SciQuest, Inc., (NASDAQ: SQI) a leading provider of cloud-based spend management solutions, today announced the availability of its Digital Mailroom solution for automating the capture of paper invoices in electronic formats. As part of SciQuest’s comprehensive invoicing portfolio, Digital Mailroom enables the accurate conversion of paper-based invoices for consistent and efficient processing in SciQuest’s Accounts Payable Director. By processing all invoices uniformly in a single solution, organizations can more quickly and easily identify savings and early payment opportunities while improving invoice processing cycle times.
Accounts payable departments are drowning in paper invoices. According to industry analysts PayStream Advisors, on average more than 60 percent of invoices in an organization are still received as paper. By automating the receipt, scanning and data entry of invoices, SciQuest’s Digital Mailroom eliminates the labor-intensive, error-prone manual tasks associated with processing paper invoices. Organizations can now focus accounts payable resources on more strategic functions such as cutting costs by working more closely with strategic suppliers.
With SciQuest’s comprehensive invoicing portfolio, organizations and suppliers can select the most efficient method for sending and receiving invoices, including paper-based, eInvoicing and portal invoicing. This also ensures that an organization’s accounts payable department can accommodate the billing needs of all of its suppliers, regardless of size or product/service volume. The capture of all invoicing data into a single solution such as SciQuest’s Accounts Payable Director makes it easy to locate and analyze invoices, streamlining issue resolution and auditing functions.
“Paper invoice processing presents an enormous opportunity to deliver cost savings and efficiency improvements to an organization’s accounts payable department,” said Max Leisten, market director, SciQuest. “By capturing all paper-based invoices for more detailed management and analysis, SciQuest’s Digital Mailroom is making accounts payable a strategic function of the business. SciQuest’s complete invoicing portfolio empowers organizations to take control over accounts payable data and processes in one single platform, driving measurable, bottom-line savings.”