Become Exceptional by Automating Your Invoice Process and Improving Exception Rates

According to “The State of ePayables 2024: Money Never Sleeps” report by Ardent Partners and Paymerang– the data provided by the next-generation analyst firm strongly indicates that there’s a rising case to be made for companies to automate their AP process.

One of the key performance indicators (KPIs) used to reach that conclusion is the invoice exception rate, which measures the proportion of invoices processed with errors or those requiring manual intervention.

While the report detailed that electronic invoices now account for 51.2% of all invoices received by the average business today, a major discrepancy still exists between the effectiveness of automated versus manual AP processes.

In fact, automated AP departments maintain an exception rate of less than 5% compared to 20% or more for manual processes. That astounding figure marks a 75% reduction in inaccuracies for organizations who have adopted financial automation for the modern enterprise.

By transitioning to digital invoice management with our award-winning automation technology, you can significantly reduce manual errors, streamlining your invoice processing and improving your team’s overall effectiveness.

Less Manual Invoicing Errors, More Proficiency

Improved accuracy and efficiency are both attainable, and even sustainable, with our reliable automated invoice processing technology.

Paymerang’s invoice automation software helps capture, read, and route invoices, overcoming inevitable human errors, and saving up to 80% of your organization’s time compared to data entry by hand. It allows you to process 5X the invoices in the time it would otherwise take you to process an invoice manually, largely contributing to an 82% faster invoice processing time.

The ability to produce correct invoices at an accelerated pace means your finance teams can now shift their focus from executing mundane tasks to performing more strategic, value-added activities.

Decreased AP Operational Costs

Being able to electronically receive invoices from vendors can deliver significant savings right away.

Compared to average AP processes, best-in-class enterprises who leverage the power of automation have a 78% lower invoice processing cost.

Your collective operational costs can be reduced by going paperless without a substantial need for printing or mailing supplies any longer, while better invoice accuracy and much-improved timeliness can also eliminate late payment interest fees.

Achieve Transformative AP Results with Paymerang Advancements

In 2024, predominantly because of the impact of automated invoice processing, 59% of AP departments are currently using data more effectively to better manage their exceptions.

To do so, they’re identifying patterns via real-time data analysis, addressing the root causes of exceptions, and implementing proactive measures to minimize disruptions in their workflow.

At Paymerang, we can help you evolve your comprehensive AP approach just the same, providing invoice, payment, receivables, and other modern solutions. Our team is comprised of hundreds of experienced, U.S.-based payment professionals, each representative committed to assisting you with white-glove service throughout your financial journey. From the initial implementation stage to fulfilling your ongoing needs, our goal is to guide and grow your capabilities from average to exceptional.

Moving forward, we believe the enterprises that adopt AP technology and use it well will outperform those that don’t by extensive margins.

Choose Paymerang to ensure you don’t get left behind during the digital age of accounting. Schedule your demo today!