Imaging And Workflow: A Buyer's Guide To Accounts Payable Automation Solutions
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Several years of economic uncertainty and the passage of the Sarbanes-Oxley Act of 2002 have done wonders to raise the profile of accounts payable. As businesses have shifted their emphasis from growth to cost containment and productivity enhancement, accounts payable departments have come under renewed scrutiny for their reliance on costly and inefficient paper-based processes. At the same time, Sarbanes- Oxley has increased senior managers' focus on accounts payable by drawing their attention to the compliance risks inherent to manual, paper-based processes.
Our latest research suggests that these forces have sharply increased accounts payable professionals' interest in a rapidly maturing set of technologies that we call Imaging and Workflow Automation (IWA). According to our 2004 Financial Automation Survey of finance, treasury, and accounting professionals, 30.1 percent of respondents expect their organization to implement an imaging and document management solution during 2004. Similarly, 27.4 percent of respondents believe that their organization will deploy a workflow solution to streamline approval processing this year.
Given these results, we felt that it was the ideal time to provide accounts payables professionals insights into the IWA automation universe and profile one of the top vendors in this space—AnyDoc Software. Following an introduction to IWA and its various flavors, this report details AnyDoc's approach to IWA and its solution for automating the invoice receipt-to-pay process.