Why are Your Auditors Scanning Your Accounts Payable Documents?
Updated: Oct 1, 2018
Document management software increases efficiency and productivity, and it reduces the cost of handling important documents, such as those found in the accounts payable department. For example, when auditors come to an office, they take your paper files and scan them so that they have digital copies with which they can work. That’s a waste of time.
Having an electronic document storage system in place does the following:
Provides a backup of the documentation,
Makes it easier to access files,
Removes the need to refile papers, and
Makes files portable, meaning employees can work on them remotely.
To remain competitive in today’s business world, your accounts payable department needs to automate your paper-based systems and use document management technology. According to Corp Magazine, U.S. businesses waste $8 billion annually managing paper. In addition, employees spend up to half their time looking for information, and each year the amount of data businesses create increases by more than 65 percent, PricewaterhouseCoopers states.
Having document management software provides other significant advantages associated with accounts payable automation, such as improved vendor and supplier management and more efficient transaction verification and audit control.
So next time your company has an audit, save everyone the time and effort by having all your vendor files, general ledger, check register, accounts payable distribution register and other business records in electronic format.
To learn more, please contact us.