In today's challenging economy, companies are doing everything they can to maximize investments and streamline operations. One department that is usually criticized for its inefficiencies is accounts payable. With stacks of hardcopy invoices and piles of purchase orders and manual processing of both come inefficiencies such as duplicate copies, redundant files, and a general lack of visibility and control within the process. This all leads to higher error rates, increased costs, and delayed cycle time.
Document process automation is an investment that can help turn accounts payable around to become a very efficient and money saving process by getting rid of all the paper and manual processing. With accounts payable automation, information from invoices and purchase orders are automatically extracted, regardless of whether it is on paper or electronic. The information is then checked and verified against a financial system or enterprise resource planning (ERP) system, such as Oracle E-Business Suite, and the invoices are then sent for approval in an electronic workflow.
Read this paper to learn how document process automation can help save your company money and time, overall adding to your company's bottom line even during these troubling economic times.
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