Stimulus PLAN for Accounting

7/28/2019 Stimulus PLAN for Accounting

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2 www.anydocsotware.com

Stimulus Plan for Accounting: Slash Invoice, Remittance, and Check Processing Costs with Automation

AnyDoc Sotware, Inc.

ExEcutivE Summary

As we are acing one o the most challenging eco-nomic environments our nation has experienced inrecent history, gloomy reports rom the U.S. Depart-ment o Commerce and other government organi-

zations punctuate nearly every news story. With thecountrys dim economic outlook, no singular industryseems to be immune to the alling prots, decliningsales, and lack o available credit. Companies are re-porting record periods o declining production, andstock prices are dipping to the lowest prices in morethan two decades. Overall, a decline in U.S. corporateprots rom a peak in 2007 to a 2010 low o a record30% is predicted. (ISI Group).

However, even in the midst o this chilly economic cli-

mate and dicey credit conditions, there are rays o hope.Some organizations are reporting steady income g-ures and even improved perormance. Tis good newsis not limited to just one area o the market, indicatingit is possible to mitigate the risk o uture losses, stayscally healthy, or even turn around a less than stel-lar perormance with the right strategy. Te questionmany companies are acing now is how they plan toeither improve their perormance or head o nancialdisaster when so much o the economic news reportedmakes this outcome seem near impossible.

Te phrases do more with less and tighten your beltsare commonplace in todays vernacular. But what dothese terms really mean? According to I analysts, atypical business reaction in an economic downturn isto cut spending. Many companies have implementeda reeze on capital expenditures and are continuingto delay projects. However, this strategy may do moreharm than good in the case o investments in technol-ogy. When the economy is struggling and competitionis erce, the inusion o technology into a companymay actually give the bottom line a boost. Tis is es-pecially true or automated document processing anddata capture technologies because they are designed tohelp companies do more with less by replacing manualprocesses and the associated labor costs with more e-cient automated processesall within the rameworko existing business practices.

Facing escalating costs in an environment where ev-ery dollar counts, companies are now looking or newways to become more ecient. Compounding the is-sue is the need to realize these eciency gains withoutscrapping investments already made in existing busi-ness practices and accounting systems. And with lim-

ited capital resources, it makes sense to deploy avail-able technology in the areas where it can make thegreatest impactand deliver a signicant ROI. Ratherthan planning or rising labor costs in annual operat-ing budgets, companies are seeing the logic in replac-ing that reoccurring line item with a one-time invest-ment in an automated solution designed to integratewith their existing inrastructure. Tis decision is easieras companies realize that in many cases, payback onan automated solution can be achieved in six to ninemonths, and operational cost savings will continue oryears to come.

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How has the current state o the

economy aected the revenues o

your organization?

Making the Case or Document Management in Challenging TimesSurc: 2009 AIIM (.aiim.r)Maki Cas r Dcum Maam i Cai tims


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thE BuSinESS iSSuE

Historically, the accounting department, particularlythe areas o invoice and remittance processing, havebeen heavily dependent on a series o paper-based,time-consuming manual tasks. While other areas o

the company may have been transormed by replacingmanual processes with automation, traditionally theAccounts Payable (AP) and Accounts Receivable (AR)departments are the last to be improved. However, inthe current economic environment, companies shouldre-think the way they have always done it.

A critical unction in terms o business operations, typ-ical AP and AR departments are rie with paper andmanual processes. Physically managing a large volumeo paper creates challenges as stacks o documents pile

up in someones inbox, or worse, get misplaced. Com-pounding the paper issue is the need to eciently cap-ture the critical data contained on incoming invoices,remittances, and checks, and quickly and accurately getit into the ERP while getting checks to the bank ordeposit. And with a manual system, once the data is inthe ERP system, it still needs to be reviewed, matched,reconciled, routed, and approved beore payment canbe made or cash applied.

cse p k:

In the AP Department: A company must pay em-ployees to manually sort all incoming paper docu-ments, separating out incoming invoices rom otherdocuments, and placing them into piles, accordingto their business practices. Stacks o paper invoices

are routed to the appropriate person or team, riskingbacklogs o invoices piled up in someones inbox, orworse, misplaced. Ten, in order or the inormationon the paper documents to be usable, the data hasto be hand-keyed into the companys ERP systemypically, ater data entry, the invoice is copied and

routed manually or validation and approvala veryslow process taking days or even weeks. I any dis-crepancies are discovered, the original paper invoicemust be retrieved or review, and in some cases manu-ally routed to a supervisor or department manager orclaricationdelaying payment, making it dicult totake advantage o early payment discounts and raisingthe risk o incurring late ees. Finally, once approvalis received, the invoice needs to be manually releasedor payment and the paper document physically led

