The Virtual Mailroom digitizes supplier invoices of all formats and enables customers to process them at a low fixed cost within 48 hours, the provider of spend management and procurement solutions said in a Wednesday (Feb. 7) press release.
“Paper invoice management can be a real problem area for many organizations,” Unimarket CEO Phillip Kenney said in the release. “The tedious and repetitive tasks involved drain resources, and errors arising from manual data entry are inevitable and costly.”
Using Unimarket’s new invoice automation and processing capabilities, customers can minimize the need for labor-intensive processes, reduce the risks associated with keying invoices into an enterprise resource planning (ERP) or accounting system, and earn vendor early pay discounts, according to the release.
With Virtual Mailroom, invoices appear in the customer’s online dashboard, time-stamped, indexed and ready for processing, the release said. Because the invoice processing and handling solution is hosted in a secure, private cloud environment, users can access it at any time, from anywhere.
Virtual Mailroom can be purchased on an a la carte basis or as an upgrade for customers already using Unimarket’s procure-to-pay product suite, per the release. An optional invoice processing service can be added to Virtual Mailroom.
“Entirely configurable to the individual needs of our customers, Virtual Mailroom provides all the benefits of an electronic invoicing process, including greater efficiency, time savings and minimized risk,” Unimarket Head of Product Justin Gillion said in the release.
PYMNTS Intelligence has found that companies that have embraced accounts payable (AP) automation report experiencing a more precise, efficient and streamlined operation.
Automation also has a positive impact on cash flow and contributes to better vendor relationships, according to “Accounts Payable and Receivable Trends and the Path to Profitability,” a PYMNTS Intelligence and American Express collaboration.
In another recent development in this space, B2B payments platform Melio added real-time payments to its suite of offerings in December, saying that this service lets payors deliver funds instantly to vendors.
Melio’s service also lets businesses hold on to funds for as long as possible, and not have to pay days in advance of an invoice due date to make sure payments get there on time.
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