Finance records management
05/12/2010
Finance departments of large companies deal with a lot of paperwork and online documents relating to accounts. These documents are important, and need storing for accountability of tax calculations and for company audits. A large business can have a very large number of invoices, purchase orders, receipts and other documents to process in a regular manner.
Handling and processing these finance documents can take a huge amount of time and cost. This is in addition to the cost of storage.
Large businesses are increasingly using Finance Record Management Systems to automate the routine and standard business processes of handling all the accounts documents.
Finance Record Management Software can substantially cut costs within the accounts department and improve the efficiency of the purchase to pay and invoicing systems.
A good finance record management system will:
- Efficiently scan in all paper based invoices or purchase orders
- Categorise these and route them to the right person for approval
- Automate the common business processes within the accounts department
- Provide an audit trail of who has done what and approved what
- Provide cost effective storage of all relevant ‘paperwork’
- Integrate with your accounts package such as SAGE
- Provide good summary information for credit control or cash flow planning
An example of a Finance records management system is FileStore BPM, the Business Processing Management solution from DCS which has Finance modules to help improve efficiency of invoice processing and purchase to pay.
