Accounts payable has traditionally been a laborious task that’s prone to human error. But, with the right technology at your disposal, it doesn’t have to be. Blackbaud’s Financial Edge NXT is one of the industry leaders in the space — a cloud accounting solution providing transparency across teams of virtually any size while reducing the need for manual processes. Combined with PaperSave, users can automate invoicing processes and reduce costs.
Digitize your workflow
Digitizing your workflows doesn’t necessarily make them more efficient, but if you choose the right combination of tools, all of which work seamlessly together, you can supercharge your digital transformation.
With electronic workflows and approval reviews, you no longer have to waste time looking for invoices that need approving. Instead, you can have invoices digitized and routed to your approval team based on your specific rules and review process. Reviewers can also annotate documents, collect important information, and maintain a full audit trail of all document approvals.
Easy access to records
Cloud computing has become the holy grail of accounting. Instead of having everything stored locally with limited accessibility, all your records can now be stored in a centralized database in the cloud. This eliminates multiple data entry and all the heightened risks of inconsistent information and human error that come with it.
Incoming invoices can be captured by PaperSave and converted into a digital, text searchable documents. This allows the fast retrieval of your Financial Edge records without having to invest in additional programming, integration, or setup processes.
While most businesses are trying to overcome the complexities of technology by unifying their various processes and systems, things get a lot harder at scale when it becomes necessary to work across multiple branches with a constantly increasing supplier portfolio.
When you have businesses and individuals submitting invoices in many different formats, you need a way to capture all important information and store it in a single, centrally managed repository. PaperSave can capture documents from virtually any medium, whether it’s scanned from a printed copy, sent by fax or email, or delivered through Microsoft Office 365.
Powerful search functionality
One of the most powerful features of Blackbaud’s Financial Edge is its Financial Edge Query system, which provides immediate access to any supporting documents when you create a search query. When a document is added using PaperSave, it will automatically be added to the record along with all the other supporting data. That’s a lot more efficient than manually searching for files stored across multiple computers or, worse still, rifling through hundreds of documents in a filing cabinet. PaperSave provides several powerful search functions itself, including full-text, unstructured, and structured searches.
Automated invoice entry
Routine administrative tasks consume a huge amount of time when you’re relying on manual processes alone. To make matters worse, the tedious and repetitive nature of such tasks greatly increases the risk of human error.
It’s highly recommended to automate every process that can be automated. That’s why the integration between PaperSave and Financial Edge automates your invoice entry process and, in doing so, reduces the cost of each transaction. Key information is automatically captured from the invoice and entered into the AP invoicing screen, which is ideal for organizations with multiple AP processors.
With a unified set of accounts payable processes, you can reduce costs with greater efficiency and reduced risk. Automation lets your AP team focus on more rewarding and strategic tasks, while reducing the need to hire more staff to handle repetitive paperwork. It also improves your vendor relationships by ensuring suppliers get paid on time. What’s more, the reduced risk of incorrect or inconsistent data entry means there’s less scope for costly errors and delays.
PaperSave provides integrated document management and workflow automation solutions to streamline your accounts payable processes. Call us today or schedule a free personalized demo to learn more about how PaperSave combined with Blackbaud’s Financial Edge NXT software benefits your business.