Article written by Stephanie Onofri
DataBank has a dream of a time when businesses will rise up against the bulky and inefficient paper-based Accounts Payable Receivable with a paperless Enterprise Content Management (ECM) solution.
ECM may sound a little complicated but it’s actually very simple. ECM is simply a way to track and store an organization’s documents virtually. There are many advantages to using such a system.
Storing information in an ECM system makes it easier for employees to find invoices, purchase orders, cancelled checks, etc. No longer will employees have to spend hours each week digging through filing cabinet after filing cabinet to find the one piece of pesky paper. When electronic documents are neatly stored in a single, virtual space, they are easily located.
Reduces Human Error
We’re human; we all make mistakes. Even the most diligent, well-meaning employee is bound to misfile or accidentally input the wrong information. This means employees will have to spend extra time finding the misfile document or fixing the incorrect information. Again, this wastes an employee’s time and inevitably causes frustration.
When using an ECM system, companies feel their documents are safer. In paper-based AP AR departments, files are often stored in, well, filing cabinets. These filing cabinets sit in basements, storage rooms, warehouses, or even lumberyards (yes, it has happened). It would be easy for an unauthorized figure to access these important documents. With an ECM system, your documents will be safely stored (not to mention they’ll never get mold spotsâ¦).
Saves Money, Increases productivity
Add all of the above benefits together and what do you get? Money saved and productivity increased! When employees spend less time performing these menial tasks and your company spends less time and money trying to keep your documents safe, you will save money and increase your workforce’s productivity.
Does your business share this same dream of a paperless AP AR department? Contact DataBank today to find out how you can get an ECM solution tailored to your company! For more information, watch our AP webinar recording below – “Next Steps Toward a Paperless AP Department.”