In the AR Department:Although this manual pro-cess or remittances and checks varies slightly de-pending i a lockbox service is utilized, it is still la-bor-intensive and subject to bottlenecks. Remittance(including line item details) and check data needs tobe manually entered into the ERP. Ten each remit-tance total must be compared to the correspondingcheck amount, and i applicable, the operator mustlocate and compare the remittance data to the ap-propriate invoice data. Even i an organization is re-

ceiving a cash eed rom a bank lockbox, a signicantamount o cash payments still need to be manuallyapplied. Tis means remittance detail must be hand-keyed into the ERP beore any payment can be real-ized, causing delays and negatively impacting cashfow. And, checks need to be manually burst rom

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remittance statements beore deposits can be made.Instead o applying cash as soon as possible, checkpayments may be held up in someones inbox, wait-ing to be reconciled, endorsed, and deposited.

Relying on these lengthy manual processes in AP and

AR departments is expensive and negatively impactsa companys ability to process payments and applycash according to the most avorable terms. Tis in-cludes taking advantage o early payment discountsand avoiding late payment ees as well as eliminatingunpredictable foatitems that can either greatly en-hance or negatively impact the bottom line.

Tese hidden costs o manual processing can reallyadd up. Consider this: an International AccountsPayables Proessionals (IAPP) survey showed the

cost to manually process a vendor payment morethan tripled in a ve-year period, exceeding morethan $30 per payment in 2005. Tis per-invoicecost is projected to reach as high as $45 by the year2010. Also, at a recent Association or Inormationand Image Management (AIIM) International roadshow, it was mentioned that companies are spend-ing $20 in labor to le a single document, $120 inlabor to nd a misled document, and $220 in laborto reproduce a lost document. While the number odocuments processed per month greatly varies romcompany to company, with an estimated 10,000 in-voices received each month, monthly costs can reach$350,000more than $4 million annually! Andthis gure doesnt even take into account the cost omanual remittance and check processing, which canurther erode protability.

Although electronic data interchange (EDI) or e-invoicinga paperless method o delivering andreceiving invoices, remittances, and checkswasoriginally expected to revolutionize AP and ARprocessing, most companies still receive the majorityo their incoming vendor invoices, customer remit-tances, and checks in a paper ormat. In act, a recentsurvey by analyst PayStream Advisors o more than320 AP departments indicated less than 20% wereeven equipped to receive invoices in an EDI ormat,and some studies have reported that the adoptionrate is even less or AR departments. Tis can be

attributed to several actors, but one common con-cern is that it is not easible or smaller vendors andcustomers to submit data in an EDI ormat. As aresult, AP and AR departments have been resis-tant to invest in the technology required to receiveEDI transmissions knowing they would still need a

method to process paper invoices. But contrary toEDI, automated invoice, remittance, and check pro-cessing has evolved into a highly eective solutionor processing documents rom both large and smallvendors and customers alike.

$10.15

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$34.382005

$45.152010

High per document

manual processing

costs negatively

impact the bottom lineSurc: IAPP oc/nv 2003nsr, IoMA Maai

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Cost to Manually Process A Vendor Payment


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automatEd tEchnology ovErviEw

Automated document processing is a technologythat has evolved dramatically over the past two de-cades, making enhanced invoice, remittance, andcheck processing a reality or accounting depart-

ments. Although eective, rst-generation datacapture (a component o automated document pro-cessing) was template-based and originally limitedusers to capturing data rom structured documents(where the same inormation is ound in the sameplace on every document, such as on a credit appli-cation or an order orm). While template-based datacapture is still widely used to eliminate the manualdata entry previously required to process structureddocuments, it is not a easible solution to ecientlyprocess semi-structured documents.

Considered to be semi-structured documents, in-voices, remittances, and checks contain common dataelements, such as invoice number, purchase order(PO) number, or net amount, but these elementsare located in varying places rom document to docu-ment, depending on the specic vendor or customerlayout. It is these data location dierences that makeit impossible to use a single static template or pro-cessing. And with companies dealing with hundredsi not thousands (or tens o thousands) o dierentvendors and customers, it is not ecient to create atemplate or every document ormat. Data capturetechnology has been perected to the point where itis possible to eciently capture data including lineitem detailswithout the need to use static tem-plates or perorm manual sotware training (whichrequires an operator to identiy each new docu-ment when it is encountered). Instead, the data islocatedregardless o where it resides on the docu-mentby searching or dened data labels as well as

deploying many other methodologies. Even better,a good solution also contains a memory technol-ogy, which remembers the location o the data oreach document type, reducing the time needed orprocessing when that particular invoice, remittancestatement, or check is encountered in the uture.

