If your organization has not yet embraced a digital transformation strategy, it’s time to explore doing so. Transforming the way your finance team handles day-to-day tasks comes with many benefits – including streamlining the way your accounting department handles the accounts payable process.
Process, Time, and Cost Efficiencies
In addition to time and cost savings, digital transformation can also add value in ways you may not have considered. In some cases, companies embracing electronic document management and automated workflows have been able to double the number of invoices they are able to process while actually reducing overhead expenses at the same time.
- Easier for staff to do their jobs. When your company leverages technology for accounting processes, you are making it simpler for your accounting and finance personnel to do their work. There is less of a risk that forms and invoices will get stuck on someone’s desk, as system workflows can be configured specifically to meet your company’s needs. Not only are processes smoother and more intuitive; authorized employees can also access the system and conduct their work from anywhere.
- More timely invoicing. It stands to reason that when you make it easier for employees to handle their work, that work can be done faster. In the context of accounts payable and accounts receivable, it’s simpler to process and track invoices. In the case of accounts receivable, this can result in faster recognition of income.
- “Early pay” vendor discounts. For accounts payable, you may also be able to take advantage of vendors’ “early pay” discounts because it is easier to stay on top of those invoices. Entering, paying, and maintaining invoices is faster and more efficient.
- Cost savings from reducing paper processes. When you implement digital forms and workflows, your company can also realize significant savings by cutting down or even eliminating all of the costs that come with paper processes. There is generally no need to print, file and store reams of paper. Documents reside in a secure digital repository but are indexed for easy and quick retrieval when needed.
- Enhanced transparency. Using electronic forms and workflows for accounting processes also provides enhanced transparency for department managers and senior company leaders, who can access real-time reports and data with just a few mouse clicks. Authorized employees can also track the status of their invoices any time, cutting down on calls and emails to the accounting department.
Examples of How Companies Benefit from Advanced Capture Capabilities Using Treeno Software’s Advanced Capture Tool (ACT)
Two recent case studies illustrate how businesses in the health care and security systems integration industries have benefited from implementing Treeno Software’s Advanced Capture Tool (ACT).
Central Florida Quality Care, an organization that connects patients with health care providers, used to struggle to process 50 referrals each day. Each referral traveled through a multi-step process, requiring interaction from others within the organization. After implementing ACT, the Florida-based company has been able to quadruple its workload while halving its processing staff, allowing it to redirect those workers to other value-generating processes and tasks. Not only has ACT helped improved internal processing, it’s also improved customer service and employee satisfaction.
Treeno Software’s ACT and electronic document management solutions have also been a “win” for PSA Business Solutions, the world’s largest systems integrator cooperative. PSA-member companies can now manage voluminous business documents and processes, allowing those companies to “immediately realize efficiencies and security in their process.”
Check out both case studies to learn more about why these organizations are enthused about embracing business process automation. To explore some of the ways your accounting department, human resources, and other areas of your company can benefit, contact Treeno Software today.