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4 Benefits of Automating your Accounts Payable Process

Are you experiencing business growth or plan to? Your current processes are likely holding you back as they aren’t designed to handle the increased workload […]
2 March • Ben Coughlan •
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Are you experiencing business growth or plan to? Your current processes are likely holding you back as they aren’t designed to handle the increased workload that comes with growing! Whilst Finance and IT leader’s priorities have increased in many areas, they have aligned in looking for efficient ways to get more done with less. One area that Docex360 are assisting the forward-thinking businesses is to help change their paper workflow automation processes to match the growth in technology.    

We are often asked…How do I reduce my operational costs, increase operational efficiencies and adhere to compliance and reporting?

  Many teams are still performing manual tasks such as physically keying orders or client information. There are a variety of tools that will automatically scrape the information off the paper to transform into a workflow which auto populates and accelerates the processes automatically. These tools are highly accurate and scale-able document imaging/data extraction software which transforms documents of any structure, language or content into usable and accessible business-ready data. The first step on the Automation path is usually with Accounts Payable. When you receive an electronic or paper document like an invoice, you must review and respond to it in a timely manner. If you fail to do so, you may damage your business’ cash flow, credit rating and reputation. The process of approving and paying an invoice may be straightforward, but can take time and effort, especially if you process multiple invoices by hand. Our solution streamlines the process of capturing invoices either via electronic capturing or an invoice scanning process. We capture, interpret, file and process invoices and the associated data, including transactional line items. As the priorities change within the finance function our clients are extending the software to automate Accounts Receivable, Purchase Order Processing and other business functions.      

Businesses who view Workflow Automation as an investment reap the benefits which allow them to get ahead of their competition and enjoy an averaged ROI of only 9 months.

    Author of this post: Ben Hall, Managed Document Services visionary with 20 years of industry knowhow. Want to know how Docex360 can help you realise these benefits for you? Call me today or send me an email for an informal chat Insight@Docex360.co.uk or 01403 338608.

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