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Top 10 ways to use financial process automation solutions in retail

Leverage your core systems and get the job done faster ... and better. Here are 10 ways our customers are getting a clearer look at their financials with Lexmark Financial Process Automation solutions.  

1. Shorten the accounts payable cycle from days ... to seconds

With a centralized accounting department, getting invoices from each and every store can be challenging. With Lexmark solutions for finance and accounting, stores can submit an invoice by scanning it on a Lexmark multifunction product (MFP) with our capture technology. Information is then automatically extracted, validated and pushed through the proper workflows. No manual data entry, no delays. It’s that simple.

2. Gain a real-time understanding of store metrics

With standardized and automated review process and a seamless connection to your core system, you can access information faster for an up-to-date view of store metrics. You can see which stores are doing better than others, and use that information to make the right business decisions. Running behind on sales this week? Add a promotion to regain traction.

3. Support tax compliance across all locations with seamless processes

Your stores are located all over—in different countries, states and cities with varying tax laws. With seamless processes in place, you can automatically apply the correct tax coding to invoices as they’re scanned, and set up rules to make sure sales and exchange taxes are handled or applied appropriately. If the system detects an error or discrepancy, it’s routed to your tax department for review. You won’t have to think twice about it.

4. Make sure all payments are over the table, not under

Your stores need some flexibility when it comes to managing on-site services, but that can leave you susceptible to fraud and overspending. Protect yourself while ensuring your vendors get in the system by standardizing the supplier set-up process. Using capture technologies, automatically validate vendor information against your table in ERP and connect invoice workflow to purchasing functions. Identify out-of-program buying and limit the use of unauthorized vendors without keeping stores from handling their needs.

5. Expedite invoice processing and payment

Your on-site repairs are complete and now your vendor needs to be paid. No problem. Fill out internal payment requests or check requests and capture directly into an electronic form that passes them into your accounts payable process. Route payments for approval with no need for additional data entry or scanning.

6. Improve visibility and access for easier audits

Make it easier to access your financial data with an electronic, central repository for documents. That way, when it’s time to perform an internal audit, you won’t have to send personnel around to each store. With an automated captureworkflow-content solution, there’s no need to track down support documents or approval emails. With our solutions, the scope of your audits is greatly reduced.

7. Decrease paper management, increase speed and accuracy

Eliminate the need for paper-based documents. With our advanced capture technologies, get sales orders into your systems quickly with little-to-no manual data entry. Automate order processing and logistics document management so documents get to the correct systems or people for processing.

8. Connect to accounts receivable and improve cash flow

Are you managing your own collections, or use a third party collection service? With remittance processing, capture customer remittance information from paper, your lockbox or a bank feed. Seamlessly connect it to your accounts receivable process to increase visibility and access information faster.

9. Understand how your stores are spending money

One retailer said that only 70% of supplies purchased ended up in the store. The other 30% were never seen. After rolling out Lexmark accounting solutions, the retailer gained the insight needed to manage supplies and inventory. With our solutions, you can capture receipt documents and route through approval workflows to match and support your process.

10. Find the document you need, when you need it

Stop sifting through file cabinets to find the information you need. With an electronic solution and enterprise search technologies, you can quickly locate vendor contracts, terms of sales and expenditure approvals whether they’re contained in content repositories, document management systems, email systems, network shares, intranets or extranets.

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