How Your Finance Team Can Benefit From Print Services
Up to 85% of businesses in the U.S. are still using paper documents, according to the Paperless Project coalition. Approximately 17% of these paper documents are considered waste. This means hundreds of dollars for many businesses are being thrown in the garbage.
While document management services can help businesses hold on to their money by reducing paper waste and improving productivity, it's Accounts Payable (AP) that may benefit from digitalization the most.
How electronic document management services companies can improve AP
Accounts Payable is perhaps one of the most manual processes in any business. Unfortunately, manual processes can slow down the entire company. This is because the finance team in AP needs to organize and capture information from documents, invoices, and other mediums by hand. That's a lot of documentation to sort through.
Outsourcing document management to convert paper documents into an electronic format helps save your finance team valuable time. Your AP department will have immediate access to critical information, which will promote efficient work time and reduce the risk of error.
Reducing error with document management
Electronic document management services help reduce the risk of error caused by outdated information. Accounts Payable departments rely on current, up-to-date information. When financial information is being processed manually, it can be difficult to ensure that information is current. As a result, supplier relations may become damaged due to slow or erroneous payment processes.
Electronic document management gives financial teams access to recent documents and the dates of the most recent edits made to such documents. This not only speeds up invoice processing but it also reduces the risk of errors made by outdated information.
Document management benefits outside of AP
When Accounts Payable benefits from electronic document management systems, the rest of the company benefits. Digitalization, for instance, can earn businesses early payment discounts by increasing payment visibility.
An increase in visibility and workload balance can improve relationships with vendors, key partners, and clients. Your company will also reduce your risk of fraud and save money by reducing expenses to operate.
There are multiple benefits of digitalization. To learn how your Accounts Payable department and business can reap these benefits, contact AandB Business today.