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Not just ROI but also RRP...
There are LOTS of benefits to implementing automation with a document management system such as DocuWare but where does the ROI (Return On Investment) come from? Not JUST time and storage space saving for example:
- Increased efficiency and productivity: Automating the accounts payable process can reduce the time and effort required to process invoices, resulting in significant cost savings. This will help your company to process the invoices faster and more efficiently, which can result in cost savings.
- Improved accuracy and compliance: A document management system can help ensure that invoices are processed correctly and in compliance with regulatory requirements, reducing the risk of errors and fines. This will help to avoid any penalties or fines due to errors or non-compliance, and it will also help you to ensure that you are paying the correct amounts to the correct suppliers.
- Greater visibility and control: Automation can provide better visibility into the accounts payable process, enabling managers to track and monitor progress and identify areas for improvement. This will help you to have a better understanding of the payable process and to identify the areas that need improvement, which can lead to cost savings.
- Better supplier relationships: Automation can help improve communication and coordination with suppliers, resulting in stronger relationships and potential cost savings through early payment discounts. This will help you to have better relationships with your suppliers and to negotiate better discounts or payment terms.
- Reduced paper and storage costs: Automation of the payable process will help you to reduce the amount of paper used and the storage space needed, which will result in cost savings.
- Increased security: A document management system can help secure sensitive financial information and protect against data breaches. This will help you to protect your company's financial information and to avoid any data breaches that can lead to financial losses.
- More Time for other important tasks: Automation of the payable process will free up time for employees to focus on other important tasks. This will help your company to utilize the time of your employees in more productive ways, which can lead to cost savings.
These are just a few examples, the ROI will depend on the specifics of your company and the way you implement the automation and document management system.
But, what about the hidden benefits around RRP (Risk Reduction Protocol)? Well, designed correctly, your new AP streamlined processes could help combat some of the possible fraud scenarios listed below:
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False invoicing - when an employee or supplier creates and submits false invoices for payment. This can be done by creating fake companies or by altering existing invoices.
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Ghost suppliers - when an employee creates a fake supplier and uses it to submit false invoices for payment.
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Cheque tampering - when an employee alters a cheque that has been issued for payment, such as changing the payee or the amount after raising and approval.
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Insider collusion - when an employee works with a vendor or a customer to defraud the company.
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Unauthorized payments - when an employee approves and processes payments to vendors or employees without proper authorization.
Of course, there are more types of fraudulent activity that you need good internal systems to be able to mitigate or detect but, robust automated authorisation and validation protocols will go a long way to help.
Speak to one of our automation experts and see how DocuWare and VERTOSUITE Line Items can help you streamline your accounts payable process and how we can work with you to design processes to minimise risk.
For more information about DocuWare or to have a discussion about how we can help you on your digital journey email us here, complete this form or call us on 0113 887 2400.
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Gigabyte photo by Florian Krumm on Unsplash
