Article written by Stephanie Onofri
Compliance with labor and environmental laws is a great enough feat for manufacturing companies, who spend a massive amount of money on regulation compliance practices, such as hazardous waste clean-up, extra pollution-taxes, higher workers insurance payouts, and precautions taken against risk in the work environment. The added risk of document loss, and erroneous financial data is one that most manufacturing companies simply cannot afford.
To ensure smooth operations and timely ordering and payouts, Accounts Payable departments are looking for more efficient and cost-effective ways of handling their financial processes.
Imagine how rapidly back-log files pile up when document organization isn’t on any manufacturing department’s roster. Accounts Payable and Accounts Receivable have a difficult enough time tracking Invoices and payments without the added feat of document storage. That’s why many manufacturers are sending the majority of their paper invoice process to outside scanning and conversion services experts. It’s a process called Business Process Optimization, and it literally takes the load off AP departments.
Sending all invoices and general financial documentation to a highly compliant conversion service center that will scan and perform data entry for all line items, and then upload said documentation to your Accounting system is a dream that has become a reality for many businesses.
Optimizing existing AP processes by letting a professional scan your documents and automate heavy data entry loads, carries the following benefits:
- It decreases ROI time: once documents are uploaded to your accounting system, workflows can be put in place to ensure that approvals occur more efficiently
- It facilitates rapid data retrieval: documents are stored and can be found using keywords or other search criteria
- It prevents pesky data discrepancies: Data entry automation uses capture software that saves the risk of human error, ensuring accuracy of data
Maximizing ROI while reducing extraneous time spent performing data entry and waiting for approvals is the way to more efficient, smoother operations. Connect with one of our business process experts below to find out how you can get a BPO solution tailored to your company’s unique enterprise!