By Joan Honig – Today, it’s vital for an accounting department to implement an document management and automated workflow system. These organizations either lack an digital system or don’t use their document management solution to its full potential.
Seven common challenges that digital document management addresses
- Missing out on early payment discounts:Vendors often offer discounts for early payments (or additional charges for late payments, which amounts to the same thing). Slow, inefficient invoice processing makes it difficult to keep track of these discounts and meet their deadlines. A document management solution enables you to put workflows and automatic notifications in place that help you prioritize payments and capture these discounts.