Published on February 27, 2014
10 Benefits of Automating Accounts Payables with Document Management
1. Ease of Use and Implementation The process of a document management software is simple: Paper documents are generated or come into the office or department, and are scanned into the system. Each scanned document is indexed and attached to either an existing electronic record, or a new one can be created.
2. Increases Productivity With a DMS, you can reduce the time to access files by simply keying in a search term. Each document that is converted to electronic form is given a unique identifier (usually an index number) and can be searched for through various search terms. Accountants, administrators and other end-users can search by any number of search queries, such as company name, P.O number, specific dates and amounts, and retrieve those files in mere seconds, leaving them more time to spend on value-added activities.
3. Eliminates Human Error Mistakes are unavoidable when dealing with vast amounts of paper documents. Too much paper causes clutter, and clutter increases the occurrence of lost or misplaced files, invoices and other pertinent documents. A Document Management System aids in reducing errors, such as duplicate payments and failing to capture discounts
4. Reduces Costs There are many cost-saving benefits of a document management system, here are a few: • Reduce the cost of physical storage space • Reduce the cost of paper and supplies • Reduce the need for additional staff
5. Improves Vendor Relations Converting paper documents to electronic forms gives accountants and administrators more time to engage in value-added activities because they’re searching and retrieving documents faster and spending less time manually entering data. This, in turn, increases vendor satisfaction as it allows staff to respond to inquiries and make vendor payments at a faster rate.
6. Increases Security & Visibility An audit trail shows the date, time and username for each activity that takes place within a record. This allows administrators to monitor record activity and ensure security and compliance. A DMS can also be equipped with “rights management” which allows administrators to input who can do what with each document. This ensures that the proper business practices are followed and that content is properly captured, stored, managed, and disposed of at the appropriate and legal time in its lifecycle. Security such as this, aids in fraud detection and prevention.
7. Maintains Regulatory Compliance Security control can be a regulatory requirement, depending on the nature of the business. PIPEDA mandates privacy and security of personal information. A Document Management System offers seamless conversion of paper documents into electronic files to control information access and increase confidentiality. Security features, disaster recovery and enhanced auditing ensure regulatory compliance.
8. Easily Integrates with Existing Systems A document management system can be easily integrated into most office systems. This means that accounts payable administrators don’t need to spend valuable time on extensive training for a new system. In fact, choosing a document management system that integrates with existing applications and software is a feature to look for when choosing a system – some solutions won’t integrate very well, creating more headaches.
9. Reduces the Risk of Damage and Loss Storing paper documents on-site can be risky business. Documents can be destroyed by fire, flood, and natural disasters such as severe storms. In fact, studies show that the survival rate for small businesses that experience disasters is less than 10%!
10. Enhances Collaboration Documents can be retrieved and modified by a user while access is denied to others while that particular document is being used. This reduces duplicates and old versions of content to be kept in the system. Collaboration features can also allow multiple users to view and alter a document at the same time. Whether or not a document is available to only one user or many users at the same time will be specified by the administrator, depending on office needs.
Given all of these reasons, it makes sense for financial and accounting departments to start implementing a document management system to manage their invoices and other important business information. And if those 10 benefits aren’t reason enough, here’s a bonus: Document management systems are environmentally friendly. By reducing the use of paper, accounting offices can do their part to help save our forests and those animals that depend on them for survival. Just one more reason why switching to a document management system makes good sense!
About Polar Imaging Inc. With over 30 years’ experience, Polar Imaging is a leader in Enterprise Content Management solutions and scanning, delivering a broad spectrum of ECM solutions, fully customized to fit the needs of its customers. Polar Imaging also specializes in cloud backup and recovery, unlike any other provider in the region. Its unique services offer a customer experience that surpasses all others. Polar Imaging is a reseller of Digitech Systems software, PaperVision Enterprise. Core products and services: Document Scanning Services, Electronic Content Management (ECM) Solutions, Business Workflow Automation, Mailroom Services, Cloud Backup and Recovery, Software as a Service (SaaS), Microfilm & Scanning Equipment Sales and Services, Professional Services.
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