The company, which serves small- to medium-sized businesses (SMBs), said Invoice Stream 3.0 offers enhancements and better performance over previous versions, including auto-coding of invoices, one-step coding and approval and the ability to more easily manage supplier terms and outgoing payments.
“Our first two software releases really focused on the core issues facing AP professionals today,” said Invoice Stream CEO Vaden Landers. “This latest iteration, which is the first of many to follow, allowed us to take user feedback and add functionality that further streamlined the review, coding, approval and ultimately, the supplier payment function.
“What we have seen is that when AP departments have the ability to process and approve invoices in a standardized electronic format (not paper), they do so in just a few days versus weeks or even months, and they have the opportunity to more effectively negotiate early-pay discounts and optimize working capital,” he said.
In addition to the new release, the company announced a pricing model that provides new customers with unlimited invoice automation for a flat monthly fee.
In the wake of the pandemic, more businesses are transitioning their accounting operations to a digital system in place of a paper one, while many are looking to become more efficient through automating these traditionally manual processes. In response, more companies are launching platforms akin to Invoice Stream.
Earlier this week, Vroozi, a company focused on purchasing and spend management for enterprise and mid-market companies, announced the launch of a new accounts payable and invoice automation platform, according to PYMNTS.
Read more: Vroozi Debuts Automated AP, Invoice Platform
Meanwhile, B2B automation integrated payments company Billtrust said during an earnings call this week that it had processed $21 billion in customer payment transactions in the third quarter, an increase of 41% from last year, according to PYMNTS.
See also: Billtrust Reports 45% Rise in Transactions Processed as Customers Increasingly Adopt Digital AR Solutions
