Banking and industry are challenged with on-boarding new customers, ensuring customer retention and maintaining document privacy and security, while requiring near instant access to timely content.
Because financial services touches every business, from banking to manufacturing to process, the number of documents and processes that must be followed can really pile up. With document automation, you’ll be well positioned to take advantage of early payment discounts, mitigate risks, ensure process execution and document delivery.
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Accelerate the entry of invoices & purchase orders
Reduce invoice entry costs and data input errors
Maximize early payment discounts
Minimize late payment charges
Process multiple formats of incoming documents
Increase AP staff productivity
Improve compliance through a strictly audited process
Automate document / invoice filing
Eliminate paper filing and storage costs
Integrate AP/AR processing with procurement and matching processes
Industry studies show that employees spend as much as ten times more effort searching for documents than they do reviewing the information within the file. In use, misplaced or lost files can send employees on a wild goose chase, wasting time and causing frustration. Documents stored in MaxxVault can be found quickly and easily using index or full-text searches. As documents are stored, information such as purchase order, customer, invoice number, invoice total, etc. is stored in corresponding index fields. When a document is needed, it can quickly be found by searching on any one or several of the index values. Even if the document is currently being viewed by another user, in MaxxVault the document can still be found and reviewed.Compliance with regulations like SEC, FINRA, Sarbanes-Oxley and the US Patriot Act will no longer be a strenuous tax on the accounting department’s efforts with MaxxVault Enterprise retention scheduling feature which enables administrators to set expiry dates on your documents based on the document types.
In the highly time-sensitive and competitive financial services industry, institutions from banking and investment to lending and insurance firms are under increased pressure to improve customer communications and business process efficiency in an effort to reduce costs, improve security and maximize business performance. One tool that financial services institutions can add to their arsenal to address these challenges is fax server software.
Fax server software can dramatically enhance productivity and reduce costs while streamlining processes and improving the quality, security and timeliness of business information delivery. Therefore, if your financial services organization is still employing stand-alone fax machines to fax important business information, it’s wasting time and money and is way behind current fax technology. This is also the case if your employees use desktop modems to fax important financial documents, or if you manually fax or mail batch-oriented documents generated from your back-office applications. Fax server software does the job more quickly and efficiently, allowing your employees to be more productive while allowing you to address regulatory concerns and provide customers a higher level of service. It also does the job more securely and accurately at a much lower cost.
The accounting department has been plagued by monotonous and labor intensive shuffling of papers for long enough. With MaxxVault in place, a needed document and supporting material are only a click away. MaxxVault makes paging from document to document seamless – reducing the time your staff needs to complete tasks.
Using MaxxVault Enterprise to process incoming and outgoing documents is simple. MaxxVault captures documents from any source (scanner, fax server, e-mail, network folders and any of your department applications) and sorts them immediately according to your company’s exact standards. The documents are then routed according to your document workflow for approval and payment. This ensures that documents are consistently processed in much less time than traditional paper-based operations. Watch and see how the effects of quicker receipt and approval of documents impacts your company’s cash flow. The monetary benefits of MaxxVault cannot be ignored!
With document capture for AP, you’ll improve cash flow, recognize liabilities quickly and avoid late payment charges. The key to success in the AP/ARR operation is efficient and timely processing of incoming document flow, controlling the cost of procure-to-pay and order-to-cash transactions, and ability to handle peak volumes without the need to significantly scale the labour force. To maintain competitiveness and meet the increasingly demanding requirements, organizations are acutely aware of the need to streamline and automate AP/AR processes wherever possible.