Accounts payable solutions streamline invoice processing to help accounting departments deliver faster and more sustainably. Businesses, whether big or small, understand how a viable accounts payable system can save both time and money. While the manual process may be the tried and tested route, it remains to be error-prone and time-consuming. For this reason, it is no surprise that organisations look to more efficient and cost-effective ways to pay their dues.

Get your accounts payable system on the right track through accounts payable automation. Eliminating the paperwork and implementing an automation process may seem daunting at first. This is especially true if a business is used to the manual process of managing payables. However, a centralised process reduces the time spent on data entry, minimizes errors, and improves supplier relationships.

Defining accounts payable and the accounts payable process

Recently, a group of creditors discovered that several student loans – to the tune of $5 billion – were erased because of missing paperwork and poor record keeping practices on the part of the lenders.

While the students can breathe a sigh of relief, the lenders, on the other hand, find themselves in deep trouble.

So, what could be the cause of such a massive oversight?

Often, lenders buy and sell loans. That’s a common practice among lenders. In fact, a loan may change several hands throughout its life.

 

A recent survey by BPI found that 93% of businesses are document-dependent. Furthermore, the study found that 83% of employees feel they are spending too much time producing, managing, sharing and distributing documents.

93% is a significant number; clearly, document and records management is a critical component of business operations. Many businesses have started to notice how long their team spend retrieving an archiving documents, or that no one in the office knows when to archive or dispose of a record. These are common signs of inefficiency.

Industry sectors, like Accounts Payable, are facing amazing opportunities to be able to streamline their workflow processes through automation, making them more productive and valuable than ever before.

For decades the industry has been fraught with problems with existing processes and procedures, and no matter how much they change or evolve, there is still one element that will be the proverbial ‘spanner-in-the-works’ every time; paper.

In an era where digital reigns supreme (online ordering, purchasing, account management, etc.), Accounts Payable still relies heavily on the physical paper trail to function. Invoices, purchase orders, remittance notices, etc., all fluttering around the office until vendors are screaming down the phone wondering when their payment is coming through. That’s when the scramble begins to find the paperwork. How does this affect your business? 

With the move to the My Health Record platform now imminent, many medical practices are unsure of how best to evolve from onsite to offsite storage, or from paper to digital records management. Here are four ways your practice could benefit right now by moving to a digital records management system.

1. Gain control over your patient’s records

Eliminate the risk of patient records being lost or misplaced across multiple practice rooms, accidentally destroyed, or accessed without your authorisation. Our Complete Online Management System (CIMS) has been custom built by our team, and is managed in-house to provide you with peace of mind, knowing your digital records are stored securely and in compliance with federal and state legislation.

Where do you keep your patient records, and how secure are they?

There has been a lot of discussion about the security and safety of patient records being uploaded to the My Health Record system, and the potential for information to be accessed without the patient’s consent, having their personal information data mined, or worse, their identity stolen.

In a time where everything seems to be transitioning from the physical to digital realm, security is fast becoming the key topic anytime new digital innovations are released. While most businesses and industries are making the gradual shift, some are still required to keep physical documents as per compliance requirements handed down from governments and governing bodies.

One such industry is the medical/health industry, with patient records being the main source of pain for many. No matter if you work in a small practice or large hospital, there is a good chance a records room (or two) exists and is overflowing with fattened filing cabinets. Then, when it comes to finding anything, it is a veritable nightmare wading through the drawers filled to bursting, while trying to decode the filing system already in place.

A digital office is a working environment in which information is stored and organised electronically and is easily retrievable.

The benefits of a digital office are many and can include

Maximising productivity by reducing wasted time looking for documentsEasier storage on hard-drives – not filing cabinetsInstant accessibilityIncreased security.

Digital imaging is a cornerstone to delivering a streamlined digital office - allowing users to view a computer-generated image of documents instead of the original paper. While this isn’t necessarily a paperless office, it is one step closer to achieving some of the benefits and efficiencies that can come from a paperless office.

Higher education is Australia’s third biggest export earner, worth up to $28b to the Australian economy.[1] It is also an industry that is continually going through major change and regeneration.

Increasing global competition, the changing needs of learners, and outdated learning practices are all issues Australian universities face. To withstand these factors and to continue to attract talent, Australian universities need to undertake major change.

Western Sydney University (WSU), has undertaken a major digital transformation to improve customer experience. From a brand relaunch in 2015, to a new student portal and revamped website, these initiatives are all aimed at improving the university's end-to-end student engagement and lifecycle approach.

The Australian Government has used the release of the 2018-2019 budget to announce further investment in key platforms and technology to improve people’s experience of government services online.

$92.4 million will be invested into the Digital Transformation Agency (DTA) to deliver in the next phase of work to build Govpass, a key component in the further digital transformation of government.

Govpass aims to provide a simple, safe and secure choice for people to verify who they are and access government services online, reducing the need to visit a shopfront.

The Australian Government have used the release of the 2018-2019 Budget to announce further investment in key platforms and technology to improve people’s experience of government services online.

$92.4 million will be invested into the Digital Transformation Agency (DTA) to deliver in the next phase of work to build Govpass, a key component in the further digital transformation of government.

Govpass aims to provide a simple, safe and secure choice for people to verify who they are and access government services online, reducing the need to visit a shopfront.

