Optimisation of financial accounting: incoming documents
A quick pathway to success: optimize document receipt
For a large number of affected companies a first, particularly rewarding step for optimizing financial processes is the improvement of the process that governs the receipt of invoices and other documents.
Bring the decentralised flood of data under control
Despite the trends towards greater digitization and our growing environmental awareness, many companies are still faced with a seemingly never-ending influx of different invoice and document formats.
In addition to the still popular (and for all concerned particularly expensive) paper invoices that reach the company via mail, many suppliers continue to rely on ”classical” modes of transmission, such as fax or simple PDF attachments via email, and often directly to the ordering department rather than a central location for invoice receipt.
In addition to these, however, there are now alternative, cost-effective means of transmission such as EDI (Electronic Data Interchange) or the electronic exchange of invoices (e-invoicing) using various technical solutions and platforms which are becoming increasingly important. This is a trend that shall continue to drive and unify, not least with regard to the European definition of a uniform e-invoicing standard from 2018.
Centralized outsourcing as an introduction to Accounts Payable optimization
In order to gain an oversight over the daily flood of documents and data which occurs everywhere in the company, smaller measures can already be useful, such as a centralized definition of a dedicated e-mail address or fax number in the finance department to which supplier invoices must be sent to ensure inclusion in the Accounts Payable process.
The acceptance of all non- or simply semi electronic formats in a uniform, digitalized invoice processing procedure, however, is noticeably more complex. This is because it becomes necessary not just to digitalize any entered document in the same and most effective way. All the entered data also needs to be included in the processing cycle reliably and without errors. Standard tools are only useful for this in a minority of cases.
An experienced (offshore) digitization service can certainly provide support in these endeavors. Such a service provides either on-site or in a separate, external processing center a fee-based mail receiving function, a uniform document digitization and a reliable, error-minimizing data extraction, thus ensuring a consistently high quality of data transfer into the client company’s ERP system.
Just by using this simple first step towards an optimized Accounts Payable function, significant savings of up to XX per received invoice can be achieved.
If the technical experience and process expertise of the service provider are also then utilized so that the procedure of invoice receipt is gradually switched over to the electronic transmission of supplier invoices (e-invoicing), whether it be my email, EDI or establishment of a dedicated online receipt portal, this effect can even be synergistically increased. Learn more about the optimisation of invoice management!
B B2017-01-12T14:19:28+00:00december 19th, 2016|Tips & tricks|Kommentarer inaktiverade för Optimisation of financial accounting: incoming documents