In our last blog post we spoke about what a Document Management system was and how it could help. Today, we are focusing on how a Document Management system can aid in streamlining your accounts payable processes. The Accounts Payable (AP) department operations revolve around optimizing the working capital of an organization and managing volumes of paperwork relating to the AP processes. The AP department, as all departments in every organization, are always looking to improve their performance. The AP department is always looking for ways to minimize the resource-intensive and error-prone processes that increase costs as well as reduce inefficiencies that lead to missed due dates, late fees and lost cash discounts on invoices.
Altek’s Docuware integrated solutions for Accounts Payable makes filing and retrieving documents as simple as using a search bar. Our custom solutions integrate with your accounting and save you time getting approvals for new invoices and searching for files when a vendor calls.
5 Ways Automating Your Invoice Approvals Processes will help business
The time that is required for the invoice approval process is cut by at least 50% or more using Altek’s Docuware Workflow Automation. Altek works with your organization to create custom workflows which place all of your documentation for filing, approvals, and retrievals in one categorized system that is easy to use. The employees responsible for the approval will receive a convenient email notification when they need to approve an invoice, which is accessible on any desktop or on the Docuware mobile app. One click of the email brings them directly to the document, where they can view, attach notes and approve with one click of a button.
The custom workflows that Altek creates for each organization are based on their existing Accounting department’s current workflows. Docuware is able to use learning technology to recognize invoices as soon as they come in and organize them based on multiple searchable fields.
The Top 5 Ways that we see our partners benefiting from automation their invoice approval processes are:
- Decreased approval times to have invoices completed
- Increased Net30 discounts due to processing time
- Less time looking for old invoices and files
- Greater accuracy in filing system and organization
- Document Backup to assist in Disaster Recovery and Business Continuity Plan
If you would like to know more about Altek’s Document Management Solution and what Docuware can provide your organization, you can contact us directly to schedule a Virtual Demo,.