Automated Content Management

How to Unlock Your Company’s Potential

No matter how big or small an organisation is, or where it’s based in the world, they are largely driven by the same factor – their financial position.  Sound accounting practices and procedures are essential to both daily operations and the achievement of strategic goals.  However, the accounting function itself represents a significant cost to the company and is a key area where greater controls and efficiency can easily translate into increased profitability.

 

At the moment, many organisations are standing at a crossroads where the old traditional accounting methods are taking place alongside a more modern streamlined approach.  The danger here is that unless they are careful, both methods of working can be become undermined in the process.  Having vast quantities of information is not necessarily the same as having all the answers, and a piecemeal approach to data management can render some business critical information content (such as databases, spreadsheets and electronic messaging) inaccessible to some of the end users – making it worthless.

Traditionally, the daily financial management processes are paper intensive, time consuming and expensive and yet many organisations are still sending faxes, using the post, or printing out emails to file.  However, when that information flows electronically, it’s easier for an orgnaisation to keep a better track on payables and reduce the time vendors are kept waiting for payment, enabling them to take advantage of payment discounts.

 

Content Management Solutions Should include the following:

 

 

Automated capture for any variety of data, at any volume; data only input once
  • Minimizes risk of errors or lost documents
  • reduces time required for initial capture
  • Creates pool of accounting data, neatly stored for ease of use and access
Automated indexing based on user-defined criteria
  • Eliminates manual indexing and filing
  • Easy to tailor to individual needs usually without IT admin support
  • Speeds organisation process and facilitates cross-referencing
Intelligent Search Engine
  • Faster access with no time wasted searching, copying or re-filing hard copies
  • smarter access with users immediately able to find the information they need
Universal Web Interface allows access in real-time
  • All authorized staff have access to the same information quickly and easily from the desktop
  • Any notes can be attached with ease electronically eliminating lost/misplaced crucial information
Automated workflow streamlines request and approval processes
  • Improved vendor relations and discounts
  • Faster billing with fewer errors
  • shorter cash-flow cycles

 


Of course paper invoicing is not about to disappear overnight, and it’s likely to be some time before the A/P process becomes fully automated but with the right software, many organisations can come some way to achieving that goal. In fact, on receipt of a paper invoice, with an automated system, it only needs to be handled once in A/P at the beginning of the process.  Payable data would be handled in a point-and-click environment using personal profiles.  This technology enables users to gather information related to the source document which could then be used while making other decisions relating to the same project.

 

Furthermore, most accounting information must be kept for many years for auditing and tax purposes. In some cases this will have to be stored off site at an additional expense.  By their very nature, these files present a daunting task to anyone given the job of retrieving archive information.  Additionally these files are also at risk from a variety of forces such as flood, fire, deliberate sabotage and other disasters.  Converting these records to electronic and integrating them within an organisation’s accounting system helps improve productivity and can be vital for quick decision making.  Of course, automation in this area eliminates the need for expensive off-site storage and the need for all those unsightly filing cabinets too!

 

By integrating content management into accounting processes, organisations can improve their productivity while reducing costs, earning vendor discounts, tightening cost accounting and budget processes, accelerating cash-flow cycles and eliminating duplicate payments.

 

Relevant Suppliers:


Microsoft Dynamics GP
SAP All in One
Sage MAS 200
NetSuite