Sui Sci tip

Look for a user-friendly solution with a low cost of ownership

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Optical character recognition (oCR) is cric rasai prid x rm a dcum ima (usuay crad by a scar) imaci-diab x. oCR cy imias d mauayky daa rm papr dcums i a eCM, eRP, accui, r rback-d sysm. tr ar dir yps rcii cisr dir yps pri.

1. oCR: opica Caracr Rcii r maci pri

2. ICR: Ii Caracr Rcii r ad pri

3. oMR: opica Mark Rcii r cck/mark ss bxs

4. BCR: Bar Cd Rcii r bar cds

5. MICR: Maic Ik Caracr Rcii r cck caracrs

What is OCR?


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thE automatEd ProcESS

Automated processing incorporates ve main stages: document or image capture, classication, data captureconverting, and processing. Ater the documents are scanned (or the document images imported), they can beautomatically classied using a combination o technology to maximize the solution accuracy. Tis can includeutilizing a document images physical attributes, matching it to a library o images or even reading the documen

to determine its content. During data capture phase, OCR technology recognizes and validates the data usingcustomizable checks and balances to ensure data accuracy. In the conversion phase, the validated data is convertedinto the appropriate ormat or the users ERP, and is exported to the system. Within the ERP, the data rom theinvoice, remittance, or check is approved, and posted or applied.

Te process begins with a scanned or imported image o an invoice, remittance, or check, such as a ax, IFF, or PDFDocuments can be scanned at a central location or rom a variety o remote locations, or bothwhichever combina-tion ts a companys existing business model best. Data eeds rom a bank lockbox service (and the associated images)can also be utilized. No matter what method is selected, document images are viewable within secondsnot trappedin the mailroom or someones inbox. And because a lot can happen to physically aect the readability o a documen

beore it is processed, such as becoming dirty or poorly printed with smudged characters, current scanner communica-

DATA & IMAGES

DOCUMENT

MANAGEMENT

SYSTEM

IMAGESCLASSIFYCAPTURE ERPSCAN/IMPORT

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The AP Department:

ELECTRONICDEPOSIT

DOCUMENT

MANAGEMENT

SYSTEM

CLASSIFY CAPTURE

ERP

CHECK 21PROCESSING

IMAGESDATA & IMAGES

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The AR Department:


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tion can be optimized to create the cleanest image pos-sible. Additionally, most automated processing sotwarewill automatically deskew, lighten, despeckle, and rotatean image as needed to provide the optimum image or thenext phase o processing.

Advanced capture technology also separates criticaldata rom orm noise. Invoice and remittance state-ment layout elements such as boxes, lines, and columnlabels are recognized as non-data elements and ig-nored, just like an AP or AR operator would do i theywere reading the paper documents and searching orthe correct data to manually key into the ERP system.Te data that was obscured by poorly printed charac-ters, stray lines, and other elements is regenerated toenhance the sotwares character recognition ability.

Document images can optionally be automaticallyidentied and routed, by applying a variety o classi-cation techniques. Data, including summary and lineitem details, is then automatically captured, eliminat-ing the need or manual data entry. Te data is locatedregardless o where it resides on the document throughthe use o various technologies and algorithms, includ-ing one as simple as by searching or dened data la-

bels. Depending on the document type (invoice, remit-tance, or check), customizable data labels may include

Amount Due PO Number

Invoice Number Net Amount

Reerence Number Check Number

Or the solution can search by:

Data ormat

Data type(e.g., alpha, numeric, or both)

Location (e.g., just look in the top hal o the documentor this data)

Memorization (e.g., based on a veriers past activity)

Once located, the sotware solution applies the appro-

priate recognition technology to automatically capturethe data. o increase accuracy during the capture phasemost solutions are easily customizable to alert the sot-ware to expect a certain type o data in a specic loca-tion. And to ensure consistency, items such as a datecan be set with point-and-click ease to be output in auser-dened ormat such as MM/DD/YYYY, no mat-ter how the date is ormatted on the document image.

Automating data capture, including line item

details, can signifcantly reduce costs and

improve productivitywithout adding sta.


