Accounting is responsible for myriad day-to-day operations in an organization. The accounting department deals with everything from accounts payable and receivable, to inventory, payroll and other financial aspects of a company. Between keeping accurate records, paying invoices on time, processing incoming payments and managing any other financial needs, it is all too likely that this department will fall behind if these processes are dealt with manually.
Every accounting department can benefit from implementing an advanced capture solution to automate and simplify these complex, time-consuming processes. With a powerful feature set, flexible options and world-class support, PSIcapture is the ultimate accounting department tool.
Here are 3 examples of how companies have used PSIcapture to improve their accounting processes:
1) Capturing Invoices and Checks to Eliminate Physical Storage
East Tennessee Human Resource Agency (ETHRA) is a nonprofit that provides a wide range of services to the community it serves. Because of the government funding ETHRA receives, they are frequently subjected to audits, requiring them to keep accurate records of invoices and check stubs. Each time they were audited, ETHRA would manually retrieve the documents from file cabinets.
With PSIcapture, employees scan the checks and invoices and they are auto-imported into the program. PSIcapture then captures and indexes the invoices, and integrates with the document management system M-Files, which matches the invoices to the corresponding check. The data can now be easily accessed digitally, significantly cutting the time employees have to spend searching for documents during audits.
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2) Paying Thousands of Vendor Invoices on Time
Lewis-Goetz provides material transfer solutions to several industries, including construction, food and beverage, and oil and gas. The company receives around 200,000 invoices each year, and the accounting department had employees dedicated to opening mail, sorting it and keying the information into the ERP system. Once invoices were paid, the data had to be entered into two different systems—the Prelude ERP system and DocuWare, the ECM system.
The company implemented PSIcapture in order to automate these manual processes. Now instead of sorting mail and manually keying in data, the accounting staff scans invoices and PSIcapture automatically captures the data and routes it to DocuWare and Prelude.
Check out this case study in depth.
3) Processing & Storing Thousands of Vendor Invoices Each Month
Alta California Regional Center (ACRC) is a nonprofit that assists people with developmental disabilities, serving 17,000 individuals in 10 counties. The organization receives roughly 3,000 vendor invoices each month and faces a short turnaround time for them. Because these invoices had to be processed and stored for up to six years, ACRC was overflowing with paper documents and had to resort to storing documents at a third party storage location.
Investing in PSIcapture helped ACRC eliminate the cost of making copies, shipping documents to storage, retrieving documents and employee labor. Invoices are scanned into PSIcapture, and the software automatically extracts and validates the data. The invoices and data are then routed to OpenText Alchemy, the organization’s document management system.
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Ready to revitalize your accounting department with simplified, automated processing? Our advanced capture professionals are here to help you get started!