In recent years, automation has become the darling of the Accounts Payable world. The realization that automating many parts of the Accounts Payable role could reduce errors and save time helped make it the gold standard for AP departments. As a result, automated software solutions have flooded the market, promising pain-free workflows and minimal room for human error. But, could the real hurdle to achieving optimum Accounts Payable efficiency lie elsewhere?
PayStream Advisors’ latest white paper, ‘Accounts Payable Success in the Mid-Market’, examines the key challenges still faced by AP departments. Below is a sample of survey responses:
This data suggests that many difficulties faced by AP are a result of inefficient communication. After presenting this data, PayStream explores how AP departments in mid-size companies are leveraging interactive invoice management technology to improve communication across the invoice journey.
What is Interactive Invoice Management?
According to PayStream Advisors, “Interactive invoice management software enables communication between internal and external stakeholders in a more natural way. This technology features an interactive interface to center conversation around an invoice, reducing the need for AP professionals to track down approvers and collaborators from multiple departments and locations. With this approach, organizations gain more visibility into their AP process and can speed up approval times and payments.” Features like digitized invoice collaboration, machine learning, and cash flow analytics help improve employee productivity and engagement.
The paper covers:
- Challenges unique to the traditional Accounts Payable workflow in mid-sized organizations, and how companies address them today
- How automation has affected the P2P process in the mid-market
- Why interactive invoice management solutions provide Accounts Payable with an innovative way to communicate around an invoice, from the invoice itself
Click here to download ‘Accounts Payable Success in the Mid-Market’!