Across industries, many businesses are automating processes & moving paper records online using document management & workflow solution!
The benefits are vast – by completing processes such as invoicing, accounts receivable or payable tasks, and numerous other functions, companies can eliminate the need for file cabinets, inordinate amounts of paper and can also mitigate the risk that such files will be misplaced or otherwise destroyed.
Electronic Document Management can Lower Costs
Turning to Electronic Document Management & Workflow practices, however, can also have major advantages for companies in the realm of cost savings, which can be supremely important for small- and medium-sized businesses. Not only is digitizing financial processes convenient, but it allows companies to save a lot of money in comparison to manually completing tasks in-house.
So many processes made easier
According to Business 2 Community, there are myriad functions that can be digitized and help a business’ productivity experience a boost. For instance, invoicing, approving loans, amending mortgages, customer onboarding, processing sales orders, rectifying insurance claims and plenty of others can help a company save time and money if they were to be done online.
The main advantage of relying on electronic workflow policies is that it enables the “flow of documents from worker to worker, streamlining and adding a formal structure to the process,” claimed the news source. This can also save man hours, in that employees wouldn’t have to take time out of their busy day to hand deliver paperwork for in-house processes to other staffers. Moreover, the news provider noted that this can make work much easier on employees who are stationed in different regions, as they wouldn’t have to travel to the office for certain forms or datasets.
Plus, Business 2 Community also explained that this can help fortify both customer and supplier relationships, thereby increasing the amount of business a firm can complete. The strategy of monitoring an individual invoice approval process can aid this goal in real time as well.
Individual processing operations are cheaper
According to a case study, after the World Triathlon Corporation embraced electronic workflow solutions, they were able to realize cost savings immediately in every invoice.
“It has reduced our cost to process an invoice from $30 to $40 for each transaction to around the $2 to $3 mark, and the productivity of a single staff person has gone from 20 to 30 invoices per day to 250 to 300 plus invoices a day,” noted World Triathlon Corporation Project Manager Mark Fox.
About PaperSave
PaperSave is the first and only document management, electronic workflow and invoice automation solution, Certified for Dynamics GP 2013. PaperSave's unique integration provides one click access to documents related to the records within Microsoft Dynamics solutions like AX, GP, SL, & CRM. PaperSave combines document capture and transaction processing to eliminate multiple steps from your process saving time and money!
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