Accounts payable is typically a time-consuming and paper-intensive process. If you’re responsible for accounts payable at any level, you’ve probably wished you had some type of process automation that would streamline the activity.
The average cost to process a paper invoice runs between $15 and $40 depending on the situation. Many leaders in finance set goals to reduce that cost as well as make the process less labor and paper-intensive. MSI has solutions that can automate the accounts payable process with tools like DocuWare, helping you to achieve those goals.
DocuWare: An Overview
DocuWare produces document management and workflow automation software. The company’s automated invoice processing software runs in the cloud and can eliminate large amounts of work for your Accounts Payable staff. It lets you eliminate paper, and manual data entry while saving space, time, and frustration.
You know how important it is to take advantage of early payment discounts and avoid late fees. When you apply process automation with DocuWare, it’s easy to process invoices before they’re due. Couple that with avoiding late fees, and you’re in an excellent position to negotiate with vendors for favorable pricing or added discounts to save more than you expect. At the same time, you can cement your relationships with your best vendors.
It can be a challenge to obtain invoice approvals from department contacts. But the DocuWare platform automates that workflow. So, it doesn’t matter if decision makers are extremely busy or working out of the office, you can still reach them electronically to obtain that all-important approval. Your payment processing won’t be stalled because you can’t locate the stakeholders who must approve invoices for payment.
DocuWare allows you to digitize Accounts Payable invoices, which is a particularly useful feature when it’s audit time. Typically, an audit means that you scramble to locate the right documents. With DocuWare, your invoices are instantly available. You can also prepare an organized and secure archive to satisfy the auditors’ requirements and save time for your staff.
How DocuWare Works
When you use the DocuWare software, there are just three steps to automating your Accounts Payable process. First, you digitally capture all incoming invoices. Second, DocuWare digitally and securely stores invoices for instant access. Third, you can automate your workflows using DocuWare to obtain approvals, handle exceptions, and create a booking record to easily post invoices to your ERP system. Here are the key capabilities that DocuWare offers.
Intelligent Indexing is the heart of the DocuWare process. You can capture, sort, and archive invoices using a variety of sources including email and mobile capture. Then, the AI machine learning that powers DocuWare’ s intelligent indexing takes over to extract the detail of the invoices. Once indexed, invoices can be automatically matched to the related purchase order.
Approvals can be automated using a Multi-Way Match or a QuickMatch that identifies approved vendors with a defined dollar limit. You can also configure workflows to automate task assignments to the appropriate cost center manager for approval. Notes and approval stamps are shown on the image of the invoice for clear communication.
The system automatically produces transaction records for your ERP system to eliminate double data entry and reduce errors. A transparent approval history, automatic document filing, and encryption help maintain compliance and audit trails.
When it’s time to set up a new vendor, you can request data from that vendor using a new vendor form and request Form W-9 for tax purposes.
There are several ways to deploy DocuWare. It comes available as a preconfigured cloud solution that has everything you need including workflows, document templates, security configurations, user profiles, and more. DocuWare can also be deployed on-premises, or as a hybrid solution. In addition, DocuWare has integrated with more than 500 unique applications ranging from email to ERP and accounting systems to CRMs.
Benefits of Using DocuWare
When you use DocuWare for invoice processing, you’ll see a return on your investment due to the significant time and cost savings at every point in the process. You’ll save time by eliminating the need for data entry at the start of the process and streamlining the approval process. You’ll save money with early payment discounts and avoid late payment fees.
You’ll have the ability to process invoices in a paperless environment. Large stacks of paper overflowing on every Accounts Payable desk will be a thing of the past. You’ll also have more control of your documents by setting retention rules and using flexible version control.
The variety of deployment options gives you the flexibility needed in today’s business world. Plus, the cost of using the cloud is less than on-premises. The cloud gives you excellent security, instant scalability, and ensures business continuity because it’s the option with the highest availability. Our team is here to partner with you on preconfigured as well as customized workflows.
How MSI Can Help
MSI is a full-service technology company. We partner with our clients to solve today’s business challenges. In addition to automating Accounts Payable, we help clients with scanners, printers, copiers, document workflows, process automation, and IT and network security. This total office approach allows us to keep your organization working at peak performance.
We take a full team approach to identify the best solutions for your needs. We make sure the experience is smooth and you always know where to turn if a problem arises. Our company motto is “Service. Service. Service.” If you need experts to service your office equipment or want to eliminate downtime with easy supply ordering, we’re there to help.
Whether you’re a customer with a single machine or a large enterprise with a fleet of systems, MSI provides technology, products, supplies, services, and consultative know-how to help you achieve your business goals.
Reach out to MSI today to get started.