Finance
Invoice Authorisation
Automating Invoice Authorisation is one of the main reasons a Finance/Purchase Ledger department chooses a document management/workflow package.
Traditionally, invoices from external suppliers are one of the few document types that organisations have little control over. Often, these documents are presented to the business in paper form, arriving in the Finance office. Usually, the paper record then gets passed to relevant departments looking for signatures from senior staff members to allow the invoice to be paid. This paper based process has an inherent number of faults:
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The high cost of moving paperwork internally throughout the business, sometimes to other business sites or office locations.
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Time it takes to authorise paperwork and receive the authorised paperwork back in the Finance office ready for payment.
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Lack of tracking/auditing capability to see where the bottlenecks exist leads to lost invoices and further delays in payment plus increased administration.
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Implementing an Electronic Invoice Authorisation solution from Ascot Solutions will negate these issues and provide the following business benefits:
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Improved payment terms can be negotiated with your suppliers and discounts applied for early repayment.
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Invoices do not move around the business. Rules are applied to the authorisation process and emails are sent notifying senior staff to approve their own records. This saves time and money through removing the manual process.
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All records are tracked, audited and full escalation procedures can be applied if necessary. This helps if authorisers are on annual leave or away from the office as the documents still get processed within the required time limits.
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As invoices are now scanned on arrival into the business, this reduces storage space required within the office area, improves customer service through quicker retrieval and improved disaster recovery processes.
Purchase Order Authorisation
Automating Purchase Order Authorisation is one of the main reasons a Finance/Purchase Ledger department chooses a document management/workflow package.
We have many customers that previous to adopting one of our solutions, would generate their purchase orders electronically and store them electronically in a document management system, but for actually getting the purchase orders authorised would mean printing them out, manually taking them to the relevant member of staff for a signature and then scan them back in order to email to the supplier.
This paper based process has an inherent number of faults:
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The high cost of printing and moving paperwork internally throughout the business, sometimes to other business sites or office locations.
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Time it takes to authorise paperwork and receive the authorised paperwork back, resulting in delays to order goods in, which can hold up manufacturing processes.
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Lack of tracking/auditing capability to see where the bottlenecks exist, leads to lost purchase orders and further delays in ordering goods.
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Implementing an Electronic Purchase Order Authorisation solution from Ascot Solutions will negate these issues and provide the following business benefits:
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Cost savings in printing and distribution.
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Purchase Orders do not move around the business. Rules are applied to the authorisation process and emails are sent notifying senior staff to approve their own records. This saves time and money through removing the manual process.
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All records are tracked, audited and full escalation procedures can be applied if necessary. This helps if authorisers are on annual leave or away from the office as the documents still get processed within the required time limits.
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As invoices are now scanned on arrival into the business, this reduces storage space required within the office area, improves customer service through quicker retrieval and improved disaster recovery processes.
Money Laundering Control
Under the Money Laundering Regulations 2007 businesses are required to establish appropriate risk-sensitive policies and procedures in order to prevent activities related to money laundering and terrorist financing.
Using GreenBox we are able to provide a cost effective way of collecting the documents required to meet money laundering regulations in a much more efficient way, resulting in happier transaction for both the business and the individual.