Accounts payable is just one area of office management where problems arise because of
sheer complexity of transactions, and vast amount of paperwork that is generated.A disproportionate amount of time and administrative resources is consumed just getting invoices approved for payment. The problem becomes compounded when invoices are lost when being circulated for clearance and even more time is then lost in retrieval process.
Typically these documents include purchase invoices from suppliers, sales invoices to customers and purchase orders generated by customers.
Even if missing documentation is successfully recovered from system, delay will have caused major inconvenience. If it is not recovered, effects on business are routinely disruptive, and in extreme cases, disastrous.
TokOpen is a powerful document management and workflow software solution that goes far beyond conventional document capture and storage. Uniquely flexible, package allows systems to be configured to meet customers’ specific needs.
How TokOpen works
Automated data entry allows invoices to be scanned, indexed and stored in system, avoiding time-consuming manual entry. Automated reading can take two forms: either header reading (reference number, client name and amount); or full line item reading. Alternatively, invoice information can still be entered manually if required.
Once in system, invoices are electronically routed through a workflow process that includes notifying all authorised staff when an invoice is waiting for their approval. Online reports are automatically generated where invoices awaiting approval are delayed or missing. These reports are configurable, so they can be set up to cover other factors critical to successful payment completion.
Internal security is built into system, and access controls ensure that only authorised staff can open invoices or related documents. Audits are automatically maintained on all documents as they progress through system, so each time they are accessed or amended, time, date, identity and activity details are logged.
Where associated documents are in system, these are stored in same file alongside invoices so they can be located quickly and easily. Access can be gained from other systems, in which case folders and documents are displayed in a standard Web browser.