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In addition, the automatically captured data can bevalidated against the users own accounting rules to en-sure data accuracy. Most user-riendly solutions allowhundreds o rules to be applied. Tis ensures the user

organization does not need to change the way they dobusiness to accommodate an automated accounting so-lutionrather the automated solution should be easilycustomizable to match the existing processes.

Te most eective solutions also include the abil-ity to look up data already contained in a companysexisting databases, including those contained withinthe existing ERP system (e.g., vendor master re-cords, material master records, PO tables, etc.). Tisincludes being able to automatically perorm two-

way matching o PO inormation to a specic in-voice during the data capture phase o processingor using captured MICR code data rom a checkto veriy customer account inormation. Using thisdetailed database inormation to auto-populate andveriy data elds pertaining to a specic invoice, re-mittance, or checkor to fag problems or reviewcreates a more complete and accurate data record

available downstream. Tis increase in data accuracyalso eliminates the bottlenecks previously caused bymissing or inaccurate data.

At this point, once any accounting rules or auto-matic lookups have been applied, many invoicesremittances, and checks are 100% accurate and canoptionally bypass human verication, going straightto being posted or payment or cash application.

For invoices, automation speeds the payment cycle andreduces labor costs. An invoice image that contains ques-tionable characters or diers beyond an acceptable toler-ance rom the PO can be routed or ecient resolutionOperators can quickly move through each extracted data

eld or can simply advance rom one questionable char-acter or accounting rule violation to another.

With remittances and checks, a majority o cash can beapplied automatically, in just hours instead o days. Ithere is a discrepancy, or example, between the checkamount and the remittance statement or i it is a par-tial payment, it can also be automatically routed to theappropriate department or quick resolution without

Data, such as invoice number and amount due, can be automatically captured regardless o varying locations rom one invoice to another.


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delaying other depositsand all according a com-

panys specic business practices. Check images canalso be automatically cropped rom a statement im-age, endorsed, and deposited electronically accordingto Check 21 specications, eliminating the negativeimpact o processing foat.

Te accurate, veried data is then transerred to theERP system, either on-the-fy or scheduled to occurat an optimal time according to a customers account-ing practices and organizational resources. odaysleading solutions use a simple drag-and-drop style

setup interace, creating an ecient tool or movingdata and images rom the data capture portion o the

solution to an end-users application. Tis direct inte-gration captures invoice, remittance, and check dataand the associated document images, and seamlesslytransers them into the ERP.

With invoice, remittance, and check data quickly avail-able in the ERP, reliable decisions are able to be mademuch aster. Using a solution that incorporates anoverview screen eature, an AP or AR user can view a

list o incoming documents and see which have beenposted, applied, deleted, or more. Because critical statusinormation is available at-a-glance, indicating whereresources should be allocated, processing speed andproductivity are increased.

Beefs a

In the AP Department: Any data inaccuracies or mis-matches, such as between the original PO and the in-voice, can be automatically fagged or review. Te userdoes not have to hunt or the dierences as was previ-ously required in the tedious manual comparison pro-cedure. And a user-riendly solution allows any invoicediscrepancies to be corrected with point-and-click unc-tionality, eliminating the possibility or a keystroke error

Instead o manually routing paper invoices to be ap-proved, emails can be automatically triggered to theappropriate authorized approver. Tis slashes the ap-proval process rom weeks or days to just minuteswhich drastically reduces the hidden costs o invoiceprocessing. Gone are the days o manually routing aphotocopied invoice to an approver and waiting whilethe invoice sits in an inbox. Instead, once the invoicedetails have been matched to the PO, an approval emaican be sent to a supervisor or operational manager with

signing authority.

In the AR Department: Te process or remittancesand checks is also streamlined. During processinga check image can be automatically cropped rom aremittance statement, improving data capture accu-racy and speeding processing. Captured totals arebalanced, ensuring the check amount matches theremittance statement total. Te captured and vali-dated remittance data can then be matched to theassociated invoice data. Tis allows a signicant por-

tion o remittances and checks to be applied withoutany manual intervention. And, some solutions nowallow checks to be automatically virtually endorsedand deposited electronicallyaccording to Check 21specications. Tis means that during the processingworkfow, deposits can be automatically and securelytransmitted directly rom a users desk to the bankimproving cash fow cycle management.

