Inefficient paper-based processes prevent timely invoice processing and taking advantage of available supplier discounts. Without visibility and control over your documents, you remain exposed to risks. Centralizing accounting-related documents through a document management system benefits accounting in a number of ways:
Reduces the amount of time and energy managing paper
Establishes an open and transparent audit trail
Creates the ability to set retention schedules by accounting document type
Implements electronic forms which may be reused for various functions
Manages and controls increasingly complex compliance requirements
Eases preparation and management of tax reports
Eliminates misplaced invoices and reduces cost of invoice processing
Enables your team to plan ahead and optimize business efficiency
Implementing Document Management
In terms of implementing document management in your accounting department, accounts payable and accounts receivable are where the most impactful improvements are seen. Being able to collect faster on invoices and cutting down the need to extend credit lines optimizes your bottom line. Plus, you will improve employee job satisfaction by minimizing time spent shuffling paper, which gives more time for core responsibilities.
If you’re a business persisting with outdated technology, it’s time to consider the benefits of optimizing your accounting processes.