A full-blown solution based on a product line from EMC Documentum - Financial Document Management.
This solution is intended for enterprises acting in different business areas. It enables to automate business processes relating to financial document management - starting with writing and conclusion of contracts and ending with collection and storage of initial accounting documents.
Business management paradigm is being changeable: enterprises tend to decrease of production expenses as well as reduction of staff maintenance costs and working cycle time. General automation tendencies require reconsideration of expensive and ineffective procedures used in working paper financial documents. The following weaknesses are general for most enterprises while managing financial documents:
- fragmentary procedures used in contract management
- labor-intensive processes
- low level of contracts accessibility
- ineffective monitoring and managing functions used to meet contract requirements
- inadequate analysis of contracts execution
- challenges occurred at all stages within invoices payment cycle
- challenges with getting access to information relating to due invoices and further collection of initial documents
In order to avoid the above problems and risks applicable to processes connected with processing of paper documents the enterprises need to transfer their processes into electronic form. These processes cover contract preparation and conclusion as well as control of contract execution and invoices payment. Besides, they include processes on collection of initial documents.
«Financial Document Management» solution based on EMC Documentum platform is designed for managing financial documents. Fast and effective access to information enables enterprises to make their business in a faster, better and cheaper way. It is directed to a wide scope of strategies and goals. A proper and ordered financial documents management allows working efficiently, in an organized and economical manner. It gives employees an opportunity to focus on main functions and decrease time and efforts required for information search and obtaining. EMC Documentum offers a platform for building those solutions which can be customized in accordance with working schedule of any enterprise and can be matched with any information infrastructure.
As a solution demonstration we consider the automated business process related to services purchase and receipt and implemented on the basis of EMC Documentum platform. In this automated process the EMC Documentum solution interacts with ERP system as well as with other accounting systems, e.g. budgeting.
The below results are based on ordinary process stages:
- Convenient control of payment reconciliation. Using EMC Documentum Business Process Manager the result of payment reconciliation is transferred to ERP system. The respective record is reflected in payment register.
- Effective interaction of ERP and other accounting systems with EMC Documentum tools designed for integration and control of business content.
- Control of compliance and availability of both paper and electronic documents. Due invoices are transferred into electronic form. Invoices statistics is automatically delivered to ERP system. Image of a paper invoice is transferred into Archive of initial documents and placed into folder with a respective Contract. Accordingly, accounting department employees can directly check the required documents availability using payments register.
- Control of the process relating to receipt of initial documents while goods or services acceptance. Documents received on goods or services acceptance are scanned and placed into Archive of initial documents. Subsequently, at the end of the accounting period accounting department employees have an opportunity to make certain that set of the required initial documents is complete. Implementation of this solution gives the following benefits:
- This solution provides a full functionality and infrastructure for managing financial documents and business processes used while document processing.
- The most important financial documents will be always accessible for you. The processes referred to financial documents will be running faster and with fewer efforts - due to comprehensive BPM, workflow, scanning and imaging functions as well as storage management and integration with other corporate systems relating to the proposed solution.
- Different integration models of EMC Documentum with ERP system. Enterprises using in their work ERP systems can get advantages of powerful tools provided by EMC Documentum and designed for integration and business content management.
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