Smss Dt TrsrOnce the invoice, remittance statement, or check has beenscanned and the data captured, a CSV or XML le is provid-ed. Next, a IFF image is provided to ensure loss-ree imagequality. Tis IFF image is archived on a server or uture re-trieval. A conversion tool then converts the CSV or XML le

into the appropriate ormat or the users existing ERP. Tisprocess is absolutely transparent, as the complete documentfow is ully visible and can be viewed at any timerom in-put to conversion to processing within the ERP environment.

Ke tes

CSV= Character Separated Values (EXCEL ormat)XML = Extensible Markup Language (universal ormat)TIFF= agged Image File Format (standard ormat or images)

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rESultS/roi/BEnEitS

As the nations economic health remains tenuous, com-panies need to look or ways to reduce costs by lever-aging technology designed to integrate and augmenttheir existing systems, including their ERP or account-

ing systemrather than relying on costly businesspractices and system overhauls. By replacing manualprocesses (including manual data entry) with an auto-mated processing solution designed specically to en-hance invoice, remittance, and check processing, com-panies are experiencing a number o both quantiableand qualitative benets including:

Rducd maua abr cssAutomated document processing can eradicate up to75% o the oten-hidden labor costs associated with

perorming manual data entry and other manualprocesses. Along with avoiding the planned costs opaying employees to perorm the tedious task o key-ing in data o o incoming invoices, remittances, andchecks, companies who utilize an automated pro-cessing solution no longer ace backlogs o incom-ing documents. And because a potential ront-endbottleneck has been removed, the need or expen-sive, unplanned overtime or requiring employees towork mandatory nights or weekends in an attempt toavoid late payment ees, apply cash payments aster,or close by month-end is also eliminated.

Icrasd daa accuracyManual processing invites the potential or humanerror, creating the potential or duplicate and de-layed payments, as well as lost or misplaced checksand delayed deposits. Inaccurate data entry meansemployees need to manually correct errors beore aninvoice or remittance and check can be processed inthe ERP. Tis can delay payments i invoices need tobe retrieved and/or manually routed beore the datacorrection can be made. And deposits can also be de-layed, negatively impacting cash fow.

Dealing with these errors takes employees away romperorming more value-added tasks, and an unre-solved or undiscovered error means an invoice will notbe paidor worse could be paid twiceand that cashfow, critical in todays environment, could be nega-

tively impacted. By applying custom accounting rulesan automated data capture solution can validate cap-tured data without any human intervention. When

these rules are applied, accuracy rates can reach greaterthan 99%. And an automated solution can provide theuser the invoice, remittance, or check image alongsidethe captured data and, i appropriate, the associatedinvoice or PO data. In addition, the solution can auto-matically compare the line item details, and highlightany dierenceseliminating the need to rely on anAP or AR employee to catch every discrepancy, andallowing them to ocus instead on core duties.

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Lower labor expenses, improved data accuracy, andaster turnaround times translate into the ability toprocess more invoices, remittances, and checks in ashorter period o time, and at a lower costwithoutrequiring additional sta. Tis means companies whoinvest in an automated data capture solution quicklyachieve a positive ROI and are able to realize a lowerper-document processing cost. Tis results in signi-cant savings or both the AP and AR departmentspositively contributing to a companys overall scahealth by boosting gross prot.

evad prduciviy i addiia uma rsurcs rquird

Beore the advent o ecient automated invoiceand remittance and check processing, i companieswanted to increase productivity, the only sure optionwas to add to the existing employee headcountwhich also added to expenses. Managers were orced

ClaSSifiCaTion TeChniqueS

Document Attributes Decisions based on documents physical size

Image Classifcation Match to library o images

Text Based Classifcation Keyword search and comparison

Conceptual Classifcation Reads entire document

Manual Exception Route to a verier or identication


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to try to nd the balance between scal eciencyand productivity, oten sacricing one or the other.Now companies with an automated solution reportdramatic increases in productivity without needingto add additional employees. By eliminating time-consuming manual processes, more documents can

be processed and approved or applied in signicantlyless time, speeding the workfow and eliminatingbottlenecks. And with less time required to processinvoices, remittances, and checks, employees can beassigned to more value-added tasks.

Fasr urarud im prvids abiiy akadvaa ary paym discus ad avid a sAutomated data capture speeds the fow o invoicedata and images into a users ERP system. And auto-mated verication o data such as balancing line items

to totals allows discrepancies to be caught immedi-ately and automatically routed or quick correction.Tis means accurate invoice data enters the workfowasterin hours instead o daysmaking it possibleto maximize savings by taking advantage o avorableterms and avoiding delinquent payment charges.

