A consistent workflow is important to the long term growth and success of a business. If a company owes money to their creditors or suppliers, the workflow is what allows these debts to be handled in a timely manner. This is where the accounts payable department comes into play.
Copier solutions and print solutions are also designed to make life easier for businesses that wish to optimize workflow. In addition to copier solutions and print solutions, there are other ways to make sure that an accounts payable department runs more smoothly.
Let’s take a closer look….
Decreased Errors and Less Need For Copier and Print Solutions
When errors take place in accounts payable, an inability to keep proper track of invoices is often to blame. A purchase order system may not be able to track the invoices in the correct manner. If these sorts of situations arise, multiple invoices may come in at the same time and not be counted. This can cause a business to spend money twice over on vendors that have already been paid.
With document management, these types of issues are eliminated because the previous document is still available. The team is able to open the original document, find out where the mistakes were made and remove them from the equation. The processes can also be halted while the team checks on accuracy.
No More Lost Invoices
Invoices can get lost rather easily, especially if they are paper invoices. Document management is all about eliminating these sorts of mistakes from the equation entirely. If the invoices are not properly logged into the system that is used for purchasing orders, a business may not be able to make timely payments to their creditors.
With a document management system, the need for paper invoices is gone. Electronic images are created and storage becomes much simpler. This creates an environment where invoices can be tracked more efficiently and with an online, simple searches are able to take place. Sure beats chasing around paper invoices, right?
Making Payments More Quickly
Payments need to be made as quickly as possible in most instances. Document management is about allowing a company to take advantage of the discounts that they are going to receive from vendors and suppliers. The document management system automatically monitors every invoice that comes in, to make sure that the business is paying their tab within the appropriate time period.
The best businesses will go one step further and use their document management systems to automate the process. The faster payments are made, the easier it becomes to avoid the issues that are associated with late payments. This saves money for a business and keeps them from experiencing bad word of mouth among creditors.