04.18.14 |
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The Drive Toward Straight-Through Processing

The following is a guest post from Jimmy LeFever, Research Manager at Paystream.

In an effort to help optimize invoice management, more companies are moving to touchless or straight-through processing (STP).  This requires moving from a paper-based system to a fully digitized and automated system, which could result in time and money savings in the form of fewer errors, less exceptions and a reduction in calls from suppliers.

Straight-through processing automatically matches and validates submitted invoices and allows suppliers to self-correct errors before the invoice reaches the buyer, which can result in payables being processed faster and more efficiently, and at a much lower cost. Suppliers can also quickly access payment status information themselves, which can help save AP a great amount of time fielding supplier phone calls and engage in more strategic activities.

PayStream analysts are witnessing a trend towards more companies migrating to STP, and these companies are aiming high when it comes to AP automation goals.  According to PayStream’s new eInvoice report titled Electronic Invoice Management: A Move to the Middle, the top accounts payable automation goals for 2014 is automated workflow for invoices (36 percent) and increase eInvoicing (31 percent), see the image below.

Top AP Automation Goals for 2014

Top AP Automation Goals for 2014

Download a complimentary copy of the Electronic Invoice Management: A Move to the Middle report today for the full report.

This guest authored post was provided by Jimmy LeFever of PayStream. ADP compensated PayStream for this post.



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