How DocuWare Optimizes Your Financial Accounting: 7 Solutions for Greater Efficiency

In support of our upcoming Lunch and Learn in February which focuses on how Docuware assists accounting departments and accountants with digital processes that provide legally compliant security, protection against data loss and fraud, and more; this article from DocuWare is relevant to our approaching event and will help you prepare for joining us on Feb. 13th and 14th.

Information courtesy of our vendor, DocuWare: 

How DocuWare Optimizes Your Financial Accounting: 7 Solutions for Greater Efficiency

  1. Automatically Captures Documents

DocuWare brings transparency to the invoicing process: the software collects, sorts and stores documents of any format with the help of intelligent capturing/indexing features, and then distributes them to the right employees. This even works with mobile phones and business apps. Your accounting team is then able to stay on top of pending issues, plan based on accurate figures, and take advantage of early payment discounts.

2. Digitally Directs Invoice Approval

DocuWare automates and accelerates business processes through efficient workflows: tasks migrate immediately from one employee to the next or operate in parallel as needed. For example, if someone releases an invoice for payment, the data is automatically updated for the others involved. This process keeps flowing no matter where your colleagues might be – next door, in a different office, or on the road. The information is available at any time and is accessible from any place. Since all records as well as any correspondence involved in a business transaction is directly linked, everyone has everything they need on hand to make a decision.

3. Meets Compliance Guidelines

Strict retention and reporting requirements go hand-in-hand with accounting processes. From GDPR to Sarbanes-Oxley: DocuWare fortifies your company when it comes to audits and liability issues, smoothing the documentation process. Every document is securely stored according to legal requirements. Every business transaction can be tracked without gaps. A rights-based security system protects against unauthorized access and manipulation. Multiple encryption layers make sure everything remains correct and confidential.

4. Connects Documents with Financial Accounting

DocuWare seamlessly integrates with SAP, Navision, Quickbooks and any other financial accounting systems. This makes it possible to store and search documents in DocuWare straight from the lead application. Additionally, you can take content from documents and feed it straight into your ERP or accounting program, such as record numbers, amounts, or account information. For example, DocuWare can read all of this when an invoice is captured. This data can then be exported automatically to avoid extra work, typing errors, and inconsistent data.

5. Provides More Security

Anyone who needs to protect their documents from loss must invest time and money in risk management. This is true for paper archives as much as it is for a room full of servers. DocuWare is able to offer extra peace of mind with their cloud solution: multi-tiered backup measures and storage in a high-performance Microsoft Azure data center provide the highest level of protection from theft, fire, flood and other catastrophes.

 6. Gives You Full Control

When was an invoice recorded? Where is it right now? Who accessed it last? DocuWare makes every status in the life cycle of a document immediately visible – today and in years from now. Effective controls can be incorporated into everyday processes: for example, invoices above a certain amount are always provided to colleagues in management and accounting for a cross-check. Or decisions can be further secured by having multiple parties sign off on them, protecting against errors or embezzlement.

 7. Information Immediately Available

DocuWare opens new research and analysis options: call up all invoices from a fiscal year in just a few seconds, search for specific invoices individually, or directly access a document that is linked to a booking from in your accounting program. With new documents or status updates, DocuWare automatically supplies you with information via digital workflows. Email notifications, task lists, and representative rules ensure that the flow of information never stops.