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Accounts Payable

Optimize the Accounts Payable / Invoice Receipt-to-Pay Process with GRM EDM

As millions of invoices arrive each day, businesses around the world begin the cumbersome process of opening sorting, reviewing, routing, approving, processing and ultimately storing each of them. Along with those invoices, there are millions of hours wasted as a result of manually entering data into systems for payment. Even more time is wasted dealing with the results of incorrectly keyed data. These numerous hand-offs and approval processes reduce productivity across the organization, prolong cycle time, and create higher costs and risks.

Today's increased emphasis on cost containment and productivity enhancement has spurred accounts payable professionals to explore new ways to automate these traditional paper-based, labor-intensive processes. Additionally, the need to document and secure these processes to comply with the Sarbanes-Oxley Act has further fueled this movement, driving initiatives to ensure that information is accurately captured, stored and accessible.

GRM EDM enables enterprises to migrate to an efficient web-based solution that will:

  • Streamline inefficient, paper-intensive processes and reduce the cost of invoice processing
  • Image, index and store invoices electronically in the GRM Online Record Center, making them available for searches, data mining, reporting and workflow processes
  • Ensure that invoices are paid at the right time, taking advantage of vendor discounts
  • Significantly reduce the time and resource issues of maintaining and managing paper files
  • Eliminate lost or misfiled invoices and supporting documents
  • Allow for easy tracking of past payment history
  • Ease the process of preparing management, tax and compliance reports
  • Reduce the labor and processing costs of retrieving financial information for audit purposes
  • Improve vendor relationships through quick response to billing inquiries
  • Properly identify duplicate and erroneous invoices up front in the process so they are not paid
  • Ensure compliance with regulatory statutes

The GRM EDM Solution enables AP professionals to overcome the challenges of the invoice receipt-to-pay process.

Challenge

GRM Benefits

Manage, file and track the volume of invoices and other associated documents and records

  • Image all invoices and supporting documents and host them in a single repository, the GRM Online Record Center, for easy access.
  • Provide hard copy document storage of records no longer or infrequently used, yet have them available for quick access with Scan-On-Demand.

Efficiently manage and control the increasingly complex requirements of compliance reporting
  • Files are always accurate and complete for reporting and audits.
  • Data can be easily extracted with online report mining tools and integrated with reporting and analysis applications.
  • Invoices, contracts and other documents are secure and accessible online in case of disaster.
  • Electronic archiving saves storage costs and reduces the risk of misfiling or losing documents.
  • Spending less time managing and searching for documents enables the Accounts Payable department to accomplish more with fewer resources, improving productivity and lowering costs.
  • Web-based document access enables staff to obtain information faster, saving both AP and IT time, while improving employee satisfaction.
  • Access to electronic records through the GRM Online Record Center lowers print & distribution costs.

Process invoices and respond to inquiries faster
  • Streamline and automate processes instead of copying and routing paper.
  • Facilitate searches and problem solving by accessing documents in a single repository.
  • Documents are completely portable, available remotely in case of disaster, minimizing business interruption.

Reduce overhead costs
  • Integrates data and documents for streamlined handling.
  • The GRM Online Record Center reduces the cost of storing and maintaining paper files.
  • Fewer copies of records are required to be printed and distributed.
  • The GRM EDM solution is available as a hosted service, requiring no capital investment.