How can a purchase order and invoice system save money?
Recent research has shown that European businesses spend around 362 million hours a year managing the processing of documents at a cost of £133 billion pounds. The study focussed mainly on documents which have an impact upon customer relations such as purchase orders, invoices and medical records. Many companies lose customers because of their inability to find documents.
Manual processing can have serious consequences on any business – for example hard copies are less likely to be backed up and pose a high risk. They are also easier to lose or misfile which can lead to security issues.
The report, however, did state that more and more organisations are starting to use electronic document management and workflow, particularly for processing invoices and purchase orders. Traditionally, paper invoices are passed from one department to another for authorisation which can result in delayed payment if an employee is absent for a period of time. Using EDM ensures that all invoices are captured electronically upon receipt and then delivered via workflow to relevant personnel following a pre-defined set of rules. If actions are not taken within an agreed timescale, the task is escalated to another member of staff so that processing is not impeded.
The IPC Group is a supplier of a Purchase Order and Purchase Invoice Approval System (POPIAS) and would be pleased to discuss your requirements with you. Please call us on 08081 45 46 47 or click here to contact us.