3 Benefits of Straight-Through Invoice Processing with AP Automation
September 16, 2022 by Alyssa Putzer
Today’s most effective business processes and procedures are the ones that happen seamlessly. For those who process invoices, you know that multiple checkpoints and hold-ups severely slow down the accounts payable procedure.
This is why it’s important to implement tools that allow you to process invoices straight through, like an AP automation solution. Straight-through invoice processing allows invoices to go directly from their receiving source to your company’s ERP system without the need for any manual intervention. No stops, potholes, speedbumps or traffic lights.
Here are some of the obvious benefits of straight-through invoice processing:
- Reduced costs: When invoices are able to be processed straight through, labor costs are reduced as a result of fewer employees having to touch each invoice. This means that employee tasks can be passed on to technology solutions, like an AP automation solution, and your employees can focus on more crucial and strategic projects that allow your company to focus on cash management, spend management and efficiency. Straight-through invoice processing also assures that invoices are being paid on-time, eliminating late-payment penalties and increasing your chance of receiving early-payment discounts.
- Elimination of manual intervention: When invoices are not processed straight through, human intervention is often required. Manual intervention is prone to errors and inconsistencies in invoice processing, so eliminating the need for manual date entry helps assure accuracy in your financial procedures.
- Standardized invoice processes: Standardization ensures that your invoices are all processed in a consistent way. This increases efficiency and accuracy to make sure that there is no variation in how your invoices are being routed and processed.
Ready to streamline and standardize your AP processes? Learn about how MetaViewer AP Automation can do just that!