Double handling, slow, inaccurate and hard to find. Words that can be easily associated with an accounts payable department, regardless of the industry. Inefficient accounts departments have many processes which could be streamlined with an appropriate solution. This is where the development of our DocuSmart Payables has once again transformed business.
“DocuSmart Payables is the best product Pentana Solutions has ever released. It does exactly what they said it would do.” Paul Kelly, Financial Controller, Melbourne City Holden and Hyundai.
Melbourne City Holden and Hyundai only use reliable and proven solutions to control arguably the most important department of their business. The question really is, what did we say it would do? All we told them was the process by which DocuSmart Payables uses to make any accounts department more efficient and streamlined.
Let’s run through the process.
The most critical part, the physical scan or receipt of invoices via email from any office which the information is instantly recognised through our intelligent Optical Character Recognition, otherwise known as OCR.
You can match supplier invoices to purchase orders or pre-approved list and identify exceptions which are unapproved.
Ensure supplier invoice data has been captured accurately and manage exceptions
Manage the workflow to have invoices electronically approved.
Automatically update the general ledgers in the accounting system
Together with DocuSmart Archive, everything is automatically captured and indexed.
Increase of speed across the business
The manual handling of invoices adds significant delays to the process. With the above transparent process, you’ll be able to see, in real time, the performance of your business. For once, you can be in control of the accounts payable process.
As invoices are scanned and imaged, DocuSmart Payables will automatically recognise and distribute documents based on content and provide notification of all scanned documents for reporting. This step previously allowed plenty of room for error which is now a thing of the past.
It’s all about the Automation!
This is where the word efficiency comes from, through the automation of processes. The automation of process means a lower processing payment cost due to less physical time required to have an invoice paid and filed. Manually processing paper invoice can lead to data being lost and humans entering data can lead to incorrect keystrokes, both of these opportunities for error are removed with DocuSmart Payables.
Technology makes a big difference also!
It’s the last step in the process which will be relied upon for months and months. A paper based filing system not only requires physical space, which leads to unnecessary costs. Companies that use traditional paper-based processes have to make room for large filing cabinets, which requires additional office space. All this can be avoided by automating through digital invoice images.
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