Automating the accounts function is fast becoming a key requirement for Financial Directors, yet despite this many companies are still struggling to eliminate paper from the finance department.
Some of the key findings in the research were:
The research results underline the fact that companies need to take a more strategic approach to document management in the finance department. Removing the most labour intensive element of the finance process, namely the handling of in-bound and out-bound paper invoices, not only delivers immediate cost savings but provides a raft of opportunities to drive further benefits – from improving payment timescales to eProcurement.
It is time for companies to stop this half-hearted, somewhat haphazard approach to document scanning – and to address incorrect assumptions about EDMS. Scan all finance related documents; store them securely in a repository; put in place workflow to streamline invoice approval; automate the creation of relevant accounting transactions; integrate with the finance system and finally close the loop by generating all finance department outputs (sales invoices, statements, purchase orders, remittance advices etc) electronically.
From a possible 90% reduction in invoice processing time, to meeting new payment regulation, effective management of electronic documentation is the key to realising the goal of finance automation.
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