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Accounts Payable/Receivable |
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Why is DocuClass a good fit for Accounts Payable?
Improves Document Control and Security
- Improves exception handling by alleviating bottlenecks and routing invoices through a predefined exception handling process
Increases Productivity
- Tracks payables and speed up payments to vendors
- Reduces search time by making invoices and supporting documentation available immediately
- Provides better customer service through faster response to internal customers and vendors’ payment inquiries
Reduces Cost
- Minimizes invoice processing costs and reduces processing time
- Improves company credit ratings and lowers overall cost of credit
Streamlines Operations
- Complies with auditing requirements
- Streamlines purchase requisition submission
- Integrates seamlessly with business applications
Applying DocuClass in the Accounts Payable environment
Accounts Payable processes are traditionally paper-intensive, time-consuming, and expensive. More than ever, Accounts Payable departments are faced with an increasing volume and variety of financial information (from paper documents, spreadsheets, print streams, email, faxes, etc.) with the constant challenge of supporting their organizations by collecting, managing, and delivering that information to the right person at the right time.
By providing Accounts Payable departments with the ability to capture, access and manage all purchase-related documents (purchase orders, invoices, requisitions and checks), match incoming invoices with POs and route requests and vendor invoices through the approval process. DocuClass helps AP departments streamline their operations, reduce costs and improve overall customer service.
A DocuClass Accounts Payable Success Story
The AP Problem:
- Providing services, resources and research to over 100 different programs
- Cumbersome invoice approval process (need to differentiate between non-PO and PO-related invoices as well as the program that ordered the items)
- Difficulty accessing previously generated POs
- Difficulty linking POs, invoices and related checks
- Need to monitor invoice approval progress
- Took too long to find and access POs, invoices and checks
The DocuClass Solution:
- Workflow routes scanned invoices to departments to approval
- DocuClass links documents together and users can access them instantaneously
- DocuClass provides access to invoices and limits that access to the correct program
- DocuClass interfaces with the existing financial application to keep track of PO status and updates the status of both systems
- Provides the capability to generate notifications and handle exceptions and deadlines
- DocuClass updates invoice payment approval status automatically
- Keywords are automatically updated for related documents in the DocuClass system (e.g. an invoice will be updated with the number of the check that paid the invoice)
Read More
● Accounts Payable brochure
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