Your organization is bombarded by information from the opening of business to the moment you close your doors at the end of the day. Each document that enters your workflows follows a path until it’s eventually filed away in a storage solution. What happens to your documents after they enter your workflows has a direct correlation to how well your company conducts business—and how you’re perceived by associates and customers alike.
Here’s a look one way you could improve upon the way you’re currently managing your information with electronic document management.
Get Faster Results in the AP Department
Many companies begin implementing a document management system in their accounts payable department. Because the benefits are easy to pinpoint, accounts payable is a great place to start. Two of the immediate advantages include:
- Less manual labor — Handling and copying hardcopies of every invoice that enters your system is a time-consuming process. By the time someone copies each invoice multiple times, sends it on to the appropriate department for verification and approval, then returns it to the AP department to finally cut a check, you could be on the hook for late fees. With a document management system, you could process your invoices with a few clicks, and electronic signatures speed up the approval process.
- No more lost documents — If you’ve ever lost an important invoice, you know how frustrating and costly the problem can be. Sometimes you’re not even aware that an invoice has gone missing until the supplier calls inquiring about payment. If you make the switch from a paper-based accounts payable system to a document management solution, your invoices will be scanned upon arrival and immediately routed to the next person in the approval process.