Imagine trying to sort through piles of invoices every day - that’s what many AP departments across industries are dealing with right now—tons of paper and PDF invoices to scan, key and manually approve.

A higher volume of invoices often means either hiring additional staff, paying vendors late, or automating AP. It’s obvious which choice to make.

But not all AP automation approaches are the same. Some AP platforms are built on OCR, which leads to errors and invoice exceptions. The best platforms are digital and lead to straight-through invoice processing, which means invoices arrive in your ERP ready to pay. Businesses that choose this approach experience lower costs, more profit from early pay discounts, and real time visibility into payables at month end.

The beauty of straight-through invoice processing lies in its seamless flow: as soon as invoices arrive from a supplier they are instantly validated and sent into your ERP system, ready for payment. No manual intervention is required. Two- and three-way matching is automated as well as GL coding and approval of non-PO invoices.

Straight-through invoice processing is a game-changer, not only for your AP team but for your entire organization. Automating the processing of incoming invoices, ensuring their accuracy, and seamlessly integrating them into your ERP system for payment results in substantial savings in time, labor, and costs for AP operations.

The push for automation is increasingly fueled by cost-saving considerations, as highlighted in a survey conducted by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. Companies that are facing higher wage costs are leading the way in using new tech solutions. This change shows how businesses are evolving, focusing on the big picture of saving money through automation, not just cutting costs.

In addition, innovative AP departments recognize the impact of artificial intelligence (AI) and machine learning (ML) on their processes. Although AI and ML are often used as buzzwords for any type of automation, industry-leading platforms like Transcepta are taking advantage of these technologies for specific applications that significantly boost operational efficiency. That’s why Transcepta’s customers achieve 100% rate of straight through invoice processing.

Download our white paper to learn more about straight through invoice processing or schedule a demo to see what Transcepta can do for your organization.