Cas is imprvd by imiai aivimpac a r days causd by maua prcssi

By eliminating manual data entry, days or even weekscan be shaved o the revenue cycle, lowering DSO

(days sales outstanding). With automation, it is nolonger necessary to hand-key data into the ERP ormanually match the remittance total to the checkamount or manually locate the appropriate invoiceto match to the remittance. ime-consuming checkpreparation, including endorsement, is eliminatedand so are trips to the bank, with the ability to de-posit checks according to Check 21 specications.Tis means cash fow isnt impacted by bottlenecksor backlogs, and surprises can be eliminated, provid-

ing an accurate cash fow projection.Imprvd cusmr srvic i aumaic idxiAutomation allows companies to proactively preventvendor and customer service snaus, such as misap-plied invoices or lost checks, instead o reactively re-sponding to issues that arise. Te time required toresearch payment inquiries or other exceptions isalso reduced because accurate invoice, remittance,

and check data and images are available within theERP system sooner and are accessible with just a ewclicks o the mouse, rather than requiring the neces-sary paperwork to be retrieved rom stacks o paperor located in a ling cabinet.

With an automated solution, data elds (such ascheck number, vendor name, or PO number) can beselected to automatically serve as index elds in theERP or a separate document management system orquick and accurate retrieval o invoice data and docu-ment images. And, multiple employees can access asingle image simultaneouslya benet not availablein a paper-based system.

grar saf csiscy i a scaab suiWhen a scalable automated solution is in place, the

impact o peaks and valleys in the incoming docu-ment volume is greatly reduced. A scalable solutioneasily handles increased invoice, remittance, andcheck volume without requiring additional sta. Tiseliminates irregular stang patterns, and spikes inlabor costs due to overtime.

Sctg Dcmt Scr:A critical enabler or the automation o invoices, remit-

tances, and checks is the document scanning component.

Since the scanner is the data on-ramp or integrating paper

documents into an electronic AP and AR solution, look or apartner with a proven line o scanners that ft your needs, are

well supported, and provide superior image quality. Specifc

considerations include:

Image quality Image quality is imperative to the success

o data extracting and readability. This sets the gauge or

data extraction success, ease o viewing by operators, and

display quality when retrieved rom the document repository

at a later date.

Designed for your needs I a scanner does not t your pro-

cesses, it could quickly become a bottleneck in the AP and

AR departments and lower your processing throughput. Some

actors to consider when selecting a scanner(s) are: the types

o documents being scanned, distributed versus centralizedscanning environments, ergonomics, paper path, manual ver-

sus automatic document eeders, the need to have checks

or other documents output to a separate bin by themselves,

quiet operation, and the availability o support.

Support Because scanning can be the point o entry or in-

voices, remittances, and checks into the workfow, it is impera-

tive to avoid unnecessary down-time due to a scanner issue.

Make sure to select a scanner manuacturer that oers sup-

port packages designed to t your specic business needs.


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concluSion

By virtually eliminating manual data entry, approv-als, and other manual processes, an automated solu-tion provides a boost to productivity levels that wouldbe unachievable by existing staand at a lower cost.

Once inormation is captured rom an invoice, remit-tance, or check, customized business rules are used tovalidate and normalize the data prior to human veri-cation. Veried data is then delivered to the ERP oraccounting system, streamlining document processing.

Although it may be tempting to wait or the currenteconomy to turn around beore adopting new technol-ogy, companies need to understand that i they waitto see what everyone else is doing, they run the risko being let behind. Teres an old adage, I you see

the bandwagon, it is probably too late. While one or-ganization holds back, its competitors may be imple-menting money-saving technologies to boost theirproductivity. I a company waits or the economy torebound beore investing in technology, it may be too

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late to bounce back. Te combination o productivitygains and solution fexibility brings value to the bot-tom linehence the ability to do more with less.

Companies worldwide rely on the specialized tech-nology o an automated solution to capture data and

process invoices, remittances, and checksand withgood reason. Replacing the need to hand key the datarom paper documents into an ERP or accountingsystem not only results in increased processing speedand data accuracy, but labor costs can be dramaticallyslashed. Backlogs can also be avoided, making month-end processing a much smoother process. Companieshave seen processing time o 10 days reduced to a merethree to our hours, saving companies up to 65% ormore in annual processing costs. Automated sotwaretechnology eliminates manual processes that drain

prot and productivity and replaces them with an e-cient, benet-rich solution. Inormation contained onpaper documents can quickly become usable data, sav-ing companies valuable time and moneycritical toremaining competitive in todays economy.


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Stimulus PLAN for Accounting

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