It can take up to 45 days for an invoice to be processed from receipt to payment. Invoices can be approved in less than 3 days when working with a business process outsourcing (BPO) partner, many without requiring any manual oversight.
Expedite accounts payable processes, reduce costs, and increase efficiency from invoice receipt through payment.
Having your invoices processed manually is a significantly inefficient process and can hurt your relationship with the vendors and customers your business relies on. However, a 2018 PayStream/Levvel survey found using AP automation makes processing significantly faster and more efficient. Not only did respondents report less errors, but companies also saved on the costs that come with late fees and the costly time it takes for employees to complete these tasks that could have been automated. Here are some of the other benefits of AP automation:
It can take up to 45 days for an invoice to be processed from receipt to payment. Invoices can be approved in less than 3 days when working with a business process outsourcing (BPO) partner, many without requiring any manual oversight.
Processing invoices is time-consuming with data entry, data validation, GL coding, & approval. 62% of invoice processing costs consist of staff labor. Outsourcing to an AP automation partner is cost-effective & improves your company’s productivity & ROI.
Manual invoice processing can result in errors that can hurt your company financially and your vendor relationships. Instead of your staff wasting time to fix issues, outsourcing AP can reduce late fees and processing errors, with 99% of data entry accuracy.
According to PayStream/Levvel, it costs a company $15 to process an invoice on average. That’s a high price compared to $3 per invoice if you outsource to an accounts payable partner that provides workflow automation.
It’s crucial to have access to cash flow data to make informed business decisions. 58% of controllers state real-time AP data access helps teams budget accordingly. This can make the difference between getting ahead of your competitors or lagging behind.
By partnering with a SOC 2 Type 2 AP automation and digital mailroom partner, invoices are digitized and uploaded to the cloud, making them accessible from anywhere. Using a digital mailroom ensures your workflow isn’t interrupted whether your staff is working from home or in the office.
No matter how you choose to apply automated AP solutions to your office, automation will help you eliminate the manual and unnecessary steps that are holding your business back.
Digiscribe can manage invoices sent to your physical location or electronically from receival through payment. Your staff no longer has to receive, open, distribute, process, and pay invoices. We’ll handle all invoice receipt & processing from a secure, offsite location.
Your scanned and electronic invoices are automatically routed throughout your organization with AP automation software for review and approval based on your business rules for processing, payment, and exception handling.
Securely store, access, and track your processed invoices from anywhere on internally-hosted or cloud-based document management software integrated with your accounts payable software for one-click viewing and easier audits.
With a BPO provider, your accounts payable process is expedited, streamlined and automated. Once invoices are received, digitized and data is collected, the data is seamlessly uploaded to Peoplesoft, SAP, Sage, Microsoft Dynamics GP, QuickBooks, or other ERP systems for payment or it can be paid without staff intervention with 3-way matching and zero-touch processing.
Instead of selecting a payment in your ERP, completing multiple payment runs, fielding vendor questions, managing and reworking any payment exceptions, and reconciling payments with an automated AP system, all of this can be automated through Digiscribe’s partnership with Nvoicepay.
You simply select and approve invoices, the system pulls funds, and payments are automatically reconciled. Find out how you can make your business process run much more cost-effectively through this webinar on our AP automation services.
When it comes to AP automation, Digiscribe has a proven track record that speaks for itself. Our current clients have eliminated 99% of manual data entry and had 80-90% of their invoices processed using “zero-touch processing” (using fully automated software), which prevents 100% of duplicate payments. This enables 100% AP invoice visibility and a decline of 60-80% in supplier inquiry, resulting in a 60-80% accounts payable cost reduction.
