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.

I named my business Fairweather Associates when I started in 1993. However, when I attended networking events with my name badge on my lapel, people would ask - "Are you lawyers or accountants or architects?" They would come up with everything except what I actually did, which was Professional Speaking and Consulting.

I've retained Fairweather Associates for my business bank account; however, I'm much better know as - howtogetmoresales.com

Here are some things to think about when choosing your business name:

#1 Make it easy to remember - I met a lady from a graphic design business called - "Shout" - I'll always remember that on.

#2 Make it easy to pronounce. People feel uncomfortable if they phone you and pronounce your name incorrectly.

#3 Make it easy to spell