AP Automation for Higher Education on the Rise
Corcentric’s latest blog discusses the move toward e-invoicing and workflow automation occurring at universities and colleges around the country.
July 22, 2013, MCLEAN, VA — In its latest blog, Corcentric, a leading provider of Accounts Payable automation and e-invoicing solutions, cites a Paystream Advisors finding which shows an uptick in automation at institutions of higher learning. Many of those institutions turn to front-end imaging as the first step, and, when realizing the benefits they experience, they look towards e-invoicing and automated workflow as the next logical steps. Much of this is driven by the budget cuts and reduced enrollment these institutions are experiencing.The Corcentric blog notes that, since the budget cuts negate the ability to make huge outlays in hardware, programming, and training, many institutions turn to AP automation solutions providers to handle invoicing.
For those institutions that have implemented automated solutions, the survey shows that the benefits are clear. When asked to name the main benefits, the following topped the list:
- Reduction in invoice processing costs – 33% of respondents
- Quicker approval cycles – 29% of respondents
- Better visibility across the transaction lifecycle – 27% of respondents
The blog shows how some universities are the size of small cities and, like any large organization or bureaucracy, experience huge volumes of paper, including massive amounts of invoices from a large amount of suppliers.
The Corcentric blog is a knowledge center for accounts payable professionals to explore automation best practices along with the latest trends and news in financial process automation.
View Corcentric’s latest blog http://blog.corcentric.com/ap-automation-for-higher-education/.
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, LLC, provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.