Paymerang, which works in accounts payable (AP) automation, has debuted its new Invoice Automation Solution, which a press release stated will help organizations with efficiency, accuracy, visibility and getting rid of manual paper processes.
CEO Nasser Chanda said in the release that the solution helps accounting professionals get immediate visibility for every invoice and its approval status. He added that it also helps companies go paperless via electronic processing and archiving.
“This proprietary Invoice Automation Solution saves time in approving and posting invoices, as well as reducing errors through automated invoice capture and posting,” he said, according to the release.
Chanda said the new solution would be a boost for companies looking to become “more efficient, secure and profitable,” according to the release.
The company recently debuted the new service at the Collegiate School in Richmond, Virginia. Jenn Quindoza, controller/risk manager for the Collegiate School, said the school was pleased with the outcome, especially for its ability to approve and post invoices.
“Our budget managers now have instant access to processed invoices, and they love that it’s paperless,” she said, according to the release.
Chanda spoke with PYMNTS in September about the struggles faced by AP departments, including the importance of accurate and timely payments and the speed of the processes getting away from older, manual styles.
He said the increased volatility caused by the pandemic has created more difficulty. It is important that AP departments consider the supplier while innovating to support the pandemic-related changes.
Chanda, speaking of the risks of fraud, said he didn’t think real-time payments needed to necessarily have a huge part in what happened next. Because payment terms are so important for buyers and suppliers, an extra 24 hours gained from real-time payments may do nothing except heighten haste, which could open up payments to mistakes and lead to fraud.