PayStream recently published a new report titled Receivables Document Management: Moving Toward a Paperless AR Organization that reveals a compelling case for RDM automation. Credit departments are swimming in paper. Computerizing receivables has resulted in not only more paper, but also more disconnected processes. For example, call notes are often recorded on an aged accounts receivables trial balance printout and then transferred to either a computerized notepad or the next aging that is printed. Moreover, if there is a dispute, invoice copies are often re-printed and held in a suspense file along with related order documents until the matter is resolved. Applying workflow tools in conjunction with imaging technologies can raise receivables management efficiency to a much higher level.
The Case for RDM Automation –
Manual processes benefit from being automated:
□ Eliminating manual tasks boosts productivity
□ Automated workflow streamlines accounts receivable administration, eliminating the errors and loss of valuable time associated with re-keying data
□ E-documents cost less to handle than paper documents (purchasing paper in addition to printing and storage costs can add up quickly)
Access to information boosts efficiency:
□ Instant access to documents decreases employee time spent on retrieval
□ Web-based access improves collaboration between internal and external partners
□ Cycle times are reduced when information is highly visible and workflow is automated
□ Automated data extraction on top of document capture can drive fully automated workflow activities that further boost efficiency and productivity
□ Reporting tools allow management to reallocate workloads to ensure performance goals are achieved
Compliance is ensured:
□ Information systems provide better security than manual/paper processes
□ The automated logging (date and time stamp) of all actions taken and approvals made creates an audit trail that can provide evidence of control within the system
Download a complimentary copy of the Receivables Document Management: Moving Toward a Paperless Receivables Organization report today and start building your case for RDM automation.