By Paula Loverich, Marketing Manager
Going digital and leveraging accounts payable automation technology available today will not only lower processing costs but can also reduce exceptions by 39%. Invoice automation provides greater accuracy, increased accountability, transparency and a clearer audit trail for approvals. You can keep your current AP process, just do it without the paper, emails and all the problems. The following excerpt from the PayStream Advisors Invoice and Workflow Automation report shows the benefits of electronic invoicing, which include a reduction in exceptions.
Leverage Automation Technology - Front-end imaging ensures that invoices enter the system quickly and are available to all parties immediately, irrespective of where they are located. Combining imaging with automated data capture adds further benefits in terms of quicker data extraction and fewer errors. An electronic invoicing solution goes a step further in streamlining the invoice receipt process. All invoices are submitted via a central solution and suppliers receive immediate confirmation that their invoices have been received. The benefits of implementing an electronic invoice solution are driving the increase in eInvoice adoption. Survey respondents report that the top benefits to electronic invoicing is the reduction in the procure-to-pay cycle time (56 percent) and lower processing costs (54 percent), see Figure 15.
Figure 15 - Benefits of Electronic Invoicing