Everyone likes to get paid promptly. Your employees and vendors like to be paid on time. The faster you get paid, the smoother your cash flow will be. When bills are paid and invoices are cleared quickly it fosters confidence in your business. Inefficiencies in your backend software will slow your accounts payable so that payments slow to a crawl. A good EDMS will automate your accounts payable so you get paid faster.
Invoice and bill approval can be slow because specific approvals are needed. Every department has a few “bottleneck” employees. In order for anything to get done, it has to go through them. While it would be impossible to run a company without having anyone in charge, bottlenecks can slow urgent messages to a crawl.
A good back end enterprise document management software will allow you to customize how files progress through the system. By automating bill progress, a file is automatically sent to the next person in the chain when one employee is done with it. This reduction in the manual labor that goes into passing the file along pays off. The file flies between the people it has to see.
Notifications are another powerful tool of enterprise document management. Notifications can be set up so that urgent documents, such as bills that need approval, are sent out with an email when arriving on someone’s desk. This is especially valuable for a company where employees often work remotely, or in different locations. Notifications let someone know when things are waiting on them even when they’re not at their desk at the same hours every day.
Automating accounts payable doesn’t just speed up the process. It actually keeps it safer. Permissions should be installed so that employees have access to the information they need to complete their tasks—and only that. Keeping confidentiality will also reduce clutter. Employees won’t have to wrangle a lot of information they shouldn’t be looking at in the first place.
Enterprise document management software can keep everything to do with a bill together. That eases the burden on bottleneck employees by reducing the work they have to do to verify that a bill should be approved. It’s easier to see whether or not they should approve a rush charge when they can click once and get access to delivery dates and the initial contract. Then they make their call and the file goes shooting to the next person in line—or possibly to the client or vendor for payment.
Automation eases the burden on key employees. It keeps documents confidential and smooths out the search function so that employees don’t have to worry about seeing things they shouldn’t. Taken together, automating accounts payable leads to shortened outstanding bills and quicker cash in your coffers.