Forward-thinking companies have been able to handle their invoices and other document processing completely electronically since the 1960s. But in the twenty-first century, electronic document management has transformed, with the use of software as a service (SaaS), cloud technology and other pioneering forms of new technology for business, to become almost expected in firms which take their management seriously.
Invoices, sales reports, payroll information, direct debit reports, sales orders, pay slipsâ¦
There are an endless amount of documents running around an office of almost any size nowadays. Companies which are scaling up, or which have an international presence or a complicated corporate network, nowadays usually find it absolutely impossible to manage with a manual document processing system. Those which are soldiering on with traditional administration for their sales, payments and processing departments lose an untold amount of staff hours to effectively managing an unwieldy system, while also swelling their spend on office space and equipment.
Far more effective to outsource the management of all of these documents to an efficient, tried and tested digital document processing system, whether in house, out of house or in the cloud, which can create a brilliant hassle-free solution for offices of all sizes. No need to worry about backing up, updating software or IT solutions: an efficient invoice processing firm can take care of all of that.
This also removes all the worry around security, always a concern for companies and staff working in the sensitive divisions of accounts payable and financial affairs. An outsourced document management company will guarantee security â and because itâs working on a much larger scale, by managing documents for, sometimes, hundreds of different firms, it can invest in the most up to date security storage techniques.
Completely digital financial documents are the future. In a decade or so, it will almost certainly become an industry standard. The EU has established government legislation strongly encouraging and incentivizing businesses to do all of their invoice processing electronically. And major organisations, such as the NHS, have fixed targets in place to execute electronic document management across all aspects of their work.
This isnât just going on in Europe. In 2012, the US Government commissioned a survey which showed that if every department of the federal government switched to electronic invoicing, administrative costs would be slashed in half. This would save the US Government a whopping USD450 million every year. Itâs obvious that the advantages of digital documents are not going to take long to overtake existing systems, and that the sooner a company transfers to an electronic system the more efficient it will stay.
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