Electronic Accounting Records

Accounts Payable

As millions of invoices arrive each day, businesses around the world begin the cumbersome process of opening sorting, reviewing, routing, approving, processing and ultimately storing each of them. Along with those invoices, there are millions of hours wasted as a result of manually entering data into systems for payment. Even more time is wasted dealing with the results of incorrectly keyed data. These numerous hand-offs and approval processes reduce productivity across the organization, prolong cycle time, and create higher costs and risks.

Today's increased emphasis on cost containment and productivity enhancement has spurred accounts payable professionals to explore new ways to automate these traditional paper-based, labor-intensive processes. Additionally, the need to document and secure these processes to comply with the Sarbanes-Oxley Act has further fueled this movement, driving initiatives to ensure that information is accurately captured, stored and accessible.

GRM Digital provides Accounting Firms the ability to make more informed recommendations, manage Records Compliance and Information Management reporting more effectively, and provide faster service clients.

GRM Digital Document Management enables enterprises to migrate to an efficient web-based solution that will:

• Streamline inefficient, paper-intensive processes and reduce the cost of invoice processing
• Image, index and store invoices electronically in the GRMOnlineRecordCenter, making them available for searches, data mining, reporting and workflow processes
• Ensure that invoices are paid at the right time, taking advantage of vendor discounts
• Significantly reduce the time and resource issues of maintaining and managing paper files
• Eliminate lost or misfiled invoices and supporting documents
• Allow for easy tracking of past payment history
• Ease the process of preparing management, tax and compliance reports
• Reduce the labor and processing costs of retrieving financial information for audit purposes
• Improve vendor relationships through quick response to billing inquiries
• Properly identify duplicate and erroneous invoices up front in the process so they are not paid
• Ensure compliance with regulatory statutes

The GRM Solution enables AP professionals to overcome the challenges of the invoice receipt-to-pay process.

Acccounts Receivable

From the initial receipt of a sales order until the last payment is received, Accounts Receivable departments handle a large number of documents, each of which must be recorded, routed for approval, properly stored, and processed. These documents include purchase orders, confirmation emails, invoices, proofs of delivery (PODs), adjustments, correspondence, bills of lading, checks, activity reports, and many others that are essential to properly billing customers and getting paid. In addition to invoices and payments, there are numerous compliance issues associated with the accounts receivable process.

GRM Digital provides a fully-integrated Accounts Receivable solution that simplifies and integrates processes between companies and suppliers. Our solutions allow organizations to quickly transition from paper to electronic documents, generating an immediate return on investment. We securely capture the entire AR document flow and convert purchase orders, faxes, checks, remittances and other inbound documents to digital images. System-generated documents such as invoices, shipping documents and packing slips are automatically captured, indexed and stored in the GRMOnlineRecordCenter, along with correspondence, inquiries, emails and scanned images.

The GRM Digital Workflow Tracking solution automates the most time-consuming AR processes, including:

• Reconciliation, accounting and payment
• Exception handling
• Batch generation of invoices
• Automatic distribution of transaction-related files
• Automated notifications for document routing
• Approvals
• Document retention policies
  

GRM enables enterprises to quickly migrate to an efficient web-based AR solution that will:

• Streamline inefficient, paper-intensive processes and reduce the cost of the entire procure-to-pay process
• Image, index, link and store AR documents electronically in the GRMOnlineRecordCenter, making them available for searches, data mining, reporting and workflow processes
• Significantly reduce the time and resource issues of maintaining and managing paper files
• Reduce payment errors, labor and processing costs
• Increase capture of early payment discounts
• Eliminate lost or misfiled AR and supporting documents
• Enable immediate access to transaction information for collections
• Ease the process of preparing financial, tax and compliance reports
• Reduce the labor and processing costs of retrieving financial information for audit purposes
• Improve supplier relationships through quick response to inquiries
• Automatically route documents where they are needed
• Ensure compliance with regulatory statutes
  

The GRM Solution enables AR professionals to overcome the challenges of the Accounts Receivable process.