Automated business is becoming a way of life in many companies. In fact, automated processing is quickly becoming the norm in almost all industries. As with any newer technology, there are some who love it and others who have serious doubts. Wherever you fall on this spectrum, it is important that you understand the truth about document management and what it can offer your organization. Today we are going to look specifically at answers to myths surrounding accounts payable document management. Here are three statements you may have heard and the truth behind the story.
It’s true that implementing automation requires some work. Accounts payable document management platforms require different tools and knowledge than the manual processes of the past. However, the benefits of a digital transformation far outweigh any initial difficulty. Offices that use automated billing and other accounting processes are more efficient, more accurate, and highly responsive to potential growth. There’s no need for invoices and approvals to take days or weeks. Instead, let your document system handle them for you, keeping all your information moving smoothly through workflow while remaining secure.
The cost of manual accounts payable document management is deceiving. While the per-invoice cost of shuffling paper is fairly low, when you add in the time wasted, late fees, employee hours, and paper costs of a manual system, the costs add up quickly. On the other hand, an automated accounts payable office requires an initial cost to establish, but after the system is running it provides long-term benefits of much greater value. Automated invoicing makes an accounts payable department more efficient and effective, trading an hour’s work of research, retrieval, and response into a few moments and some clicks of a mouse. Don’t let the hidden costs of outdated processes deceive you into missing an opportunity.
Companies that are used to manual invoicing and document management often balk at the idea of digitizing their work. One of the reasons for this reticence is the mistaken belief that moving to accounts payable document management requires complex technological understanding or skills. In reality, digital accounts payable is far simpler and more manageable than a manual system. Additionally, your document management platform will provide you with complete training on all new software. In the end, the only real change for your employees will consist of a more rewarding and manageable set of responsibilities.
Accounts payable document management provides companies with real solutions to some of their more expensive and persistent problems. Automating payment approvals, invoices, and other financial documents allows your staff to leverage their time and effort in more effective ways. Interested to learn more? Contact MaxxVault today for more information.