The Benefits of an Invoice Processing Solution for Accounts Payable

Mark your calendars for 2018. That’s when the Office of Management and Budget’s e-invoicing mandate takes effect. And if you’re not using an electronic invoice processing solution by then, you’re looking at high non-compliance fees and heavy government sanctions.

But why wait until 2018 to take advantage of electronic invoicing? An automated solution can have immediate, tangible benefits on your organization’s accounts payable processes.

3 Benefits of Using an Electronic Invoice Processing Solution for AP

As a large financial organization, you know that invoice management is a regular responsibility, which is why it should be as simple and headache-free as possible for your employees. An automated invoice processing solution makes complex AP processes an afterthought for your workforce, freeing them up to focus on the more important tasks.

What other benefits can your organization experience from incorporating an invoice processing platform?

  1. Lower Invoice Processing Costs – Paper invoices cost your organization $7 to $13 per invoice, sending operational costs through the roof. Automated invoice processing handles everything electronically, bringing invoice presentment and distribution fees down more than 50 percent.

  2. Better Invoice Accuracy – If invoices are generated manually, accounts payable employees are responsible for generating hundreds of invoices a day. Unfortunately, manual keying and data entry increases the chance of information errors and inaccuracies, which leads to unhappy clients and invoice disputes. Since an electronic solution gathers invoice information from an online web portal, the likelihood of invoice errors is drastically reduced. And in the event that information is inaccurate, you simply access the web portal, make necessary adjustments and can send out the adjusted invoice.

  3. Stronger Client and Vendor Relationships – Manual invoicing can ruin a solid working relationship between buyers, supplier and vendors. Disputes, errors and other snafus can create friction in your relationship with a supplier until a resolution is reached. An electronic invoice processing solution makes everything easier. Invoice distribution is faster. Dispute management and resolution is simpler. Automated invoicing simplifies processes on both ends, allowing you to maintain strong relationships with suppliers and vendors.

Need a Reliable Invoice Processing Solution? Direct Insite Can Help

At Direct Insite, we know invoicing. We understand the operational benefits an electronic invoicing solution can have for your financial organization.

Our solution? PAYBOX® AP.

A transformative solution for corporate invoicing, PAYBOX® AP streamlines invoice processes through a highly secure, scalable and compliant platform.

Benefits of PAYBOX® AP include:

  • Fewer Supplier Inquiries
  • Accelerated Invoice Approval
  • Streamlined Dispute Management
  • Improved Visibility Into Liabilities

You need an electronic invoice processing solution your accounts payable department can rely on. You need PAYBOX® AP. To get started, contact us today.

AP Strategies