Making decisions that directly impact your company’s stability and growth is hardly a walk in the park. To become a truly effective business executive, you should possess the appropriate skills and experience and have the right technology at your disposal.
One piece of technology that can make your job easier is a document management system (DMS). A DMS allows users to process, store, track easily, and retrieve electronic documents. It’s a straightforward solution that’s useful in many key areas in business, such as human resources and accounting.
Why invest in a document management solution?
Many business processes are being digitized, and document management is no exception. Implementing a DMS will improve your organization’s efficiency and future readiness in the following ways:
1. Faster invoice processing and approval
A DMS is crucial to invoice management. Traditionally, you can start processing payments to your vendors only after they’ve sent you their invoice via courier. This invoice will be filed and recorded and then given to you or a designated approver. Once the invoice is approved, the payment can be processed.
This process can take up to several hours — that’s on a good day. But unexpected factors, such as the approver being out of the office or a natural disaster forcing everyone to stay at home, will greatly delay the process. As a result, you could incur late fees, bloating your expenses.
A DMS eliminates the need for paper invoices. It uses electronic invoices (e-invoices) instead, which can be sent and received within seconds through email. These e-invoices are automatically organized and stored by the DMS and may be forwarded to the approver for their signature.
A document management solution like PaperSave even permits invoice approval on mobile devices, which is great for executives and approvers on the go. Just install the PaperSave mobile app on your smartphone or tablet to use this feature. Overall, a DMS can cut invoice processing and approval time to just a few minutes.
2. Better vendor relationships
Vendors are crucial to business operations, and your relationships with them may suffer if you pay them late. A faster payment process will make your vendors happy, which is great if you want to maintain a lasting relationship with them. This assures you of a smooth supply chain.
On a related note, some vendors offer discounts for early payers. With the help of a DMS, you can always qualify for these discounts and save a lot of money.
3. Enhanced staff productivity
Recording, organizing, storing and retrieving paper documents take up a lot of your staff’s time and energy. In a year, your staff will spend several hours just doing this instead of focusing on higher-value tasks.
As previously mentioned, a DMS automates these processes, accomplishing within seconds what human workers would normally take minutes to do. In fact, PaperSave allows users to capture data using their phone’s camera. The data is converted into electronic files to be sorted and stored in cloud servers.
Retrieval is also a breeze. Your staff can search for the document needed as easily as searching on Google. They simply need to input pertinent values, such as details contained in the document.
4. Reduced paper-related expenses
Did you know that you spend an average of $80 on paper for each of your employees every year? Also, did you know that most of this paper goes to waste? A DMS lets you go paperless, saving you a lot of money on paper and related expenses, such as printer inks, storage cabinets, and courier fees.
5. Improved compliance with industry regulations
Paper documents are easily damaged or stolen. Considering how data security is crucial to regulatory compliance in industries like healthcare and finance, using paper documents is clearly disadvantageous.
A DMS stores your documents in cloud servers. Your files are encrypted in the cloud, preventing them from being read by unauthorized parties, and can be accessed only by users with the right login credentials. The DMS also stores multiple copies of sensitive files as backups, minimizing the risk of loss or corruption.
Some executives take an “if it ain’t broke, don’t fix it” approach, so they hesitate to invest in new technologies. A DMS, however, isn’t just a flashier way of doing a time-tested approach. It takes your current document management process and enhances it, offering outcomes like improved productivity and data security.
PairSoft has been providing businesses in Miami with a better, more efficient means to manage their invoices and other crucial documents for years.