Key documents such as invoices, shipping tickets and purchase orders are generated in virtually every business. While these items are generally printed on paper, they are not usually re-integrated into workflow documentation systems.
The challenge with a typical invoicing process is that it is most often an error-prone and time-consuming process which entails a great risk of theft or loss of paper documents. Invoices are usually entered manually as a remittance stub and check and also copied on paper before being sent to the bank.
Automated payment processing could greatly reduce the waste, time, and risk by conveniently integrating the check and remittance stub into an existing computer application without manual data entry. The process would be quick and relatively simple:
- Checks and remittance stubs are scanned on a digital copier in the mail room.
- Recognition software accepts the payment and applies it directly to the appropriate company.
- A digital copy of the payment is indexed and stored in a document management system for future reference.
Electronic Document Management Systems can accomplish these tasks quickly and efficiently, using high-speed multifunction systems that quickly scan remittance stubs and checks. Optical scan and barcode technologies read the data and apply it. The documents will be stored and managed by an Electronic Document Management System, secure, but accessible by approved users.
The benefits of such a system would be that processing time is reduced while maintaining greater accuracy and documents can be retrieved quickly if needed. This system could also be backed up as part of a disaster recovery plan. The data is also secure, and audits are much easier with a streamlined access flow.
All of this is possible with Electronic Document Management System technology. We have many solutions that can be custom-fit to your business needs. Contact us today to find out how we can help you implement these technologies.
