Reasons to consider automation of the accounts process include:
- Lengthy, inefficient and often paper-led processes that are prone to human error, disrupt cash flow and do not comply with ISO 9001.
- Difficulty managing secure data sharing with external parties and sites.
- Purchases made without correct authorisation.
- Lack of management access to complete information relating to committed costs - risking uncontrolled spending and fraud.
- Lack of control over GRNI (goods received but not yet invoiced) negatively impacts on cash flow and hinders forecasting.
- Dispersed or incomplete data leads to errors in the goods receiving process that include pricing discrepancies such as over-charging.
74% of companies have not fully integrated their Procurement and AP departments - Institute of Financial Operations, the Case for Paper Free P2P, 2013
Benefits of automating the Purchase-to-pay process include:
- Simplify the purchasing process to make it easier for employees to buy what they need.
- Increase transparency through enabling quick access to complete information and reporting tools.
- Minimise document loss and filing errors - records never leave the system and are processed electronically.
- Link related documents for quick and simple review. For example, invoices can be matched to purchase orders.
- Manage, link and view a multitude of document formats including emails, images/scanned pages and MS Office files.
- Prevent unnecessary purchases through improved enforcement of your authorisation policies, in support of ISO 9001 Compliance.
- Track the purchasing processes through various stages and export reports for further analysis.
- Free up storage space through compliance with BSI10008, which allows you to destroy paper copies.
- Review activity by user, action or document type to evidence that documents have been processed correctly and in a timely fashion.
- Secure documents from deletion or over-writing.
- Protect confidential information from documents that need to be shared with third parties and limit user-access to sensitive files.
Disaster recovery and resilience
- Digitise documents to protect them from physical damage or loss.
- Reduce paper consumption and the movement of paper.
- Easily incorporate mstore data into existing backup procedures.