It hasn't been long ago that Accounts Payable was entirely a manual process. One lone employee often sat alone with an "In Box" overflowing with invoices from vendors. In the "Out Box" were checks to be signed along with corresponding stamped envelopes. Just staying on top of these bills and payments was a grueling, tedious chore that passed for a "decent job."
Enter the computer and things started changing, in many A/P departments, for the worse. Electronic bill paying simplified daily chores considerable, but there was still that mountain of paper to be filed and managed every day including things like paid invoices, receipts from expenditures and letters from customers or vendors. Just dealing with this paper pile could keep another person busy full-time.
The advent of the Enterprise Document Management (EDM) Solution brought Accounts Payable into the 21st century at long last. A EDM, like the FileBound suite of solutions, takes the drudgery and duplication out of Accounts Payable.
An Enterprise Document Management Solution keeps everything in a highly controlled, efficient environment. With FileBound EDM, the Accounts Payable department sets up their own system so that each account or project has its own electronic file. Using metadata recorded for each document, everything, including associated emails, is automatically stored electronically in the correct file.
Every invoice is captured and processed electronically, creating a complete "purchase to payment" system.
Furthermore, A/P is the quintessential home for workflow. Today, documents move either by hand or by email from one step to the next, often times making up the majority of time spent by administrative personnel. FileBound Workflow, an in-the-box functionality with most FileBound solutions, automates this movement and approval of invoices. Using both time and event base triggers, FileBound Workflow automatically routes documents and reminders from person to person, or from step to step. Unlike an admin, FileBound never takes a holiday either.
Several Types of Documents You Can Manage Using FileBound:
You can eliminate most of your file cabinets-maybe even have room to walk around in your office again!-because instead of filing in a physical file, hard copy letters, data, and invoices are scanned into the DMS. Electronically created items, such as invoices, records of payments and receipts you are sending are automatically captured at the time of creation.
Because of the time saved on processing invoices, staff will be on top of their jobs like never before. You'll be able to take advantage of discounts for prompt payment, reduce finance charges and free up your people to do valuable "thinking work" such as analyzing spending.
Because everything is available on your computer, you'll be able to tell a vendor instantly what your PO number is, when a check was sent and what the credit memo request was for-talk about improving vendor relations!
A DMS, like FileBound, also keeps track of everything you have routing electronically within your company. No longer will a pile of checks needing signatures sit in a manila folder on the boss' desk. Accounts payable staff will be able to keep the process flowing smoothly through ticklers and routing trackers.
Full regulatory compliance with laws is easier with online document storage and version control. That brings real peace of mind. If the Feds come knocking, you'll look good.
A DMS also offers you real security against disasters such as flood, tornado or fire because your data is backed up electronically off site.
In addition, because a DMS, like FileBound, allows management to restrict file access to those who should see an item, you thwart those who would snoop in your company's private or proprietary information. That's an added level of protection that should make everyone feel more secure.
Clearly, it's a new, more secure and efficient day for Accounts Payable. DMS has transformed this once tedious, difficult job into something bordering on a pleasure your staff will enjoy doing.