1. Incoming invoices can be pre-recorded by filing, automated interfaces or scanners in some cases. This could shorten processing time and in some cases save on labour costs.
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2. In an integrated system, the images of incoming invoices from filing or local sites, shops are available to accounts immediately. This could shorten processing time and in some cases save on labour costs. Also, it makes the images conveniently available any time.
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4. Processing incoming and outgoing invoices and other costs and distributing them among profit centres or other dimensions can provide up-to-date overview reports for management about projects or other aspects of the company. It can even be more detailed than the books, helping executive decisions and allowing quick responses to problems. This can save a lot of money on avoiding painful pitfalls.
3. The integrated system could also manage approval workflows, from departmental to executive approvals of invoices and payments. The approvals can also be made on mobile phones, making it easier and time-effective for everybody. This saves on labour costs and shortens lead times.
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5. Automating or semi-automating bank statement processing can save on labour costs.
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6. Invoice and/or plan-based costs and revenues can provide short and long term cash flow forecasts alike. This can lead to substantially better management of financial resources, saving on interest costs or avoiding very expensive last minute decisions. In the case of cash-starved companies, this could mean the difference between success or bankruptcy.
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7. In an integrated system, accounting can be notified about invoice requests. For example for completed orders, project stages, or by filling out request forms. This saves on administrative costs and cuts back on invoicing lead time.
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8. Purchases, productions can be funnelled into financial approval workflows. This saves on administrative costs and makes sure management has control over expenditure.
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9. The system can help listing debts, receivables, commissions, etc, with some other company saving on transfer and administrative costs.
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10. Transfer packages for banks can be generated by the system to make them easier and more accurate, also helping later with automated bank statement processing. This saves labour costs.
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