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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:
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.
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!
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.
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.
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.
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.
OnBase has helped Colony Brands streamline invoice approvals as well as the rehiring process of temporary employees. It has reduced their error rate of duplicate payments, paperwork coming through, and lost paperwork.
Are you aware of the benefits of OnBase? Watch this case study of Exact Sciences, a company that successfully implemented OnBase and were able to streamline their invoice processing.
As a Fortune 100 Manufacturer with annual revenue of $15 billion, the client was processing more than 1.25 million invoices annually from more than 8,000 vendors in a very manual-based Accounts Payable environment. After working with Naviant to improve their document centric business processes, the client realized an ROI of less than one year and saved an estimated $1.5 million in the first year post-implementation.
AP departments drive operations in businesses big and small, but the market is changing rapidly. Levvel Research examined the current state of AP in 2020 and have gathered valuable insights.
Many regional and global shared services organizations automate their AP processes with enterprise content management (ECM) platforms that seamlessly integrate with their ERP applications.
See how a solution like OnBase can effectively use technology to extract and deliver relevant data, such as invoice information, directly to existing business applications and systems.
