Contain Labor Costs & Streamline Processes

Written By: Holly Condon

from September 24, 2012

For many companies, doing more with less is the reality if they want to survive in this challenging economic time. One way to reduce labor costs and internal overhead is to reduce the cost per invoice processed, and accomplishing these savings is possible with Paper- SavePro for Microsoft Dynamics GP through Document Management, Electronic Approvals, and Invoice Automation.

Manage Paper

As the speed of doing business has increased, handling paper documents has become burdensome – often creating bottlenecks. Since the average person spends 20-30% of their day filing, searching, and retrieving information, productivity is affected. Document Management can play a critical role in creating efficiency around storage and retrieval of documents.

Even greater efficiency is obtained when Document Management is integrated with an ERP such as Microsoft Dynamics GP. This specialized type of solution is referred to as Transactional Content Management (TCM). Forrester Research, an independent technology and market research company, defines TCM as “content [that usually] originates out side an organization from external parties – customers or vendors – and relies on business process management (BPM) to drive transactional, back-office business processes which is the basis for the transaction itself.”

PaperSavePro delivers TCM to the Microsoft Dynamics GP marketplace with the tightest of integrations without expensive customizations. It is embedded into Microsoft Dynamics GP offering users the ability to capture and retrieve documents with a “click” directly from within the Microsoft Dynamics GP user interface. Since it is a natural extension of Microsoft Dynamics GP, users become very comfortable with the technology which helps an organization with rapid acceptance and a quick return on investment.

True TCM solutions also automate processes like matching and filing. Because the capture of the document is integrated with the creation of the transaction, undesirable tasks like filing are eliminated! The association between the transaction and the source document is automatic. When information is needed, simply open the source record (PO, Invoice, Sales Order, Project, Employee, etc.) and – within a click – view the document.

PaperSavePro also helps automate two- or three-way matching processes between Purchase Order Transactions and Sales Order Transactions based on the relationships between the transactions in Microsoft Dynamics GP – saving valuable time.

Another powerful feature of the PaperSavePro solution is the seamless integration with SmartList and SmartList Builder. If a group of documents needs to be pulled during Audit preparation, create a SmartList based on the required criteria. Within a click from the SmartList window, PaperSavePro will retrieve all of the supporting documents for review. This feature is designed to eliminate the time spent retrieving documents during audit preparation.

The goal of TCM is to drive efficiency – allowing employees to boost pro- ductivity and help staff reclaim time spent filing, searching, and retrieving information.

Manage Processes

Electronic Approval s another great avenue to help reduce the cost to process an invoice. Industry research claims the cost to be from $16 to $45 an invoice. It is often this step in the Accounts Payable process which takes the longest – triggering late fees, inquiry calls from vendors, and delays in closing monthly financials.

Electronic workflow allows companies to standardize and enforce procurement processes while being able to monitor the movement of documents through the process. That is next to impossible to do in a traditional paper based process.

Removing paper from the process allows documents to be tracked from receipt through transaction generation, allows alerts to be automated to the approvers, and allows documents to be escalated if actions are not taken. Approvers can even access documents from their mobile devices.

Manage Overhead

Still looking for greater savings? Invoice Automation drastically reduces costs by reducing keystrokes and data entry errors – saving an extreme amount of time. PaperSavePro’s Auto-Entry with OCR reads the scanned invoice much like  a person does and ‘lifts’ key information (used to automate the transaction creation )off of the invoice.

Example of Savings: If the invoice amount is $1750.57 which would be seven keystrokes, the information is lifted off of the document either a) automatically or b) within a click. With just the amount being automatically populated, that is a reduction of six to seven keystrokes per page. Take into account the other transaction information: Date Field – six key strokes, Invoice Number – six key strokes and Vendor Name (assuming auto-fill is used) six key strokes. Already, we are at 24 keystrokes per invoice. If 100 invoices are processed per day, Invoice Automation can eliminate a total of 2,400 key stokes per day. It also drastically reduces errors that cause over payment or underpayment.

Many AP staffs are already operating at capacity and looking to hire additional personnel or looking to reduce overhead. Invoice Automation is a solution that will better manage payroll costs and reduce the cost to process an invoice.

Whether seeking better paper management, standardization and monitoring processes, or reduction in overhead – PaperSavePro has a starting solution and grows with your company’s evolving needs. Learn more and attend a live event today!