AP clerks at mid-sized companies have to accomplish a lot with few resources. However, one problem is constant: manual processes keep you from getting more important things done.
But what could you accomplish if all that manual work was automated?
Transcepta’s AP automation platform is designed to help AP teams in mid-sized companies process invoices “straight-through,” without any manual intervention. Our platform resolves over 90% of invoice exceptions automatically, and its learning capabilities mean that over time, it takes care of more and more manual work for you.
According to Ardent Partners’ “Accounts Payable Metrics that Matter in 2023” report, AP teams are playing an increasingly strategic role in an organization’s success.
In 2023, 66% of executives said AP is “exceptionally” or “very” valuable, compared to just 32% in 2017. AP teams are taking on more prominent responsibilities such as developing actionable insights, building resilience in their organization’s supply chain, and improving working capital and the bottom line.
Further, in addition to traditional AP functions, AP teams also increasingly play key roles in preventing fraud, ensuring compliance, and managing suppliers. On top of all this, AP teams are expected to have the bandwidth to provide a customer service mentality.
That is a lot of hats for a small AP team to wear. And, if your organization doesn’t already look like this, it likely will soon.
Unfortunately, many mid-sized AP teams find themselves overly burdened with manual work.
According to Ardent Partners, AP teams take an average of 10.9 days to process an invoice, with some AP teams taking 19 days or longer. Further, 22.5% of all invoices are flagged as exceptions, and 70% of invoices require some kind of manual intervention to get them ready-to-pay.
All that manual work takes your valuable time, energy, and focus away from more important tasks that provide greater value to your organization. To modernize, AP teams need to adopt tools that take care of the grunt work for them.
Transcepta’s AP automation platform eliminates 90% or more of invoice exceptions, so you receive more invoices ready-to-pay.
Transcepta inspects every incoming invoice, validating data based on other documents and your requirements. Then, our unique learning tools predict any PO line numbers or GL codes a supplier does not include on an invoice. Exceptions are resolved automatically, and, because our platform learns from historical data, over time it eliminates more and more manual work.
Once these validations are complete, Transcepta synchronizes invoices that are ready to pay with your ERP. Any invoices that don’t pass can be automatically sent back to the supplier for correction, or to Transcepta’s Invoice Management Application for resolution. You’ll be able to process invoices more quickly and with fewer errors.
The average AP department spends 22.5% of its time handling supplier inquiries. Transcepta’s AP automation platform is designed to simplify supplier transactions, so you spend less time on the phone answering a supplier’s questions.
Transcepta lets suppliers submit invoice documents in any format, and you can pay suppliers however they want, whether it’s by ACH, card, or check. This flexibility means you and your suppliers don’t have to change how you work to transact.
Additionally, Transcepta unifies all your supplier information in one convenient place, and suppliers gain visibility into the status of their payments. As a result, you can communicate better with suppliers, and any issues can be resolved quickly.
According to Ardent Partners, 22% of organizations have no payment strategy, causing them to miss out on early payment discounts or even incur late payment fees. With Transcepta’s AP automation platform, you’ll gain complete visibility into your AP processes, so you can make more informed decisions about forecasting, budgeting, and cash flow.
Transcepta has solved AP problems for global enterprises, mid-sized companies, and everything in-between. With the Transcepta Platform, your AP team will gain a solution that scales with you, but isn’t too complex for what you need today.
Transcepta helps you process invoices quickly, improve supplier relationships, and control AP processes. And, with the time and cost savings afforded by AP automation, you’ll be able to focus on the work that matters most.
To learn more about AP Automation, read our complete guide. To schedule a demo, visit Transcepta.com or contact us.