Current economic circumstances and increasing global competition require companies to lower operating costs and streamline operations.
Another popular application of the tools within Records Studio is in the Accounts Payable Department. The reason is the huge potential for labor cost savings. According to a recent report by the Aberdeen Group:
“Enterprises that automate invoice receipt and workflow management by implementing solutions demonstrate significantly lower invoice-processing costs and cycle times while improving visibility and control over spending and reducing regulatory compliance risks.
Best-in-Class enterprises are excelling in many performance metrics and demonstrate the following A/P performance benefits by utilizing automated solutions:
- Invoice-processing costs are 83% lower than all other enterprises
- Invoice-processing cycle times are 80% faster than their peers”
Records Studio will transform the A/P function to a source of competitive advantage. Savings are substantial. The ROI is huge.
However, “there is more to paperless accounts payable automation than just cost savings; imaging and workflow management solutions promote compliance with business controls allowing A/P staff to focus on more strategic tasks,” said Amit Gupta, research analyst, Aberdeen.
Accounts payable automation uses many of the tools in the Records Studio platform.
- Document management
- Advanced Capture, including line item reconciliation from data captured from invoices and assignment to general ledger codes.