes critical data from checks and remittance documents. It then automatically reconciles it against your invoice data. Whether you process your materials in-house or through a lockbox service, Intelligent Capture saves you time and money. Plus, it makes customers happier customer, too.
Benefits of Accounts Receivable Automation
- Enable straight-through processing even when payers combine their invoices while submitting payments and reduce your Days Sales Outstanding (DSO)
- Resolve disputes quickly and accurately with access to all necessary documents when you need them
- You can collect cash faster because you can deliver invoices swiftly with a paperless and automated invoice processing workflow
- Speed up sales order processing by capturing all incoming documents electronically and extracting order information automatically
- Empower AR staff to spend more time on strategic activities, such as tackling the supply chain and addressing customer-facing needs
- Make more informed business decisions with real-time visibility into key performance indicators, metrics, and business analytics
Our Go-To Tools:
Procurement & Purchasing
Automation can make your procurement and purchasing processes transparent and easier to track. First, it uses electronic forms to capture purchase requests. Then, it electronically routes the request and supporting information to managers and your procurement team for approvals, changes, or rejection. You can even store electronic copies of all related documents and vendor case management information together. This way, you can access them directly from your ERP. A well-designed document and content management solution will reduce your business problems. It will also results in more efficient reviews and approvals.
Benefits of Procurement & Purchasing Automation
- Reduce the risk of losing or incorrectly entering purchase information
- Ensure approval managers and your procurement team have the necessary details to qualify and approve a purchase with access from both email and mobile devices
- Allow automatic entry of information into your line-of-business application while ensuring that a purchase order is generated accurately and with a full audit trail of all required approvals
- Improve performance via automation with workflows that auto-generate notifications to speed up the approval process
Our Go-To Tools:
With a vendor document management solution, you can link vendor case management profiles and documents together in one place. This way, you will get enhanced visibility and control. After all, it is easier for you to manage vendor contracts, terms, and expiration dates, and track incidents in one place. You can even set it up to allow accounting, procurement, and other personnel to interact with vendor-specific information, compliance documents, contract details, and correspondences in one area.
Benefits of Vendor Management Automation
- Standardizes vendor sourcing and improves decision-making
- Enhances vendor information management and strengthens relationships
- Brings all your relevant data into one single view
- Reduces risk through increased visibility and vendor governance
Our Go-To Tools:
ABC Supply Automates AP & Grows 23% Without Adding headcount
ABC Supply had a major AP challenge to solve. The AP staff had been entering invoice data twice into two different ERP systems; an unnecessary and risky duplication process. After implementing Brainware, accounts payable software, to intelligently capture data on invoices and workflow processes to automate steps, they were able to be more efficient and effective with invoice processing.