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Friday, January 6, 2017

The Accounting department is responsible for innumerable operations on a daily basis, from account payable and receivable, to inventory, payroll and other financial aspects of an organization.

This department takes charge of ensuring accurate records, timely invoice payments and processing incoming payments. If these processes are accomplished manually, delays and human error is inevitable. Every Accounting department can benefit from an advanced document capture solution such as inFORM Decisions iCapture to automate and simplify these complex, time-consuming processes. Here are 3 ways of how companies can enhance their accounting processes with iCapture:

1. Capturing invoices and checks to eliminate physical storage

Office space costs money and the average office has to allocate at least 10% to store paper documents. Although it might be difficult to determine exactly how much money your company will save by automating processes, you can look at average statistics to help you determine your cost savings and ROI. Below is some rationale:

Manually processing one invoice costs an average of $22.75. Automating invoice processing drops that cost to $3.40 per invoice.

It costs $25-$50 to create a file folder, each lost document costs $350 to $700 to find or replace. If you opt for capturing your documents and storing them digitally, these costs disappear.

An average 4-drawer file cabinet costs around $25,000 to fill and $2,000 annually to maintain. With a document management system, you'll no longer have the need to store thousands of paper files in physical filing cabinets.

Consider employees time where 18 minutes is the average search time for a document while it just takes seconds to find a document with document capture software.

Document Management forces forms to be properly filled out, reducing time consuming and costly mistakes.

Organizations are frequently subject to audits, requiring them to keep accurate records of invoices and check stubs..

With iCapture, employees scan the checks and invoices and they are auto-imported into the program. iCapture then captures and indexes the invoices, and integrates with the document management system files, which matches the invoices to the corresponding check. The data can now be easily accessed digitally, significantly cutting the time employees have to spend searching for documents.

2. Paying  vendor invoices on time

Companies receive thousands of invoices each year, and the accounting staff takes responsibility for opening mail, sorting it and entering this information into one or more ERP systems. Instead of sorting and keying it manually, with iCapture, your staff now just scans invoices, and iCapture will automatically capture and route the data to the ERP systems. Therefore, a great deal of time can be saved and it makes easy for departments to pay invoice on time. Automated AP workflow could reduce invoice cycle time by 50% to 80%? When you reduce the cycle time of processing an invoice, you can easily avoid late payment fees. Instead of late fees, you can negotiate favorable payment terms.  Only 16 percent of companies using manual process take advantage of Early Pay Discounts, whereas 47 percent of companies utilizing automated processes take advantage of these discounts.  

3. Boost productivity and efficiency

Accounting departments waste a colossal amount of time entering, filing, emailing, retrieving, or searching for misfiled or lost documents.  This means more time lost on procedures than productive work. Traditionally companies tackle the AP problems by adding additional staff and cost. 

We live in the age of technology and you should work smarter instead of working harder. Automating AP processes can remove most manual and paper processes by automating the input, tracking, record keeping, and sending invoices through the approval process. Your team can focus on more important task and get other valuable work done.  Investing in iCapture helps to eliminate the cost of making copies, shipping documents to storage, retrieving documents and employee labor. 

These are just 3 examples of how iCapture has become apowerful tool for the Accounting department. For further information, contact us today!

Our website: http://www.informdecisions.com/ - Phone numbers: (949) 709-5838 / (800) 858-5544

​Tags: Digital mailroom automation, document capture softwareK2 workflow, Iworkflow, Ocr solution


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