In an effort to optimize invoice management, more companies are moving to touch-less or straight-through processing (STP).  This requires moving from a paper-based system to a fully digitized and automated system, resulting in time and money savings in the form of fewer errors, less exceptions and a reduction in calls from suppliers.

Straight-through processing automatically matches and validates submitted invoices and allows suppliers to self-correct errors before the invoice reaches the buyer, resulting in payables being processed quickly, efficiently, and at a much lower cost. Suppliers can also quickly access payment status information themselves, which saves AP a great amount of time fielding supplier phone calls. This frees up AP staff to engage in more strategic activities.

PayStream analysts are witnessing a trend towards more companies migrating to STP, and these companies are aiming high when it comes to AP automation goals.  According to PayStream’s new eInvoice report titled Electronic Invoice Management: A Move to the Middle, the top accounts payable automation goals for 2014 is automated workflow for invoices (36 percent) and increase eInvoicing (31 percent), see figure below.

Download a complimentary copy of the Electronic Invoice Management: A Move to the Middle report today to learn more about ADP and their eInvoice solution functionality.