Document Management & Imaging
Overview
Despite - or perhaps because of - the relentless progress in technology, paper production has grown steadily over the past 30 years, with no sign of a slowdown. However, because the volume of information required by our information-dependent organizations doubles every three to four years, this paperwork just keeps growing.
An efficient document management and imaging system not only offers a real step towards the holy grail of the paperless office - it also delivers much greater control, reduced costs and better customer service. Many companies, however, now find maintaining control is virtually impossible, when business-critical information is held in multiple systems, often in many different physical locations - and not necessarily electronic ones - and exists either as highly structured data or is totally lacking in any structure at all. The only answer is a comprehensive document management software system.
Eliminate manual data entry & dramatically cut costs
To supplement CODA Financials’ image handling capabilities, UNIT4 CODA partners with V1 Document Management, a best of class provider of document management and imaging technology. Document Management's solution allows automatic archiving for documents, scanning and structured storage for easy retrieval and can be tailored to the specific requirements of an individual organization. The software is tightly integrated with CODA Financials and is particularly useful for invoice processing.
Using both the outgoing and incoming automated document archiving modules from V1, all documents produced from an organization's business systems can be saved and indexed in a central document archive automatically. This includes not only documents sourced from the business system but also from other applications including Microsoft Office - for example e-mails, Word documents, faxes and more. Where appropriate, related documents are linked so that users can move from one document to the next in a natural document workflow.
With V1 Document Management's document management software in place, authorized users can file, index, track, retrieve and distribute documents instantly from their desktop. Automatic links can be set between different document types. The system eliminates risk of document loss from mislaid or misfiled papers. Copies of documents can be retained at different locations for ultimate security, unlike traditional paper-archives.
Eliminate manual invoice processing
One of the most protracted and costly processes within any organization, is the manual processing of purchase invoices. Inputting purchase invoice data into the accounting system, validating the data, authorizing the invoice and then archiving a copy invoice are all extremely time-consuming when done manually. Delays in executing these processes can be even more costly for an organization, often resulting in reduced supplier discounts and/or severe late payment penalties.
Using OCR (Optical Character Recognition) Technology
V1 Document Management's systems sophisticated OCR technology is used to automatically capture invoice data and eliminate keying. The file is then extracted and validated before the data is exported into CODA Financials and the corresponding image is archived.
The V1 Document Management document archive ensures an electronic image of the invoice is stored for audit purposes, along with the authorization audit trail. This image can be accessed from within CODA Financials or a web browser and linked to other relevant documentation such as the PO, remittance etc.
Key Benefits of Purchase Invoice Automation
- Reduce data entry costs by over 50%
- Eliminate data entry errors
- Maximize settlement discounts
- Minimize late payment penalties
- Eliminate lost invoicesImprove cash flow
- Re-deploy accounts payable staff to carry out more productive roles
Fast Payback
As prices of scanning and storage hardware have fallen substantially over recent years, this has brought document imaging and document management software within the reach of even the smallest IT budget. Coupled with very fast Return-on-Investment - typically just a few months - this has significantly increased demand for V1 Document Management's solutions.
Learn more about V1 Document Management & Imaging here.