Achieve significant operational savings by automating your Accounts Payable processes.
Studies have shown that even ‘best in class’ companies with a manual AP process averaged 2.8 days to process an invoice at an average cost of £2.18. This is in contrast to industry average of 15.8 days and £9.38 per invoice.
Inefficient or manual processes hinder accounts payable operations and add unnecessary cost and time. However, it is one of the most automatable business processes and it’s where AP departments can make a significant contribution to their organisations bottom line.
It’s not just the increased need for manual effort, but the chance of errors in areas such as data entry, duplicate checks, cross-reference for validity, approvals, exception handling - multiply that by the thousands of invoices received annually, and it’s easy to see why labour intensive processing is problematic.
inSTREAM™ for Accounts Payable eliminates these challenges by streamlining labour intensive clerical tasks and decision making to transform the way AP teams handle invoices regardless of format or media channel. Unique to inSTREAM is its ability to learn the pattern of content through the natural consequence of processing and human interaction. Thereby, minimising the need for manual intervention and so gaining confidence in accurately recognising and validating key invoice data before uploading guaranteed perfect data to your finance or ERP systems. It enables AP teams to complete transactions faster, increase employee productivity, reduce errors, and ensure compliance.
Customers who applied inSTREAM to their accounts payable process achieved:
- Accelerated processing
- Reduced cost
- Improved productivity
- Visibility of processes