Accounts Payable (AP) is a basic function of every organisation. Whatever be your business, you will have invoices to pay, processes to adhere to and accountability to document. Missed early payment discounts, late fees, lost invoices, dozens of calls, emails, faxes, and other inefficiencies can substantially drive up your operating costs.
Beyond invoices and payments, there are compliance issues surrounding accounting. Auditors require an ability to keep track of and report all aspects of your accounting system and processes including Accounts Payable. Failed audits resulting from lost documents or poor documentation can result in large fines, or a range of other penalties.
With a Document Management System (DMS) in place, you can ensure processes are being adhered to and are fully auditable. It allows you to:
- Secure and keep track of all incoming invoices and related documents (PO’s, notes, GRNs, etc.)
- Ensure early payment discounts and eliminate late payment fees
- Reduce data entry errors
- Compare approved purchase order amounts to invoices and eliminate overpayment
- Ensure all your accounting procedures and approvals are adhered to using automated routing for review, approvals, and processing
If you are considering the implementation of a document management system for your business, but you are still on the fence when it comes to selecting the right solution, please e-mail us on sales@rincon.co.in and we will be glad to assist you.