From invoices and purchase orders to expenses claims and receipts, finance, accounts and purchasing departments generate a steady stream of paperwork. Dealing with all this paperwork is extremely labour intensive if you are doing this manually. In a time of tight budgets, tough competition and even tougher regulations, managing the finances of a business is a difficult job. It doesn’t matter if you are in payable, receivable, payroll, the finance controller or the CFO.
STREAMLINE ACCOUNTING AND PURCHASING DEPARTMENTS
With a document management solution, no matter how documents arrive, paper or electronically, you can capture, organise, and deliver information to the right employee in seconds. Through intelligent data capture, you remove the need for manual data entry and eliminate human error. You can accelerate inter-departmental processing and approval processes through automated workflows removing process bottlenecks to deliver greater efficiency and accuracy.
MANAGE BUSINESS EXPENSES MORE EFFECTIVELY
One of the biggest headaches for business and employees is the management of employee expenses. No-one likes filling out an expense form and sorting receipts at the end of the month. For a business, it is equally problematic, as they have no idea how much employees are spending until month end. Streamline your expense management, reduce workloads, speed up reimbursement and gain control over cash flow.
GREATER ACCURACY AND FREQUENCY OF FINANCIAL REPORTING
Whether your debt restructuring, budgeting, conducting a cost analysis, reporting or managing the day-to-day finances, you need to be able to access up-to-date information. You also need information that goes deeper than just your financial statements in order to accurately plan your finances. The process you use when storing your accounting documents has a huge impact on your ability to control critical business information. By using a document management solution all relevant documents can be accessed with a few clicks. by accessing the right information and figures, quickly and easily.
MAKE YOUR ORGANISATION AUDIT PROOF
We all know that failing an audit is extremely costly. Keeping records of everything and maintaining updated financial documentation is critical and so is knowing who is accessing that information and helping to determine responsibility in the event of a fraud allegation or other confidentiality issue. As to, is being able to respond quickly to auditor requests and maintain greater control over your business information. A document management solution eliminates the risk of document loss from mislaid or misfiled papers and simplifies recordkeeping as there’s only one, always up-to-date copy of every file. You can keep track of every version of a document and see the entire history of all content in your organisation at any time.
BENEFITS OF DOCUMENT MANAGEMENT FOR FINANCE
- Increase Productivity
- Eliminates human error
- Reduces Costs
- Improves Supplier Relationships
- Easily Integrates with Existing Accounting Software
- Reduces storage space
- Creates Audit Trails
- Future Proof Audit
The changes that YourDMS have implemented for us have made a huge difference to the way we work! With our systems now integrated, it only takes a few seconds to find the document we need. And the improvements to our invoice approval processes, and the use of intelligent workflows, has allowed us to pay invoices much more promptly. All of which has improved productivity and saved money across the business.
HEAD OF IT SERVICE DELIVERY AT GWALIA