Finance

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Therefore™ in Finance

Finance departments face unprecedented pressure to maintain complete records of all financial materials, including incoming and outgoing invoices, purchase orders, approvals, expenses and more. Documents must be validated, matched, securely stored, and eventually deleted.

 

Without an information management system, keeping track of all financial documents can be a challenge. Manually matching proof-of-delivery notes with purchase orders can be time-consuming and prone to error. The risk of losing or misplacing documents is always present, especially if all documents are kept in physical storage. Finding the correct document in case of an audit is especially daunting, since there is no flexibility in the ability to search.

 

By moving towards a digital way of working, processes can be completed more quickly and efficiently. Scanned documents can be directly saved and indexed. Documents generated from third-party ERP systems can be captured and saved automatically. Documents of all kinds can be retrieved using metadata or full-text search, just like searching for information on the web. Flexible workflow processes can be configured to route documents throughout the business for approval and validation. It’s even possible to access documents and process workflows away from the office, either using the convenient Therefore™ Mobile App or Web Access.

 

Therefore™ can be easily integrated into third-party ERP systems, such as SAP or Microsoft Dynamics NAV, and data from external databases can also be used to classify documents.

 

 

With Therefore™, finance departments can take advantage of the following benefits:

Decreased costs

By handling financial documents electronically, businesses can cut photocopying and storage costs, and decrease errors related to manual matching and classification.

Integration into other applications

Integration with Microsoft Office Outlook, SAP, NAV and the possibility to integrate with many other systems guarantees all your financial information is easily available.

Faster processing

Workflows automatically route invoices to the correct employee or manager for approval; clear deadlines and escalation paths ensure on-time payment. Invoices that aren’t processed in time can be escalated to the relevant manager, and employees can be reminded of impending due dates with automatic email reminders. This can help achieve early payment discounts and avoid fines.

Mobile access

Archived documents can be found, read, and processed on the go using the Therefore™ Mobile App without taking the documents out of the system for faster approval and processing.

Compliant archiving

Securely store all documents, maintain compliancy standards, and delete documents once the legally mandated time period for storage has expired.

A word on SOX compliance:

Therefore™ software can allow companies to achieve SOX compliance by helping them manage financial information in a traceable and secure way. The tools provided by Therefore™ generally make compliance possible thanks to its features relating to information confidentiality, integrity, and availability. Furthermore, Therefore™ provides tools for recording and maintaining audit logs as well as managing role-based access controls, including integration into frameworks like AD and LDAP.

 

More information on the Sarbanes-Oxley Act of 2002 (SOX) can be found on the website of the U.S. Securities and Exchange Commission.

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