PayStream Advisors has developed this Technology Insight for small and mid-sized enterprises with an interest in payables automation. The report includes the latest adoption statistics, current thinking, best practices, strategies, and key performance indicators for evaluating and selecting the solution that meets your needs.
Cloud computing and Software-as-a-Service (SaaS) applications were once just buzz words heard, or read when perusing high-tech publications. However, these terms have gained increasing momentum over the past few years and are helping to pave the way in accounts payable (AP) automation in small to medium enterprises (SME) – those with annual revenues under $250 million.
Until recently, AP automation initiatives were limited to tech-savvy, IT heavy Fortune 1000 companies, who had the human and capital resources to implement and manage these applications. Today, PayStream is witnessing an increasing number of SME’s implement AP automation solutions in an effort to reap the benefits of the large early adopters.
SME’s are buried in paper and are struggling with manual, paper-based AP processes. More and more SME’s are now realizing that automation solutions can eliminate the vast majority of challenges they face in their day-to-day operations, including late payments, missed discounts, long invoice processing cycles, manual data entry, lack of visibility, and high discrepancies, just to name a few.