9 Ways to Reduce Costs in Your Accounting Processes

Automated, efficient processes are what separate cost-effective accounting departments from the mediocre. The Aberdeen Group surveyed more than 180 organizations to assess the performance of financial operations.

In the area of accounts payable (AP), the gap between the top 20 percent of those surveyed and the bottom 30 percent are remarkable.

These figures suggest that most accounting departments have the opportunity to save significant money and time by improving the efficiency of their processes. But how does an average accounting department reach best-in-class performance?

The single best way to achieve high efficiency and reduce costs is by adopting an enterprise content management system. ECM, sometimes called document management, equips your accounting department with strategic technologies for automating business processes and storing and retrieving documents electronically.