You probably use accounting software to manage your invoices and pay the bills, which is what accounting
software is designed to do. But if you try to push its capabilities further than those simple tasks, you start to hurt productivity.
A dedicated document management system can keep your business on track, boosting productivity and eliminating waste in six key areas.
The Problem: In most accounting systems, users scan each document one by one, then move the digital copy around manually. This can be very time consuming when you are dealing with a large volume of documents.
The Solution: Streamline the automation of your documents through a user-friendly capture system. It reduces the manual workload of capturing documents into the system. Through high-quality batch processing, files can be properly extracted, caught and stored from faxes, emails, scanned images and more. Plus, the system can scan a stack of papers and easily recognize when a multi-page invoice ends, and a new one begins through barcode or blank page separators.
The Problem: Manually entering information into contracts or invoices is time-consuming and prone to keystroke error. Particularly so if your organisation does line item entries and general ledger coding.
The Solution: Document management software with powerful image enhancement options and optical character recognition (OCR) provide high quality data extraction from your documents. Your scanned images are then turned into text allowing you to file documents effortlessly, without manual typing. Extracting alphabetical and numerical data directly into the document management system is done with the click of a mouse.
The Problem: The basic filing process of most accounting systems is to scan a document in after it has been physically passed around an office or it is sent via email to different people for approval. This often results in workflow delays and miscommunication between coworkers.
The Solution: Without even leaving your desk, the flexibility of document management software allows for user-initiated or automated processing of approvals. It even goes a step further to set automatic notifications of future steps, including retention scheduling and task escalation.
The Problem: With most linear accounting software, most non-accounting users don’t have an individual account to access information within the accounting system. It is also more difficult to export and securely share files with others outside of the accounting department. Plus, those out of the office are automatically disconnected from their documents which in turn slows productivity.
The Solution: Robust yet convenient security gives single sign on access to document management database administrators. Yet, capabilities within the software are permissions-based including access to viewing or modifying documents within an archive. Anywhere, anytime access to documents from any browser, iOS, or Android powered device is also included. Users can then increase productivity while staying in constant contact with critical documents through a secure system.
The Problem: Accounting software can only archive a document, which makes manually matching invoices to POs and packing slips slow, difficult, and prone to error.
The Solution: Three way matching is critical in accounting departments across all industries. The manual document handling of this process can be automated with document management software. Easily search and retrieve matching invoices electronically with corresponding purchase orders and packing slips. This automated process ensures you maintain compliance. An added benefit once documents are brought into the system, is every following transaction corresponding to that document is logged. This in return, provides the ultimate audit trail of when a file was viewed or modified and by whom.
Decentralising Storage and Search
The Problem: Often invoice related emails & files are scattered across multiple users’ mailboxes, workstations or network folders and solely controlled by the person who creates or receives them. This often makes it difficult for coworkers to access & find the information they need quickly & easily.
The Solution: Document management software provides a centralised location for all critical business documents. All users can quickly access content regardless of the application they are running. They have the flexibility to search by keyword, sku, date range, and more, directly from within a pre-existing accounting or HR system to find and retrieve files.
If you are evaluating a new accounting program, consider integrating a document management system to automate your AP processes towards paperless efficiency and give your business the power to reengineer your payables and receivables handling.
With this kind of advanced technology you are guaranteed to reduce input errors & paper-related costs, and improve information distribution & approval processes.
The BMS Group credits Square 9 for some of the information included in this article. BMS’s partnership with Square 9 offers tailored document management software solutions that can help your business.