No other business function revolves more around paperwork than the accounts department. Be it invoices, receipts, bills, balance sheets, financial reports, or budget sheets — each of these paper documents is critical to the business, not just to trace and control the flow of money but also to be prepared for regulatory audits. And hence, accuracy, efficiency, and security are of utmost importance while managing these documents, making GLOBODOX the perfect tool for the job. GLOBODOX is a document management tool that can enable your accounts team to expedite all your routine, time-consuming accounting processes with total accuracy and security so you can spend more time making money and less time tracking it. Here are a few ways in which GLOBODOX can help your accounting processes:

No other business function revolves more around paperwork than the accounts department. Be it invoices, receipts, bills, balance sheets, financial reports, or budget sheets — each of these paper documents is critical to the business, not just to trace and control the flow of money but also to be prepared for regulatory audits. And hence, accuracy, efficiency, and security are of utmost importance while managing these documents, making GLOBODOX the perfect tool for the job. GLOBODOX is a document management tool that can enable your accounts team to expedite all your routine, time-consuming accounting processes with total accuracy and security so you can spend more time making money and less time tracking it. Here are a few ways in which GLOBODOX can help your accounting processes:

Improves financial record-keeping

Filing hundreds or even thousands of documents in the form of invoices, bills, and receipts using conventional methods can be a real hassle — even if you have an entire team of accountants and bookkeepers. Besides, making your accountants spend a majority of their time filing and finding documents is not the best use of their skills and your resources. Using a Document management system like GLOBODOX can ensure that filing documents takes virtually no time so that valuable man-hours can be spent elsewhere. Here’s how GLOBODOX helps in maintaining accounting documentation:

Create document types to classify files based on content

Perform batch file scanning to convert multiple paper invoices to PDF at once

Minimize the time required for data entry and indexing

Give your accounts team more time for performing core functions

  • You can file multiple documents in one go due to GLOBODOX’s ability to scan documents in batches without the need for manual data entry and filing. You can scan all your documents at the end of every day to maintain a continuous record of all documents without disrupting your daily operations.
  • GLOBODOX allows you to define different document types based on your needs. So, you can create document types like ‘Invoice’, ‘Bill’, ‘Receipt’, and ‘Purchase Order’. You can create as many of these document types as you need to make sorting and searching for documents easier.
  • Search for and find any document easily using GLOBODOX’s advanced search feature that narrows down search results based on metadata and specified conditions. You can also save time by saving frequently used search conditions for repeated use.
  • Add any number of tags to your documents to make them easily differentiable from similar documents. You can also use stacks in GLOBODOX to group similar documents, such as invoices, purchase orders, and bills for a single vendor for enhanced searchability.

Automates accounting processes

Accounts receivable and accounts payable processes mostly involve repetitive tasks that may require the involvement of multiple people in fixed sequences. Accounting tasks, like approving purchases, releasing funds, verifying bills, and filing these documents require different people at different hierarchical levels of the organization to give their inputs and approvals on documents. Performing these activities using paper-based workflows or even electronically using email and phone can take longer than they need to. Using GLOBODOX’s custom workflows can help you make these processes automatic.

Create custom workflows for accounts payable automation

Suggest changes or request clarification through annotations and comments

Send notifications to users to perform workflow tasks

Settle all accounts in time without delays

  • Create custom workflows using GLOBODOX to replicate your accounts receivable and accounts payable processing and other accounting tasks, regardless of the level of complexity involved.
  • Using GLOBODOX’s workflows, you can automatically route invoices, purchase orders, and other related documents to the designated personnel with one click.
  • You can monitor the entire workflow whenever you want to know the status and identify bottlenecks.
  • Users get notified about their pending actions through email and reminders.
  • Workflow participants even give their approval remotely by simply responding to workflow emails.
  • Link relevant documents to the documents being routed. For instance, you can link a purchase order with its corresponding invoice to enable the people involved in the workflow to easily access them for reference.
  • Decision-makers can easily authorize or deny payments at any stage. They can also request additional information via the workflow itself using comments and other annotations.

Ensures preparedness for audits

Audits, both those initiated by the internal stakeholders (e.g., the board of directors) as well as external regulatory agencies (e.g., the Internal Revenue Service) demand that businesses be prepared with all accounts-related documents whenever needed. GLOBODOX helps accounts teams to maintain all the requisite documents in a well-organized fashion to enable easy retrieval during audits. It safeguards these documents to detect and prevent any documentation-related malpractices that can land your business in trouble.

Maintain a continuous audit trail

Keep track of all the changes made to a document

Expedite audit processes

Prevent illicit document manipulation and forgery

  • Never lose the documents that you need for audits. Find them easily due to GLOBODOX’s best-in-industry organization and search features.
  • GLOBODOX enables you and your team to keep track of all the changes made to documents so that you can know if someone illicitly accessed them.
  • GLOBODOX maintains a log of all the users who have accessed your documents, along with the details about the time and changes (if any were made). This ensures that the integrity of your records is always maintained in a demonstrable way.

Secures sensitive financial information

Securing documents, especially important financial documents must be protected from those outside the organization as well as employees who do not necessarily need the information contained within them (e.g., contract workers or interns). GLOBODOX ensures that none of your sensitive documents get into the wrong hands, while also enabling you to share these documents with those who actually need them to expedite your accounting processes.

Industry-standard encryption to protect all your financial documents

Create security labels and groups to share documents securely

Prevent document access by irrelevant people

Apply multilayered security for all documents

  • GLOBODOX’s multi-layered security allows you to control who can view, edit, print, and share your accounting documents.
  • Use GLOBODOX features such as security labels and groups to assign the same access privileges to multiple people, such as your entire accounts department.
  • Hide specific parts of documents while sharing them to restrict specific users from viewing sensitive details.

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