Accounts Payable (AP) is a document-driven process. View this presentation to learn how document management software can help your AP Department avoid three common cash leaks.
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Accounts Payable (AP) is a document-driven process. Some invoices are simple, some complex. Some arrive electronically, others through fax machines or the postal service.
Despite ERP efficiencies, the manual AP document processes necessary to support ERP data extend cycle times and increase risk of error.
Paper processing and approval, duplicate data entry, and lack of effective collaboration often result in missed discounts, late-payment penalties, and inaccurate accruals. Document management software can help.
Document management software solutions for AP enable organizations to capitalize on methods that eliminate unnecessary costs and add value.
Imaging allows you to electronically capture paper AP documents as soon as they come into the organization, making them immediately available for processing.
No more waiting on interoffice mail for accruals decisions or exceptions resolutions that require supporting documents.Document management software’s Workflows automate workload distribution, reviews, and approvals.
With document management software solutions for AP, you can eliminate the bottlenecks that add time, cost and risk to AP. Process automation with electronic document management allows you to process more documents in less time.
Collect every early pay discount available and eliminate late payment penalties.
Manage volume increases without additional labor by automating routine tasks.
Automate AP processes with dynamic accrual monitoring that ties to your ERP.
Know where you stand. Get ERP data with the documents to back it, instantly.
Ron Thompson, Jr. is the owner and CEO of OSAM Document Solutions, Inc. OSAM provides dynamic, customized document management solutions. For more information about document management software, visit http://www.osaminc.com/accounts-payable-workflow.html.