Business reputation is everything these days. In the current climate of recession businesses are being held responsible and required to prove their worth. In such a situation it is recommended that all financial dealings are documented and filed in a highly-organised way. If ever an auditor wishes to question the investments made, expenses claimed or taxes paid by your company it is best for a business to have a transparent and comprehensible set of numbers and written procedures to hand. If this kind of paperwork is unavailable suspicions may be aroused. All of this may sound scary, especially if your company’s administration if not in the best of shape. There is no need to panic unnecessarily, however, nor rush into expensive procedures for getting on track after years of being set in bad ways. Indeed, studies have shown that businesses who take on new employees to scan and capture invoice data actually waste valuable resources: these employees doubtless have more valuable abilities than those required to manage scanners and copiers. They also inevitably make errors from time to time – as all humans do. More cost effective, then, is the option of digitising your invoice processing: accuracy and speed will be improved, much as document management and document processing systems will be if they too are left in the safe hands of specially adapted software.
All sectors whose daily practice involves making and receiving payments can gain from digitising their data. This includes pretty much every institution, small business or collective, from schools to shops to media services and manufacturing companies. The idea may seem daunting for those who have never used computers for such tasks before, preferring to do them manually. But with good training, encouragement and ongoing technical support the change from manual to digital processing will feel like a breath of fresh air. The more mature employee, for example, will doubtless remember the days where the filing cabinets took up half of the office space, even seemed to be colonising it as the years went by! Nowadays, when documents are saved and managed on computers, clutter can be properly controlled.
Furthermore, when document management, document processing and invoice processing are all achieved digitally, businesses are at far lower risk of losing data. The same data can be saved on a shared drive, for example, and thus if one computer crashes there are several other systems from which ‘lost’ information can still be retrieved. Not only is this useful for the company’s transparency, it also allows managers to monitor business success over long periods of time.
Please visit http://www.bottomline.co.uk/ for further information about this topic.
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