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MES Hybrid - Document Management in Ontario - The Positive I PowerPoint Presentation
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MES Hybrid - Document Management in Ontario - The Positive I

MES Hybrid - Document Management in Ontario - The Positive I

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MES Hybrid - Document Management in Ontario - The Positive I

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  1. Document Management in Ontario The Positive Impact on Accounts Payable

  2. Document Management in Ontario • Document management in Ontario allows organizations to capitalize on solutions that eliminate unnecessary cost and add value. • Document management impacts many departments and functions within a company, including accounts payable. • For example, you can automate accounts payable so you process a greater number of invoices within shorter time periods.

  3. Document Management in Ontario • By eliminating paper and simplifying the invoice approval process, business can save money. • The superiority of electronic processes over paper processes is a widely accepted concept. • However, the migration to document management solutions in Ontario has not been as obvious as you would expect.

  4. Document Management in Ontario The High Cost of Maintaining Manual Accounts Payable • Each time you purchase something on credit, you create an account payable for your business. • Typically, you owe the amount taken on credit to your supplier within 30 days. • But, if you pay early, vendors frequently will give cash incentives in the form of discounts.

  5. Document Management in Ontario • To get these discounts, companies must process invoices and send payment to the vendor in as little as 10 days. • Processing invoices in such a short period is very difficult for many accounts payable departments. • Their document management in Ontario may not be capable of quick turn-arounds, especially if it’s a manual system.

  6. Document Management in Ontario • The manual steps in a paper-based system for document management in Ontario can cause the invoicing process to take upwards of 30 days. • The accounts payable process could be further hindered in the following situations:

  7. Document Management in Ontario • Businesses typically process invoices tied to a purchase order. • However, it’s not uncommon for some invoices not to originate from a purchase order. • When a purchase order has been issued, accounts payable staff still needs to make sure the line items agree. • When the paper invoice arrives, it gets keyed into the system and is matched line-by-line against the purchase order.

  8. Document Management in Ontario • When purchases are made without purchase orders, the accounts payable department usually doesn’t know the invoice exists until it shows up. • Because no prior approval took place, these invoices must be routed through a separate approval process.

  9. Document Management in Ontario • When invoice discrepancies arise, resolution involves back and forth communications among suppliers and internal departments before they can be processed through document management in Ontario. • The additional processing time adds costs and time. In fact, many companies require dedicated staff just to resolve invoicing disputes.

  10. Document Management in Ontario • The benefits of document management for accounts payable are quite evident. • By streamlining and automating the entire process, document management eliminates the high overhead and delays associated with manual paper processing. • Your business operates in a much more cost and time efficient manner.

  11. Document Management in Ontario Specific benefits for document management in Ontario include: • Replacing costly, error-prone paper processes with automated records management • Capitalizing on vendor discounts and avoiding late fees • Improving vendor relationships and increasing favorable terms • Resolving vendor disputes instantly with supporting documents easily retrieved • Providing flexibility to submit invoices in various formats

  12. Document Management in Ontario • Eliminating invoice delays and automating document routing • Optimizing approvals, payment cycles and reporting • Automating invoice and check match ups • Removing the need for additional staffing with volume increases • Facilitating audits with quicker access to needed documents and transaction histories

  13. Document Management in Ontario • Implementing document management in Ontario leads to higher performance levels for your business. • When you replace a manual process with an electronic one, you get a better managed, more efficient and increasingly profitable business operation.

  14. About the Author • Kevin D'Arcy is VP of Sales and Marketing for MES Hybrid Document Systems, Ontario's leading document scanning and document management supplier. For more information about Document Management in Ontario, visit