Article written by Stephanie Onofri
If you turn off your Pandora station and hit the Do-Not-Disturb button on your company phone for just a second you can almost hear it: the new buzz on the lips of business automation; the bee’s knees of AP and Accounts Receivable invoice management; the butter in Paula Dean’s covered and smothered hash browns (Too soon?)
The words are MANAGED INVOICE PROCESSING and they begin with entrusting your scanning and data entry nightmare into the hands of qualified and secure sources that can do it for you.
No, it’s not a scam. Accounts Payable Receivable departments are the new up-and-coming business automation connoisseurs, having adopted automated document scanning solutions across the board of their business enterprise, cutting budget costs and considerable time off their processes. The most notable of these is, of course, Managed Invoice Processing which, spanning the Industries from Food & Retail to Government, to Transportation, to Manufacturing is quickly earning a reputation as the most cost-effective and immediate solution implementation for optimizing AP and AR processes.
HOW IT WORKS:
- More than likely your AP and AR offices receive a considerable amount of paper invoices, PO’s, checks, and the like on a regular basis. Usually these require scanning and data entry of line items into an existing AP system such as Dynamics or Quickbooks. With Outsourcing scanning: your paper documents would either be picked up by your document management solutions provider directly at your site, or they would be mailed through a PO Box set up by the provider specifically for the documents that need to be uploaded into your system
- The documents are then taken to a highly secure and compliant scanning and conversion center where the professional conversion team scans, enters data, and uploads the documents appropriately to the AP/AR department’s existing system (HINT: make sure that your scanning and conversion provider facility is equipped with SOC2 TYPE II protection, 24 x 365 MONITORING, and is submitted to regular AUDIT CONTROLS)
- Lastly and most importantly, the AP/AR department is now able to access and process the documents in question (in 24 hours or less from the time they are sent to the facility) YAY!
So let’s briefly summarize what is really going on in this process. Scanning and data entry that can take place in a back log for days -sometimes weeks! -at a time, now only takes 24 hours from the time documents are received by the compliant facility. This cuts hours of processing time, allowing Accounts Payable Receivable to focus on more important tasks and improving on other existing processes.
You don’t need to butter your scanners Paula Dean-style to make your Invoice management process smoother…
Contact DataBank today to find out what your options are!
