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.
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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