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Financial Year End Document Management

22nd Jul 2015
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For your business, the end of the financial year can be a time when extra strain is put on senior managers and accountants, as well as finance departments. Predicting year-end figures can be difficult, but with the right changes to your processes in finance and accounts, this task can be made that much easier.

Dealing with an invoice system that is paper-based can often cause problems when you want an accurate report. With the technology of today, teams carrying out financial processes manually can benefit from a transformed way of working, creating a happier and more productive environment. While you may think the cost of this change is too much, the level of service can be customised to suit the size of your business, whether you’re an SME or large enterprise.

Solutions such as intelligent invoice capture, document scanning, e-invoicing and digital document management offer more precise reporting, a streamlined record of finances, cuts to costs previously spent on business processing, reduced need for manual processes, and the elimination of system bottlenecks.

Consider the following options:

Capturing Email Invoices

Often, invoices come in a variety of formats (PDF, for instance) that require verification and data to be extracted for processing and indexing. You can save time spent manually verifying and sorting invoices that arrive in your inbox by outsourcing the work, which will relieve the pressure on your finance department.

Intelligently Capturing and Scanning

Scanning invoices for copying and distribution likely takes up a lot of valuable time. With a digital mail room, paper invoices can be diverted to an automated process where they will be scanned as they arrive, eliminating the slow manual process and transforming the quality of images captured.

For data reading, sophisticated software can scan information accurately and ensure it makes it to the right destination through a reliable work flow route. Using an automated system for capturing and scanning invoices, more time can now be spent on managing finances.

Compliance and Verification Automation

Rules for ensuring incoming invoices match your standards of compliance before being cross-checked with a database for verification can be implemented easily. The data from this process can then be sent into your existing financial system automatically, making the financial reporting process quicker and more precise for invoice payments and offering an electronic audit trail.

Archive for Invoices

Using our sophisticated Kodak scanners, it’s easy to sort your invoices digitally. Not only will going digital make searching for documents more efficient, but you’ll also have more free space in the office.

E-invoicing Over the Cloud

With e-invoicing, you can automate your invoice processes to a high standard, making use of the latest technology such as cloud e-invoicing, which is compatible with a range of systems. The cloud allows you to have access to your e-invoices for sending or receiving, while at the same time as eliminating spam issues using a filter. Also, costs for capturing data and scanning are cut with this system.

For incoming invoices, automatic control and enhancement measures can be implemented with the cloud service to ensure data is verified and compliant before delivery. Additionally, improved efficiency allows for more than one legal entity to be handled, as well as e-netting internally. Some suppliers will benefit from an option on the cloud designed for SMEs, allowing easy complicity with the e-invoicing standards of bigger companies.

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