Many processes in business can be time consuming, especially in the accounts payable department. What if you could speed up these processes while also improving accuracy and simplifying common tasks? With workflow automation, you can. Using a document management system, you can streamline your Accounts Payable department and reap the benefits.
- Automatically route documents for approval – Instead of a document slowly working its way from person to person, workflow automation can automatically route the documents to where they need to be, keeping the process moving. It can send automated reminders if the person hasn’t approved it. This speeds up the process and reduces the amount of paperwork your department handles.
- Extract valuable information – Regardless of how you receive invoices, automated document management can capture the invoice and parse the information to insert into a database. This not only eliminates manual data entry and reduces errors, it also allows users to sort and retrieve data with ease based on critical information such as customer name.
- Automatically perform three-way matches – Invoice approval requires three-way matching to ensure that what was ordered is what was received. By automatically comparing invoices to purchase orders and packing slips, your document management system can confirm the three-way match and route it for approval.
- System integration – Using automated workflows doesn’t mean giving up your familiar software systems. Rather, your document management system can integrate with your existing applications. After extracting the necessary information, it can push that information into your software, making sure the information is synced.
- Regulatory compliance – It’s essential for your business to stay in compliance with the IRS and other regulatory bodies. Digitizing your records and automating workflows can help you reach this goal. Images of the original documents are kept and filed appropriately, errors are reduced, and recalling any necessary information for auditing is quick and easy.
Workflow automation can change the way your Accounts Payable department operates, speeding up their processing and reducing errors. With streamlined invoicing and bill payment, your business can enjoy many benefits that will help your business grow.