Article written by Stephanie Onofri
So, mother nature obviously seems to have it out with us of late. Between floods, tidal waves, and hurricanes, the risk of natural disasters and property loss has most people in a state of serious concern. But some Industries deal with the threat of document loss from within the safe confines of their institutions, from poorly handled paper processes, leading to misplaced documentation as well as compliance infringements and overall decrease in departmental productivity.
The Food & Beverage industry is no exception to this phenomenon. Like others, it must adapt to fluctuating constraints, consumer demands, and compliance standards that are becoming more and more difficult to keep up with. And the paper process doesn’t make it any easier for Accounts Payable Departments. It is difficult to keep track of paper financial documents from the initial data entry to the final approvals, especially when there is typically only one copy of the document to work with; it is much easier and efficient, however, to process electronic copies of these records available to multiple parties at once with the appropriate (and automated) security and compliance controls.
For restaurant chains with multiple locations, maintaining these sorts of standards can become cumbersome, especially when paper needs to be scanned and mailed across many venues to reach AP departments.
In short, paper is a liability. In order to ensure process optimization, Food & Beverage companies are turning to scanning and conversion to keep track of Accounts Payable Receivable quotidian business through managed invoice processing (which is what all the cool kids are calling it these days). How easy would it be to have the main corporate Accounts Payable offices collect all information in one centralized location for digital processing?
Managed Invoice Processing holds at its inception the scanning of back-log documents and follows this act with daily scanning of departmental documents which are sent to the highly compliant and secure conversion facilities of the solution provider every day through a P.O. Box, or which the provider picks up daily without any inconvenience to department personnel.
The process looks something like this:
- Documents are scanned on a daily basis into AP and AR folders
- Software system captures images into scan queues
- Documents are then indexed based on their designated workflow lifecycles
- Documents go into workflow lifecycle in electronic document management system
- Automated approvals, coding, and posting functions take place
- Digital copies are stored in one centralized location
Managed Invoice Processing is easy, cost-effective, and it ensures adherence to ever changing line of business regulatory standards, so there is no need to eat your way through your departmental budget. Contact one of our business process automation consultants to find out how you can hand the painstaking stuff to the professionals, and begin focusing on growth today!