Breaking the technical, financial and operational barriers
Invoice Management System
Electronic document management system or EDMS is at the core of the AIMSware platform and it used to manage invoices as an electronic documents – both the image itself and the properties or metadata of the document.
Many AP department are still receiving invoices by mail and routing papers to approvers. This is because there are often significant technical, financial and operational barriers preventing the adoption of an Electronic document management system (EDMS) that would allow a “digital” invoice to be processed. EDMS systems have traditionally been expensive to buy, implement and support.
AIMSware not only removes the acquisition costs of an EDMS but it provides an easy to use platform that provides key benefits:
Invoice Control – no more lost invoices on managers and approvers desks. AP managers can track the status of every invoice from a single screen.
Collaboration – Approvers can process invoices, approve them, reject them or route them to someone else with the click of their mouse.
Improved Timeliness – AIMSware makes it easier for approvers to review and process invoices. AP managers can also escalate bottlenecks and ensure timely processing and uploading of invoices into the ERP/ Accounting System for payment. Once ready, AP Managers can either take advantage of early payments discounts or avoid late fees by managing when payment is due.
No More Emails – Email is an amazing tool but invoices can get lost just as easily! AIMSware removes the need to route invoices and approvals via email. improving controls and avoiding digitizing a manual process.
Increase Audit and Controls – clearly show custody and traceability of the invoice with audit trails and timestamps on key actions.
Retention – Traditional Invoice management means storing them on local computers or file cabinets. We often find this out when it is too late and content is lost. It is a regulatory requirement to be able to produce original and legible copies of invoices. AIMSware centralizes all invoices, backs up all content, and ensure we can readily retrieve it based on your corporate retention policy.
Retreival – Paper document management and archiving can be very labor intensive and expensive, given the long record retention requirements. Processing, storing and retrieving Invoices can be significantly improved with AIMSWare. The document can be linked to your AP system for instant access!
Analytics – How many times do you find yourself looking for an invoice? AIMSware stores invoices content and metadata that can represent a significant part of your intellectual property and is a gold mine of information. Being able to generate metrics and trends from this data is possible through business intelligence and advanced search tools.
Being able to easily find information and knowledge from indexed content allows organization to improve decision-making and reduce the amount of time lost looking for information.