Reduce Costs and Improve Cash Flow With Faster Processing

To keep up with documentation needs and retention schedules, it’s virtually impossible to manage a modern day Finance Department without document management. DocuWare offers several advantages: significantly less search time, space savings, gains by qualifying for early payment discounts and faster collection of accounts receivable.


Benefits of DocuWare

 

  • Less Lag Time
  • Improved Accuracy
  • Qualify for Early Payment Discounts
  • Tamper-Free Archiving  Compliance with Legal Requirements
  • Better Cash Flow

Anyone working in finance knows about the mountains of documents that need to be stored to meet today’s legal and financial requirements. The systematic filing of records without a Document Management System (DMS) can cost you in time and space, particularly the time lost to hunt for records that might be filed off-site, incorrectly, or even lost.


Legal Requirements

 

  • GAAP – Generally Accepted Accounting Principles

Completeness, timeliness, accuracy, accountability and the motto “No entry without documentation” are the main goals driving an accounting department.

 

  • Retention Schedules

According to tax laws, retention schedules can be up to ten years. In addition, documentation can play an important role, for example, in product liability issues or contractual disputes. In such cases, it may be necessary to retain documents even longer.

 

  • Sarbanes-Oxley

CPA firms and publicly traded companies have a whole new set of regulations to worry about. With the passage of the Sarbanes-Oxley Act of 2002, companies are now required to retain even more documentation, including e-mail and other types of financial correspondence.


Internal Processes

Access to detailed information such as departmental codes or general ledger numbers must be possible at all times. This guarantees that an internal cost/ benefit analysis gives you the right numbers.


Success with DocuWare

With DocuWare, a much higher level of efficiency is achieved for your accounting. DocuWare organises internal verification processes, making them swift AND secure. Routing delays are eliminated and approval time frames are significantly improved. Decentralised simultaneous access to documents is possible. Executives are supplied with the most current information, since every record can be accessed immediately. Rooms filled with file cabinets are freed up. And preparing for an audit is immensely simplified.


From Documents to Value

DocuWare enables any size organisation – in any industry – to transform documents into valuable capital. Regardless of format or source DocuWare automates business processes and workflows by electronically managing and sharing documents. Documents are readily available, where and when needed; one search quickly locates related documents.


The Processes

Accounts Receivable

It’s often a long way between generating invoices to issuing payment reminders to recording cash receipts. And it seems like there are always lots of questions before a customer finally pays an invoice.

 

  • Benefits With DocuWare

When all relevant documents are stored in a central document pool, questions can be immediately cleared up and copies can be sent out with a couple of mouse clicks. This removes many of the time consuming payment obstacles and ensures prompter payments. With less time spent hunting documents, employees have more time for their core work. Motivation and job satisfaction grow considerably.


Accounts Payable

The time between invoices arriving and finally being paid often takes longer than a supplier allows for your company to benefit from early payment discounts. Invoice copies go through many hands before finally being approved for payment. Verification gets bogged down because of missing information from a purchase order or packing slip. Long lag and processing times are the norm. Often the current approval status is unknown. Questions from suppliers lead to long searches and copying. The criss-crossing of originals and copies help to complicate the situation further.

 

  • Benefits With DocuWare

The DocuWare document pool is standing ready, with all of the information needed. This well-structured system lets processes move smoothly, transparently – early payment discounts are now well within reach! The process time is significantly shorter; worries about managing original documents and multiple copies are eliminated.

Employees handling accounts payable also have more time for their core tasks by eliminating the time involved in searching for documents. Your company profits by reducing the overall costs generated from the invoice verification process. Better payment terms extended by a supplier, as well as leveraging contract details, are clear advantages provided by integrating DocuWare. Late fees and duplicate payments are all just money wasters of the past.


Cost Analysis

The Controller’s office regularly provides analyses of department and segment expenses and makes this information available to management so they can better monitor business processes. These analyses often lead to questions that the head of a department or segment can answer by accessing certain documents.

 

  • Benefits With DocuWare

All relevant documents, including anything affecting budget variances, can be accessed with a few keystrokes from the DocuWare document pool. Questions can be quickly resolved. The ability by management personnel to foresee budget variances and cost overruns is markedly improved, while the effort from the Controller’s office is reduced. Your company can be more effectively managed. The right numbers can be found in the right place, always ready to be accessed and analysed.


Budget Planning

A variety of people and departments are involved in the budget planning process – an annual event that requires accurate coordination and adjustment.

 

  • Benefits With DocuWare

All planning parameters, project plans and timelines are drawn from the central document pool, even the tools for managing versions of the planning status. This includes workflow functions that help divide the process into manageable steps – such as authorisations, providing access to budget information from past years and other departments. Quick access to departmental analysis, invoices, statistics and reports is guaranteed. While the quality of the budget planning process is enhanced, the amount of effort is reduced. Errors caused by obsolete versions of budget files are avoided.