Sometimes bigger isn’t always better: Adding value with integrated EDM

Published Tuesday, October 13, 2015 2:51 PM by Wearev1, Author

Taking the decision to ditch your accounting or ERP software for a new, more efficient system can be a huge step. Going through the tender process, ensuring buy-in from all key stakeholders, visiting suppliers’ reference sites and then making your final software selection is just the start. Implementing the system and then training staff on how to use it may prove a bridge too far and what about the cost and resources of such an undertaking?

Although implementing a new accounting or ERP system might be the right decision for your business, sometimes ditching a slightly clucky system in favour of a new, shiny alternative is not always the wisest business decision. By simply investing in add-on applications, which deliver process improvements and efficiency gains, you can make a significant difference to how your software operates. And all this at just a fraction of the cost of installing a brand new system.

Electronic document management (EDM) is one such application that can add considerable value to a tired accounting or ERP system, giving it a whole new lease of life. EDM integrates into your existing system to provide sophisticated accounts payable and accounts receivable automation, from electronically capturing purchase invoice data and automating the invoice authorisation process, through to the electronic delivery and automated archiving of all sales invoices. The many benefits of EDM, such as cost savings, improved staff productivity, more easily meeting supplier payment terms and faster debt collection, far outweigh the expense of investing in such a solution.

There is definitely a place for ‘out with the old and in with the new’, however it is important not to be rash. Add-on applications such as EDM can quickly and easily solve issues with your existing accounting/ERP system, delivering a more streamlined experience whilst providing the accounts department with that much needed productivity boost. As the old adage goes, sometimes bigger isn’t always better, it’s often the small things that can make all the difference!