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December 1, 2021 BY AMI Imaging Leave a Comment

Automated Data Capture Solutions For Your Finance Department - Eliminate Manual Entries and Error

Automated Data Capture Solutions For Your Finance Department - Eliminate Manual Entries and Error

Automated Data Capture Solutions For Your Finance Department - Eliminate Manual Entries and Error

Finance departments are often weighed down by time-consuming manual tasks that increase the risk for errors. This includes manual data capture for organizations that still straddle the digital and manual world. Not only is manual data entry tedious, but also unnecessary thanks to affordable and highly accessible automated data capture solutions. 

Automated data collection allows you to capture information on paper documents such as invoices and forms and quickly read and translate them into digital files. When you automatically capture documents, you also organize documents creating an improved workflow for efficiency and accuracy.

Accounts Payable Solutions

With AP Solutions, your AP department can manage invoice processing regardless of the format received. Fax, mail, email, EDI, etc. are all managed with automated data capture solutions providing easy, accurate capture of invoices. Your AP software then organizes and delivers those documents to the appropriate people within your organization. 

This streamlines the process of delivering not just the invoices but also all supporting content, so invoices are ready for review and approval for payment. As a result, your cash flow health improves as you always know what money is required for payments. Invoicing backlogs are avoided so you can make smarter business decisions with a clearer picture of your available funds.

Accounts Receivable Solutions

You also have access to AR solutions that combine data capture technologies, with a document scanning service. Your accounting department uses centralized content management software allowing you to process and review critical documentation faster. AR solutions eliminate the need for tedious, inaccurate manual data for a completely streamlined receivables process. 

Team members are available to focus on customer service as opposed to collections, while you also improve management and tracking processes. Suddenly your entire accounts receivable cycle becomes transparent.

Improved Efficiency

Your accounts payable and receivable process becomes easier without the need for manual entry. When you avoid invoicing backlogs you avoid poor customer service and ruined vendor relationships that negatively impact your business. With AP process automation, the invoicing process is simplified, removing the time-consuming step of manual entries, which means time is freed up for other tasks including processing more orders. Production is maximized while errors are minimized. Finance automation improves efficiencies across the board including:

  • Accurate metrics for workloads
  • Less time spent processing AP invoices
  • Removal of workflow bottlenecks
  • Improved compliance
  • Efficient auditability when required

Your AP department is relieved of common issues that cost money and also interfere with financial health.

Reduced Errors

Modern companies want their employees to perform high-value work to make the most of their HR spend. Manual data capture is not cost-effective, with too much time used up not just on the data entry itself, but also on follow-up trying to correct errors. This can have a domino effect touching not just your accounting department, but the departments affected by the error.

Improved Employee Retention

If you are experiencing employee churn it could be because of your physically and mentally draining manual processes. Today most businesses use software to eliminate manual data entry and improve workflow. Not only can data entry positions lead to boredom and poor employee engagement, but it also increases the risk for conditions such as carpal tunnel syndrome, tendonitis and even emotional illness. The result is often increased turnover in these positions, as well as increased time off. Introducing AP software automation improves employee satisfaction providing more challenging duties and allowing them to have a more diverse role. You’ll reduce costs related to time off as well as the expense of ongoing recruitment needs.

Invest in Higher Value Work

Consider how much you pay your team to perform manual duties and how that cost impacts your business. For example, data entry is a low-value task that takes up a lot of time. If you introduce finance automation, you can reduce the number of people required to perform low-value tasks and hire someone who can perform high-value tasks. New roles or responsibilities such as business strategy, product development, marketing or even a dedicated customer service person all contribute to improved customer experience and a greater potential for growth.

Improved Financial Health

Your focus is on improving and maintaining good financial health. When you streamline the AP process you can take advantage of early payment discounts and avoid interest charges. The more control you have over your AP, the more opportunities there are to save money. You also improve supplier relationships and can often leverage your commitment to paying on time to see improved pricing. Best of all, you always know where the money is so you can make strategic decisions that help contribute to sustainable cash flow health. You also have real-time metrics providing valuable insights to help you become more forward-thinking.

Audit Preparedness

With the ability to retrieve invoices, goods receipts, and organize documents you are better prepared for audits. While your goal is to avoid audits in the first place, when an audit does occur, you have everything at your fingertips thanks to digital invoices through capture documents. Not only is this once again a time-saver, but also a stress reliever, making the auditing process much easier. It also demonstrates your professionalism and commitment to compliance.

Data Analysis

Today data is everything regardless of your industry. Accounting software makes it easier to identify key metrics that indicate the health of your cash flow. You can look at important KPIs that contribute to strategic decision-making. Instead of trying to sort through spreadsheets, you have a clearer view of profitability. You can provide critical input to other company decision-makers based on accurate predictions of cash flow so you can invest in new product development, training, expanding your team, etc. Your numbers are accurate thanks to real-time invoice processing helping you avoid bad decisions. 

If you use manual data capture because you feel it is more cost-effective, as you can see, it is quite the opposite. You can free up staff to conduct higher-value tasks, regain control of your AP/AR process and reduce errors to improve efficiency. A speedier process that is also more accurate reduces time on error reconciliation, while also keeping track of cash coming in and out of the business. 

Your entire team becomes more strategic, resulting in improved financial health. This is achieved not only through efficiency but also through data-driven insights that contribute to smarter business decisions contributing to growth.

Capture finance data and automate. Digitize your documents today. Empower your finance team. Get a free consultation. Speak to an industry expert.

Filed Under: Data Capture, Automation