FINANCIAL DOCUMENT MANAGEMENT AUTOMATION

WHAT IS
SEAL FOR FINANCIAL DOCUMENT MANAGEMENT AUTOMATION?

The finance department of any company, regardless of its size, processes a significant volume of paper documents each month and much of the work involves dealing with documents containing sensitive information, which adds additional complexity to an already challenging role. So, it is essential that the finance team have complete control over the documents they work with every day. The reality though is that while more and more companies are using financial document automation to reduce costs and eliminate errors, many organizations continue to use outdated paper-heavy processes, leaving them behind in this world of digital technologies.

CHALLENGES & BUSINESS IMPLICATIONS

Challenges:

  • Inefficient use of resources – valuable human resources wasted in routine activities with manual processes of data entry, based on paper documents, performed by specialized personnel;
  • Data entry errors in business systems – difficult process of control and correction of human errors of transcription of information from paper to fragmented financial or accounting applications;
  • Reputational and financial risks due to delays in entering data into the system with a direct impact on the relationship with suppliers and delays in completing monthly reports;
  • Limited financial visibility and delayed decisions due to paper-based processes impending key data to be captured and be readily available for decision

Business Implications:

  • Lack of visibility and control, too many errors and delayed approvals;
  • Reputation risk and fines for non-compliance with industry regulations;
  • Missed opportunities to capture early-payment discounts through faster cycle times and lost leverage in negotiations with suppliers;
  • High operating costs and inefficiencies with space lost to cumbersome storage and money lost on printing, shipping and physical

SOLUTION OVERVIEW

Based on SEAL, our next generation content and information governance platform, we have developed process-specific solutions that empower the finance team to protect and maximize the value of their documents by classifying and indexing them for access by any and all that require it. We offer solutions that enable the finance department to digitally manage critical content and business processes associated with financial documents, to help achieve compliance with industry regulations, a significant reduction in cost, and a corresponding increase in operational efficiency.

Find out how SEAL for Financial Document Management Automation can help your business.

VALUE PROPOSITION

Simple and convenient financial documents digitization.

  • Combining OCR with powerful artificial intelligence and machine learning our solution extracts business information from documents and automatically routes it to the right users and systems.

Increased productivity trough automation and digitization of finance business processes:

  • Ingest and manage huge volumes of documents and make them available on demand to potentially thousands of users simultaneously while maintaining compliance leveraging powerful retention capabilities to store documents in a tamper-proof format;
  • View, access, share, and collaborate on documents across your organization or with external stakeholders;
  • Instantly find documents based on the business information they contain, including full-text search of their entire content;
  • Streamline approvals and document distribution processes with intelligent decision-based routing;
  • Better and faster business decisions leveraging a more accurate financial visibility to improve cash flow analysis, liquidity management, spend management, contract compliance, supplier relations and

Increased operational efficiency:

  • Empower financial staff to spend more time on strategic activities, such as tackling the supply chain and addressing customer-facing Integration with other applications and systems (ERPs, Payroll and other line-of-business applications);
  • Better management of the month-end accounting close and financial reporting process;
  • Faster resolution of disputes with instant access to data and online collaboration;
  • More opportunities to capture early-payment discounts through faster cycle times;
  • Faster resolution of supplier inquiries with ready access to invoice and payment status;
  • Speed up sales order processing by capturing all incoming documents electronically and extracting order information automatically

HOW IT LOOKS

SOLUTION BENEFITS

  • Eliminate error-prone manual paper handling and data entry to increase accuracy;
  • Automate security and compliance processes to minimize the risk and cost of litigation due to incorrect entry of data on financial documents;
  • Provide user-friendly access to business information contained in financial documents, throughout their full lifecycle;
  • Increased productivity and alignment with the latest trends – access and manage documents on the go with secure mobile access to meet the growing expectations of mobile workers;
  • Connect documents, tasks and people across distributed offices and mobile team members;
  • Automate key document distribution processes, freeing up the workforce for more valuable activities leveraging core business processes automation;
  • Audit financial documents to increase control and visibility of processes, improve document and information security, and lower regulatory and legal compliance risks;
  • Gain additional efficiencies and cost savings through integration with other applications and systems;
  • Simple and convenient digitization of physical documents leveraging OCR, powerful artificial intelligence and machine learning capabilities already build into SEAL;
  • Gain leverage in negotiations with suppliers;
  • Capture financial information such as expense management, travel management, capital expenditure approval, accounts payable & receivable, from anywhere leveraging mobile iOS and Android clients;
  • Easy to access, share and collaborate on financial documents across your organization or with external stakeholders;
  • Create and operate a self-service system for company employees and ensure swift and automated processes for approval and distribution of financial and accounting policies and procedures;
  • Automate back-office processes (managing invoices, approving payments, calculating penalties, managing changes in the contracts, ) and other processes that have a direct impact on cash flow and profitability;
  • Better management of the month-end accounting close and financial reporting process;
  • Faster resolution of disputes with instant access to data and online collaboration;
  • More opportunities to capture early-payment discounts through faster cycle times;
  • Faster resolution of supplier inquiries with ready access to invoice and payment status;
  • Accurately forecast cash flows based on error-free data;
  • Make fluid decisions about keeping cash versus taking supplier discounts;
  • Identify opportunities to optimize electronic payment usage and streamline financial operations.

Smart Solutions built on top of Advanced Products

Unified Information Governance, Archiving and Records Management

Connect, capture, index, share and securely manage your entire electronic archive while maintaining compliance.

At a fraction of the cost usually paid for classical ECM systems, SEAL is an enterprise information archiving system that enables you to capture, transform, index and securely manage your entire electronic archive, while still maintaining the necessary compliance and governance toolsets.

See product See webpage

Not convinced? Seeing is Believing

*By filling in this form you agree that your contact details are to be used by Star Storage in other communication campaigns. For more information, please see our Terms and Conditions.

Stop COVID-19! Work DIGITAL with ZERO risks

Stop COVID-19! Work DIGITAL with ZERO risks

ZERO-DISTANCE Business with
StarCapture Anywhere!

ZERO-DISTANCE Business with
StarCapture Anywhere