When it comes to cost containment, the phrase “too much of a good thing” doesn’t apply. Now that you’re a savings whiz with AP software, why not replicate that savings throughout your entire business?
AP software reduces cost by shortening invoice processing time and avoiding late payments. These savings can be reflected in other departments such as sales and HR with the use of document management software.
Automated document workflow keeps business activities more organized and more accurate because it helps simplify manual business practices. Daily sales tasks such as sales and work order processing can be streamlined to move through the system faster and with increased precision and efficiency. Document management software can effectively eliminate manual order input time as well as speed up the entire review process.
Automated systems keep everything in the right place and readily available for employees to review and approve every step of the way. When the documents are available digitally, 50% of printing costs are saved when a digital system is implemented according to Wealthmanagement.com. Money is saved from paper/ink costs, storage, paper waste removal, printer maintenance and postage/shipping.
This type of automation is especially helpful in HR when tasks such as travel and expense reporting, new hire on-boarding, and employee performance appraisals take a significant portion of an HR employee’s day leaving them little time to develop programs for employee satisfaction and retention. Without good programs, employees may leave the company costing up to 150% of the employee’s annual compensation in turnover expenses.
Besides savings of time and money in HR, document management software can also result in increased compliance and better security and confidentiality since access can be restricted and no document is left unattended on a desk.
Automated document management software is not just for the AP department. At a minimum, both the HR and sales departments will benefit from a faster, more precise document management system that streamlines day to day workflow processes. In addition to saving money by reducing resources like paper and stamps, you can expect to see a reduction in employee costs since employees can now focus their time and energy on revenue generating activities including product or service development, bettering the company as a whole.
Learn more about DocStar’s AP automation solutions.