Process Invoices Faster
Reduce invoice processing time from receipt to payment from up to 45 days to 3 days with workflow automation and business process outsourcing. RPA further reduces processing time to hours.
Expedite AP processing, reduce costs, and increase efficiency from invoice receipt through payment.
Manual invoice processing is inefficient and error prone, putting you at risk of lost invoices, late payments, strained vendor relationships and other unnecessary problems.
A recent survey found AP automation makes processing significantly faster and more efficient. Not only did respondents report fewer errors, but organizations also reduced late fees and in less time. Here are some of the other benefits of AP automation:
Reduce invoice processing time from receipt to payment from up to 45 days to 3 days with workflow automation and business process outsourcing. RPA further reduces processing time to hours.
62% of invoice processing time consist of data entry, validation, GL coding, and approval. Outsourcing reduces this up to 90%.
Instead of your staff wasting time to fix issues, outsourcing AP can reduce late fees, increase data entry accuracy to 99%, and capture more early payment discounts.
Reduce your processing costs from the average $15 per invoice to $3 or less by outsourcing. AP clerks can be repurposed to AR, customer, service, sales and other more value-adding roles.
Make better informed decisions with real-time access to AP data. 58% of comptrollers report that real-time AP data on invoice aging, cash flow and AP productivity helps them budget accordingly.
Employees can access scanned invoices from anywhere. Our digital mailroom solution with cloud document management ensures your workflows are continuous.
MetaSource can manage and process physical and electronic invoices from a secure, offsite location. Your staff no longer has to receive, open, distribute, process, and pay invoices.
Your scanned and electronic invoices are automatically routed throughout your organization with AP automation software for review and approval, processing, payment, and exception handling.
Securely store and access your invoices from anywhere with on-premise or cloud document management software, integrated with your accounting software for 1-click viewing and easier audits.
By working with a digital mailroom solution partner, your AP process is expedited, streamlined and automated. Once invoices are received, scanned and data is extracted, your digitized invoices and data are seamlessly uploaded to your accounting software or ERP system for payment or paid without staff intervention with 3-way matching and zero-touch processing.
MetaSource can integrate workflow automation and document management software with your enterprise resource planning (ERP) or accounting software so users can search and retrieve invoices directly from the platform they’re used to working in. We are able to integrate with the following:
This integration makes 3-way matching possible so that you can match the purchase order with the proof of delivery (POD) or receipt with the invoice.
The AP process was streamlined, including improved expense reporting and simplified audit preparation.
$120,000 in savings was achieved in the first year by eliminating stop-payment fees and capturing early payment discounts. AP department productivity increased by 25%.
Over 30,000 invoices are processed monthly within 24-48 hours with 99% data entry accuracy for a large medical center.
We stopped the collection calls, and now we’re even pursuing discounted terms from our vendors. That’s all based on our new ability to pay on time, even with all of our new addresses and vendors. Based solely on those discounts, we estimate to save $70,000 in our first year.
Having a paperless system reduces stress, frustration and cost in any environment, but particularly where you need to have employees work both efficiently and effectively, in a timely fashion.
When we get a call from the client, it’s not just the pleasure of solving their issue then and there (they expect it to take a few days), but we don’t have to hang up the phone and have a whole series of tasks we have to do, saving each employee 15-20 minutes per request at least a few times a day, across our client-facing employees.
In my experience, the hospitality industry can lag behind with technology because the focus is on the front of the house and service. We had already gone paperless on the back-end of the accounts payable process but we were looking to be more efficient on the front-end. We were looking for AP workflow automation, and MetaSource came through for us.
Whitepaper
Digital transformation is the change associated with the application of digital technology, but it’s also a process that can look different for every organization, and for every department. The purpose of this whitepaper is to shed light on simple ways to ensure that your path to digital transformation is cost-effective, scalable and achieved at the right pace for your organization.