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The major challenge that accounts payable departments have always faced is the cost and hassle of handling paper invoices. Paper invoices are inherently difficult to control, manage, and distribute. When you measure the characteristics of paper invoices up against the major tasks that accounts payable departments are required to accomplish, you begin to see where the disconnect comes from.
Article:
There is no easy fool proof way of routing paper invoices for approvals or to access them to solve everyday business questions. An ever bigger challenge is the cost of extracting the information off of the paper invoices so that it can be loaded into your accounting system. This manual process is costly, prone to error, and can lead to bloated cycle times. When you add up all of these challenges in addition to the control, compliance, and fraud avoidance issues, one must conclude that there has to be a better way.
Actually there is and has been for awhile. There are solutions that will process paper invoices by automatically extracting information off of them and formatting the data so that it can flow directly into backend accounting systems. These systems also have the ability to route invoice images, based on pre-established business rules, for approvals. These systems solve the everyday challenges’ that AP departments face.
Based on all that these systems can do, you would assume that every organization with and an accounts payable department would be using them. Unfortunately that is not the case because they cost too much and require way too many technical resources to support them. Only the very largest organizations have been able to cost justify and implement these solutions.
Having recognized the disconnect between the need, the solution, and the cost, Marex Group, the developers of the FileBound document management solution, set out to solve this problem. The Marex Group spent time working with finance professionals from organizations of various sizes and industries to understand the specific challenges needed solving and the price points that made sense. From this hands on research, we designed and developed the revolutionary new FileBound e-now solution.
FileBound e-now is a hosted on-demand solution that allows you to convert your paper invoices to e-invoices with the click of a mouse and pass the invoice data into your accounting system. It also provides electronic routing for invoice approvals and can be accessed from with your accounting system. FileBound e-now is integrated with Microsoft Dymanics Great Plains, Quickbooks, and the Sage accounting systems and can be operated from any SharePoint workstation. FileBound e-now is priced at .25 per invoice and provides an instant return on investment for organizations of all sizes.
