There are plenty of invoice management processes that can be improved using a document management solution. Let’s look at what they are in detail.
Every document entered into a system with OCR is automatically scanned when the file is imported or physically scanned. And once you enter the search query ‘Henderson’ in the search bar, OCR recalls every invoice with the word ‘Henderson’ in its content and presents all the relevant invoices in the search results, within seconds.
Once you create the approval design, you simply select the document you want to assign the workflow and let the system take care of the rest. The document management system will route the invoice to the users, send notifications about the new approval task & automatically reach the accounting department once it’s got every user’s approval. This doesn’t just simplify the accounts payable process, it also improves productivity by allowing users to process & approve more invoices than they previously could.
Invoice management is a critical process for every type of organization, big or small. But managing thousands of invoices can take up a lot of time and result in filing errors. Document management systems give you an edge over the weight of invoice management problems & considerably reduce average invoice processing time.
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