Finance – Digitizing Your Accounts Payable Process

The challenge with invoices today is that many of them are still received in the mail in paper format. Often times an Accounts Payable process can look something like this:

Invoice is received –> Invoice is marked received with a stamp –> Invoice is paid –> Invoice is marked paid with a stamp –> Data is entered into Accounting system –> Invoice is filed away into a filing cabinet

Herein lies the challenge:

  • Too many steps to complete. Paying invoices can take up a few hours per month of your administration’s time.
  • Invoice is subject to loss between when it is received and when it is paid. Between a pile of invoices, shuffling papers and countless other tasks, it is easy to misplace or forget to pay an invoice. This costs your organization in late fees.
  • Invoice is not securely stored. Once filed away in filing cabinets, the invoice is subject to fires, flooding or theft.
  • Information cannot be searched or retrieved. Invoices can be stored in multiple ways, from invoice number to vendor name. This can make it difficult to search for and retrieve specific information from a past invoice.

Using automated scanning software, your multifunction copier can transform your invoicing process into a digital breeze.

Invoice is received –> Invoice is scanned directly into your Accounting system –> Accounting system automatically marks the received date and automatically notifies you of the unpaid invoice until paid

That’s it!

The benefits of using automated scanning software for your invoicing process is 4-fold:

  1. Less steps. Once the invoice is received, you simply scan it into your Accounting system. Your Accounting system takes care of the rest.
  2. Secure storage. Because it is stored digitally (often in the cloud), you never have to worry about losing your invoice again.
  3. Easy search functionality. Once scanned, the document is automatically uploaded with OCR technology. This means you can search for invoices by Company Name, Invoice #, Date, or other criteria you need.
  4. Saves you time and increases productivity, allow your staff to focus on more strategic tasks.

As companies transition more and more towards digital, it’s important that your office has technology in place to bridge the gap between paper documents and digital documents. Scanning is critical — and some businesses still like to print.

Contact Ontario Copier today and let us help you digitize your paper processes!

Ready for the next step?

Request pricing from Ontario Copier and we will get back to you with a proposal customized to your business needs. Request now