Reduce Costs and Improve Cash Flow with Faster Processing
To keep up with documentation needs and retention schedules, it’s virtually impossible to manage a modern day accounting department without a Document Management System (DMS).
A DMS solution offers several advantages:
- Reduced search time and less lag time
- Increased physical storage space
- Improved data accuracy
- Qualify for early payment discounts
- Faster collection of accounts receivable
- Tamper-free archiving compliance with legal requirements
Anyone working in accounts knows about the mountain of documents that needs to be stored to meet legal and financial guidelines. The systematic filing of records without a Document Management System can cost you in time and space, particularly, time lost hunting for records that might be filed off-site, incorrectly, or even lost.
- Generally Accepted Accounting Principles (GAAP): Completeness, timeliness, accuracy, accountability and the motto “No entry without documentation” are the main goals driving an accounting department.
- Retention Schedules: According to tax laws, retention schedules can be up to ten years. In addition, documentation can play an important role, for example, in product liability issues or contractual disputes. In such cases, it may be necessary to retain documents even longer.
- Sarbanes-Oxley: CPA firms and publicly traded companies have a whole new set of regulations to worry about. With the passage of the Sarbanes-Oxley Act of 2002, companies are now required to retain even more documentation, including e-mail and other types of financial correspondence.
Access to detailed information, such as departmental codes or general ledger numbers, must be possible at all times. This guarantees that an internal cost/benefit analysis gives you the right numbers.
Success with Document Management
A Document Management System organises internal verification processes making them swift and secure. A much higher level of efficiency is achieved for your accounting department. Routing delays are eliminated and approval time frames are significantly improved.
Decentralised, simultaneous access to documents is possible. Executives are supplied with the most current information, since every record can be accessed immediately. Rooms filled with filing cabinets are freed up and preparing for an audit is immensely simplified.
Accounts Payable Automation
An invoice processing solution reduces costs, drives efficiency, increases productivity and maintains compliance by automating the input of invoices to your ERP system. Speak to our expert consultants to find out more about our automated invoice processing solutions.