Almost a third of our clients are now processing their Invoices and many other documents electronically. Accounts Payable Invoices are being scanned and “routed” (instead of being copied, carried or emailed) to the appropriate individual(s) for approval. This person (for example, a Project Manager or Purchasing Manager) can review the invoice for pricing and completeness, and compare the cost to the on-screen view of the budget and cost-to-date information for this item.
Most offices these days are utilizing some type of “scan and save” functionality, in which documents are scanned and saved in an accessible location. This basic task has now evolved to the point where it has significantly changed the Accounts Payable, invoice approval, and cost control processes.
In the past, PO’s and Accounts Payable invoices were typically stamped with a “grid” where office personnel could write in the Job Number, Cost Code, Vendor information, etc. This process is not only manual, and inherently inefficient, it also leads to significant delays in invoice processing, lost/duplicated invoices, delayed billing, etc. Document management automates this process to provide personnel at all levels with increased control and visibility in the management of cost control and cash flow, as well as a significant reduction in the reliance on paper copies.
With Document Management, an approver can attach notes regarding payment or other issues, and then forward the invoice as either approved, or as waiting for additional approval. Once approved, the invoice is “pasted” into a batch, where it can be verified and posted just as if it had been manually entered.
Once posted, the Invoice Image is viewable in a number of places, including the Job View program where all of the transactions posted against a given job can be filtered and viewed. Project Managers and others are able to view, print, email and annotate invoice images as they proceed through the approval process. For accounting personnel, the invoices can also be viewed in the General Ledger, Accounts Payable and Job Cost inquiry programs.
TCM Document Manager gives you and your employees unprecedented access to and control over your company information.