A recent PayStream Advisors report finds that moving a paper invoice through a Content Management platform immediately upon receipt is a critical factor in gaining the benefits of Invoice Workflows.
PayStream Advisors recently tracked the perceptions of invoice workflow automation in their 2014 Invoice & Workflow Automation Report. This report surveyed individuals employed in a variety of industries to gauge attitudes towards invoice automation workflows. Most interesting is that companies are still hesitant to employ automation, while at the same time recognizing the inefficiencies of manual processes. The truth is that all companies can gain benefits by implementing a document imaging solution like Dbtech’s eFolders solution which provides efficiencies, costs saving and increased visibility into the management of inbound invoices.
It is true that there is increased interest in invoice automation because of the solid benefits gained. These benefits include:
- Ease-of-Use – eFolders from Dbtech eliminates disparate legacy solutions, simplifying the approval process and moving documents along with clear rules, permissions, and escalations…
- Integration with AP Systems – Many organizations have valuable data in distinct systems that are unable to communicate with each other, making the management of this information difficult. Integration of automated workflow with an organization’s invoice processing and payables system makes it possible to extract and share data between application, thus maximizing productivity. All Dbtech implementations come with our Universal API, permitting any IT platform to access content stored within our eFolders solution.
- Expedited Approval – Data in captured invoices can trigger automatic alerts that immediately notify the appropriate party when a specific action needs to be taken, helping AP offices avoid late penalties.
- Ability to Avoid Penalties and Cash in on Discounts – The most effective solutions for increasing company revenue are those that allow them to pay invoices early.
- Cash Management/Working Capital – Automated workflow is ushering in a new era of working capital management and buyer/supplier collaboration through supplier portals and dynamic discount management, and the results pay dividends to both buyers and suppliers in the form of liquidity and control.
- Quick Auditing and Compliance – Automated workflow makes it possible for authorized users to see exactly where any invoice is in the process, and to track who completed each action and when. All Dbtech products have been expediting the process of providing content to Auditors. Dbtech customers report that auditing processes that once took several days has been reduced to minutes. Providing easily accessible content to your auditor will give them the information they need quickly, helping them complete their analysis and move along to their next client.
So why do you still not have a solution for invoice automation? Well, if you look at the figures it might be because you believe the process is not broken, but perhaps the real reason is because many in healthcare do not understand the bottom-line benefits that Dbtech’s eFolders brings to the table.
Personally I would be thrilled to walk you through these benefits, and provide an analysis of how invoice automation can improve your workflows and bottom line.
To receive a complimentary analysis of the financial benefits your facility can expect to receive, please click on this line. Based upon your company size and existing solutions we will be able to give you a solid return on investment.
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