Processing invoices from intake through payment is not a profit center for any company. Because of this, many companies don’t spend much time, if any, optimizing this process. Instead many rely on the age-old “this is how it’s always been done” mindset with no real measurement around it beyond “did it get paid in time.” The best operations, however, are always boiling down each process to a cost per number. For accounts payable, that number is cost per invoice. When considering the options for AP process automation, it's impossible to determine if there is value in changing your current process if you don’t know what it's costing you to process an invoice today.
From the hiring process, to onboarding new employees, and even managing current employees, there’s a lot of paperwork and manual processes that can slow things down and make it difficult to keep your Human Resources department on track. Your success as a company is dependent upon your ability to hire the best possible talent, retain and motivate these resources and protect yourself from litigation and compliance issues. The best way to meet all of these needs is by using Recordsforce Cloud.
A shared services center (SSC) is where back office functions, such as Accounts Payable (AP), are centralized. It allows a company to combine resources from multiple operating entities or even separate business units into one single layer center. For example, instead of having an AP department in every state or even country you operate in, you can have one regional or global AP shared services center.
Hiring can be a difficult and complex process, especially when you need to hire a large amount of people in a short period of time. From scheduling interviews to sending rejection emails, it can be time consuming to track each candidate and where they might be in the process, especially in a time where the majority of the workforce is now remote.
Generally speaking, all businesses have the potential to be audited at some point and going through an audit can be an extremely time consuming and stressful process if you don’t have all of your ducks in a row. Auditors can require you to show a great deal of data and documentation and if that information isn’t readily available and organized, or if they happen to be stored incorrectly or missing, you could be at risk of being noncompliant and your business could face penalties.
Finally getting rid of all your paper documents is exciting and can make your workplace more organized and efficient without all of that wasted money and space. Moving your documents into a document management solution, like Recordsforce Cloud, will give you fast, easy and secure access to your documents. However, once the document preparation process has started, most businesses realize they have a lot more documents than they originally thought. If documents are not properly prepared, it can delay the delivery of accurate work to the subsequent processes of digitizing the documents. There are a few things you can do to help prepare your documents for scanning, which will not only streamline the process and allow us to input your documents faster and avoid potential issues, but will also save you costs in outsourced document preparation.
Businesses of every size have processes that keep their businesses running. Many of these processes, from invoice processing to insurance claims and contract reviews, are done manually and even still on paper or in email inboxes. Companies may not realize how negatively this is impacting their business. These manual processes slow the company down, making them inefficient and unproductive, while the rest of their industry is making their processes faster.
Keeping track of your accounts receivable and accounts payable is key to understanding profitability as a business. Over the past decade, the majority of large corporations have found ways to leverage accounting software and data capture tools to automate their entire process around reviewing invoices. Tools for this are expensive, but at their size, this is a necessity that ultimately produces an ROI for the company due to their large volumes of invoices every month.
When the pandemic hit and many businesses were figuring out how to manage their remote workers, workflow systems became the key to making sure their teams were staying productive. Paper-based business process management is next to impossible from home, not to mention how labor intensive and error prone it is. Workflow systems, like Workflow from Recordsforce Cloud, help your business accelerate approval turnaround times, increase operational efficiency, and even help you avoid late fees or legal fines. They are a simple software to help your business processes start and end in the most efficient way possible.
We’ve all been there — starting a project, unsure if we should do it ourselves or hire an expert to get the job done. Before starting any project, it’s always important to estimate how much time and resources you need to complete the job. When it comes to scanning and digitizing your documents, it can be more difficult than you think to estimate how long it will take. Figuring out how many documents you actually have, and the state of your documents can drastically affect the pace of your project.