Finance Automation Scotland
Finance Automation Scotland – Most finance departments are very labour intensive manually keying invoices, chasing payment approvals and filing information in cabinets for future retrieval. Many lose valuable time searching for information and correcting errors. This slow information flow limits the finance departments ability to add value and can position it as a cost centre in the business. Finance Automation can help and is a great way to simplify this arduous process.
We can reduce costs and improve efficiencies within the Accounts Payable department with an automated Accounts Payable System.
Our Finance Automation services work as follows: supplier invoices arrive via post (paper) or email and are scanned into the Electronic Document Management System for secure storage. The solution uses Optical Character Recognition (OCR) to analyse each invoice, match it with a customer PO or delivery note (if required) and send on for approval. Once approved the invoice is automatically uploaded to the finance package. Any future retrieval of information to answer supplier queries or in the case of an Audit can be found by a quick search of key fields such as supplier name, customer PO or invoice number.
Benefits of Finance Automation & an Automated Accounts Payable System
- Cost & Efficiency Savings: less time spent on manual processing, fewer errors, less time searching for documents
- Control & visibility of cash flow through faster access to payment information
- Better supplier relations: improved visibility can reduce lost discounts and exposure to late payment penalties
- Higher worker satisfaction: cutting the number of time consuming and repetitive tasks.
- Improved Transparency thanks to more complete audit trails thus fewer lost documents.
Finance Automation Scotland from Document Data Group.