Management of Paper-Based Invoices and Bill in small Business Companies?

Both big or small business must always deal with accounts processing to handle their invoices and bill payments. As this processes deals with cash flow of the company it must be managed properly with full concentration. In this millennium there are modern equipments like online bill payment, electronic invoicing, and P-card are available that remove the paper based processing from the accounting department. But the fact is these technologies may reduce the paper documents but cannot remove it. According to Aberdeen Group research report research report 80% of invoices come in paper format which increases as the company goes smaller and smallernnUtility of Account Data capture Software Several companies like Kofax , ReadSoft , AnyDoc and Abbyy manufactures data capture solutions specifically developed to convert all the paper based documents into data to sent to the accounting or ERP systems. Large corporations have seen its utility which has increased efficiency of their accounting departments and achieved significant productivity gain in processing their accounts payable and accounts receivable data.nSmall business cannot afford the cost of the software. Most of the small companies use software just to scan their paper based accounting documents and manually enter the accounting data into their accounting or ERP system. nnReason for not using Account Data capture software Beside the cost of the sophisticated software other utilities arennn * 1. Licensing Fee for the software (User based or CPU based access)n * 2. Hardware upgrade to install the softwaren * 3. Training for your employeesn * 4. Software support and maintenancennThus it becomes unbearable for small company to buy this software. Moreover your accounting or ERP system must have a compatible interface with the software otherwise it may not run. Sometimes the software couldn't identify the scanned hand made documents for which sometimes your have to work manually. Software vendors embraced