With eInvoicing, paper capture and powerful matching and approval logic, SciQuest streamlines Accounts Payable, further driving efficiencies and spend savings across the enterprise.
SciQuest, Inc., (NASDAQ: SQI) a provider of on-demand source-to-settle solutions, today announced a new Accounts Payable offering as part of its “source-to-settle” solution suite. The new product features expanded functionality for automating accounts payable, eliminating manual processes and providing powerful insight for finance and procurement staff.
Traditional accounts payable processes for most organizations are riddled with inefficiencies, including manual data entry, lengthy approval processes, invoice exceptions and missing invoices. SciQuest Accounts Payable removes these manual processes for receiving, managing and paying invoices, and pushes costs and time-intensive tasks out of the purchasing lifecycle.
“Our research indicates that the accounts payable automation market is still expanding, as organizations across industries continue to realize the time and- cost-saving benefits,” said Henry Ijams, managing director and founder, PayStream Advisors. “We are very impressed with SciQuest’s expanded Accounts Payable offering as they meet the market’s need for more powerful invoice capture and management tools.”
SciQuest’s vision is to take the non-value-add, transactional work out of the accounts payable function and improve the speed and accuracy of the entire invoice settlement process. Integrated and SaaS-based, SciQuest Accounts Payable solutions include automated supplier onboarding and touchless paper invoice capture, streamlining the accounts payable process. Advanced matching and invoice approval functionality in the new product also give customers significant flexibility to ensure invoice issues are quickly identified and resolved. By reducing labor costs, increasing capacity, assuring compliance and providing more control and visibility throughout the entire accounts payable ecosystem, SciQuest is driving bottom-line cost-savings that improve revenues and expand margins.
“SciQuest Accounts Payable solutions are designed to help organizations automate the capture, management and payment of all invoices, freeing staff to identify more profitable supplier relationships and eliminate bottlenecks in paper-driven processes,” said Max Leisten, market director, SciQuest. “By applying technology and making accounts payable more strategic, organizations can ensure that the right suppliers are paid the right amount at the right time, and manage their cash more effectively.”
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More and more companies are figuring out this simple equation – AP automation will reduce costs while improving efficiency. To learn more about AP automation and how it can help turn your accounts payable team into a profit center by automating and streamlining the AP process, download a FREE a PayStream report. PayStream’s Research Library provides an extensive collection of Buyer’s Guides, White Papers, Webinar archives and much more.