Automating the invoice approval process is the next logical next step for companies that are already reaping the benefits of front-end electronic invoice systems. Organizations that have experienced successes through employing digital imaging are seeing visible improvements and are actively moving towards further AP automation.

Research conducted by PayStream Advisors confirms these trends and notes that automation to date has been operations driven, with quicker approval of invoices being the main cited benefit.

Companies in the survey also experienced lower processing costs and increased productivity.

Automated workflow solutions in the accounts payable (AP) arena are maturing as the share of companies employing or deploying systems rapidly approaches 50 percent.

Over and above operational improvements companies are enjoying broader benefits which include: improved visibility over liabilities; better regulatory compliance and; reduction in interest and late payment penalties.

Workflow Adoption

When three quarters of AP professionals surveyed say they’ve implemented an approval workflow solution or are at least considering it, it is an idea whose time has come, especially when you consider that the naysayers – those who didn’t have any plans to implement a workflow solution have dwindled from 36 percent, to 27 percent in just a year.

Glowing reports from early adopters, who report across-the-board workflow improvements, particularly quicker invoice approvals, increased employee productivity, and lower processing costs are one reason for the rapid decline in skeptics.