Modernize AP With an Automation Solution for Today’s Needs

The role of the accounts payable team is indispensable in any company, and its efficiency has a direct impact on business operations. While a great deal of accounts payable digitization has taken place, many organizations continue to rely on processes that depend on manual input from human users. Processing times are often still higher than most managers would prefer, and a large number of invoices may require handling by multiple users before approval is finally granted. These circumstances can hinder growth and prevent efficient operations at scale. A modern AP automation solution is increasingly seen as a necessity among financial directors and CFOs.

Achieving effective accounts payable automation that delivers real-world impacts is simpler than ever with platforms from Tungsten Automation and professionally developed third-party solutions available in the Tungsten Marketplace. From powerful workflow automation to document intelligence, solutions available now can help your business embrace the future of AP workflows in today’s fast-paced environment.

Here, we’ll take a closer look at one solution available in the Tungsten Marketplace, the Xstream automated accounts payable processing system. First, let’s consider why an investment in automation is a smart move today.

The Value of Reducing Manual Invoice Processing Today

Automated invoice processing is not a better solution simply because it involves automation. Manual work, even though it involves human oversight, typically suffers from some inherent flaws that are difficult, if not impossible, to avoid entirely. These include:

• Slow turnarounds are often due to the need to handle multiple steps manually or with minimal automation.
• Data entry errors, including typos, oversights, and other common mistakes, can delay invoice approval and lead to downstream issues with vendor relationships.
• Reconciliation or resolution processes that take too long.
• High per-invoice processing costs due to the amount of time required to reach approval.

By adopting invoice automation software, it’s possible to address these issues directly, creating a better work environment, stronger results and the capability to continue scaling up as the business grows.

Xstream by Xcellerate IT, which leverages the versatile workflow automation capabilities of Tungsten TotalAgility, can deliver those benefits to your business today. Let’s consider what it can do.

Notable Features of the Xcellerate IT Accounts Payable Solution

Xstream combines a range of features that enable businesses to achieve straight-through processing (STP) on a greater number of invoices. It is designed to reduce manual touches and accelerate the invoice processing workflow, while delivering broader and more in-depth control over business finances. Some of its core capabilities include:

• The functionality to process invoices with and without purchase orders.
• Processing for statements, utilities and credit notes.
• Automated two and 3-way matching for invoices tied to purchase orders.
• Automated coding of non-PO invoices and a streamlined approval process.
• Data validation utilities to ensure high-quality, accurate information.
• Easy data export in various formats to support seamless integration with leading ERP platforms.

With these features, reducing manual work is far easier to achieve in your environment.

The Ways Xstream AP Automation Reduces Manual Work

One primary source of manual work in AP comes from the need to gather invoices from multiple locations to begin processing them. Xstream leverages TotalAgility to achieve AP workflow automation, including efficient capture across various channels, harmonizing the start of every invoice life cycle. Incoming channels can include:

• Invoices sent via email
• PDF files
• Word or Excel files
• XML
• E-invoices, and more.

Once ingested, straight-through processing using matching for PO invoices and coding for non-PO invoices ensures that most invoices can proceed quickly through the system, even allowing for automated vendor payments. The result is a process that takes less time, costs less money and delivers better results without the need for constant supervision. When issues arise, humans are kept in the loop to facilitate a resolution.

More About the Xstream AP Automation Solution and Its Benefits

While a significant benefit of the Xstream invoice automation software is its reduction in manual work, it also provides valuable insights and guardrails for your business. Savings come from beyond reducing errors and accelerating processing. Compliance is also simpler, as the system closely adheres to your business policies. Meanwhile, real-time reporting and analytics provide clear visibility into financial processes, enabling greater control over spending and the opportunity to avoid unnecessary expenditures.

Evaluate How Your Business Operations Could Improve Today

With an exciting and innovative solution like Xstream and the power of the TotalAgility platform, it’s possible to deliver effective results and a fundamental transformation in the way your teams handle accounts payable work. Without the need for highly manual processing, turnaround times decrease, processing costs decrease, and the business gains more profound insights into financial data and the patterns it reveals.

The Xstream AP automation solution is available now through the Tungsten Marketplace. This and a wide range of other solutions, from ready-to-use software robots to entire workflow automation packages, support efforts to modernize critical work processes. Learn about how to bring this solution to your business, or explore the Marketplace for additional options that offer a clear, quick path to a robust ROI on automation.