You’ll be hard pressed to find an industry that doesn’t have documents that need to be managed and stored. Whether you’re on Main Street or Wall Street, you have invoices, contracts, and various other forms of documentation that need to be handled securely and accurately.
Without a consistent process, the data and document lifecycle can become complicated and confusing, which commonly leads to errors. One Advanced Data Spectrum client was operating with hundreds of locations and multiple brands throughout 43 states. They had various suppliers that sent invoices to the individual store. The local invoices were input at the stores and then the paper was couriered to the head office each week. Both the couriered and direct bills were processed for general ledger coding and input using a back-end accounting system.
The process was error-prone, and required trained accounting staff to review the paper documents. Input errors needed to be identified and then manually corrected before the file could be loaded and the check-run completed. Due to the large amount of manual handling, it became difficult to track discrepancies. Further, the manual process made it nearly impossible to document errors so that feedback could be provided to the stores for improvements.
Advanced Retail Spectrum™ was implemented as a solution to their error-prone process. The system paid for itself in less than one year. Advanced Retail Spectrum increased processing efficiencies in Accounts Payable by 25% and is expected to improve by another 15%.
The improvement in efficiency has resulted in benefits in several other areas of the business.
- Employees are working less overtime to complete the work needed to cut checks
- The ability to take advantage of early-pay discounts
- Increased visibility into the financial position of the company
These same benefits can be felt across any industry looking to improve the capture and management of their document lifecycle. Learn more about the benefit of our solutions here.
Want our blogs sent straight to your inbox? Sign up for our newsletters.