When you convert paper records to digital images, your organisation becomes more efficient. The process of indexing, retrieving, storing, sharing and maintaining your records gets faster and resources are not wasted looking for paper based records.

However, the question many businesses ask themselves is “should you attempt to image everything yourself using existing resources, or is it more cost effective and efficient to partner with an imaging provider?”

To answer this question and to help provide an internal business case, you first need to have an accurate idea of the actual costs of doing it yourself using in-house resources.

Medical facilities and providers in Australia have some of the most advanced technology in the world. These technological advancements are leading medical science down the path to provide cures for diseases and sickness once thought incurable, and they are improving every day.

However, there are wide spread reports of hospitals around the country that are falling apart, with electrical sockets becoming faulty and electrical leads tracing across operating floors.[1]

While these matters are being addressed, there is one area also needs to be addressed as seriously as physical issues and is a vital part of any hospital or medical facility; the records system.

When it comes to determining the true value of digital transformation in Australia, for a long time it was hard to look beyond the initial capital outlay of getting a business ‘digital-ready’, which mainly took in to account the equipment and training required to start the transformation. However, a study has been conducted that places a dollar figure on the benefits of digital transformation delivers.

Joint research from Microsoft and IDC has shown that digital transformation solutions could add as much as $45 billion to Australia's GDP by 2021, equating to an increase of 0.5 per cent each year. This growth is derived from digital products and services delivered directly through the use of digital technologies, such as mobility, cloud, Internet of Things (IoT), and Artificial Intelligence (AI).

The study has also revealed that benefits from digital transformation can be varied, whether it be an improvement in margin and productivity, cost reduction and increased revenue from new products and services.

 

DTS is pleased to announce we are now on the ICT (Information and Communications Technology) Panel as a preferred supplier for the NSW Government.

This panel is a centralised location where government departments can log on to and order equipment and services they need.

Moving from a paper-based system to an electronic records system can provide tremendous value to any organisation, but it has to be well planned and executed. If it isn’t done right, your vital information and business operations can be adversely affected.

The transition from paper to electronic must be seamless and your staff need to come along on the journey to ensure buy in from the bottom up.

How can you help your staff understand the importance of the change and how it will positively impact their work day?

The finance sector, or more precise accounts payable is one of the most process driven sectors across all industries. Their main mission is to ensure all vendors, service providers, and employee expenses are paid based on established rules of their organisation, and agreed upon payment terms.

Yet one of the biggest issues is to ensure that payment is only made once the transaction has been completed, all the documentation is in order, and all the rules have been satisfied.  

When it comes to processing transactions, a lot of the workflow is quite repetitive, and time consuming, which means the expertise and skills of the administrative staff charged with looking after the processing of payments and documents, are not being utilised to their fullest potential.

Digital transformation is more than a trend, it is a movement that is readily being adapted across various industries. Some have been quick to start the transition, implementing new procedures and policies, as well as training staff and customers to ensure easy adoption of this newer technology. Manufacturing companies have traditionally been slower than other industries to react and embrace the advent of digital technologies like intelligent robots, nanotechnology and 3D printing.

Industry 4.0 is changing that.

Industry 4.0 is the next phase in the digitisation of the manufacturing sector, driven by four disruptions:

the astonishing rise in data volumes, computational power, and connectivity, especially new low-power wide-area networks;the emergence of analytics and business-intelligence capabilities;new forms of human-machine interaction such as touch interfaces and augmented-reality systems; andimprovements in transferring digital instructions to the physical world, such as advanced robotics and 3-D printing.[1]

Industry 4.0 is so named as it is the fourth major upheaval in modern manufacturing, following the lean revolution of the 1970s, the outsourcing phenomenon of the 1990s, and the automation that took off in the 2000s.

Businesses undertaking a digital transformation are able to take a closer look at how they do things in a far more in-depth way than ever thought possible. The result of this is that companies are having to change their business models and adapt to new market realities.

Yet it isn’t necessarily companies or their IT departments who are driving this change, it’s the customers who have their hands firmly on the wheel, steering businesses towards a far more efficient future.

Customers are expecting a streamlined interaction with companies. Whether it be in the form of relevant content on their website, more efficient ways in which to engage or interact with your business, or just making it far easier to purchase products and services through digital avenues. Because if they don’t get it from you, they will get it from your competitor.

In 2017, IT news sites reported many large Australian corporations and government departments completing digital transformation projects – including the Australian Immigration department, Sydney Water and ANZ to name a few.

According to a November 2017 IDC report, worldwide spending on digital transformation will reach $1.7 trillion by 2019. However, the majority of companies surveyed were still in the early stages of transformation.[1]

Digital transformation is a continuous, and complex, undertaking that can substantially shape a company and its operations. When done right, it will result in a business that is more aligned with customer demands and resilient in the fast-moving digital future.

According to Business Review, developing a digital mailroom, a central platform that collects information within the organisation and sends it to the relevant department, increases productivity by 30 to 50 per cent and reduces customer response time by 3 to 10 times.1

Spencer Wyer, global chief technology officer of UK based EDM Group, says: “Every organisation should capture data and documents from every channel of communication in real time as part of their digital transformation road map. Without this, there is a significant risk of snail mail and even email preventing true digital transformation. “2

"If you do not solve data capture across every channel at the same time, you do not have complete information.