Managing high-volume invoices: AP solutions for enterprises

If you are a growing business or an established enterprise-sized company, you have likely faced the challenges of managing high volumes of invoices. The speed of invoices coming in, the complexity and differences in format and delivery methods, and the discrepancies in billing and payment terms are only a few factors that can make invoice processing a daunting task.

Thankfully, you are not alone, and many enterprise-level companies have mastered the task with the help of artificial intelligence and accounts payable automation. Let’s look at high-volume invoice management and how you can bring efficiency, savings, and peace of mind back into your accounts payable process.

What are high-volume accounts payable companies?

High-volume accounts payable companies process a large number of invoices regularly, often totaling thousands or even tens of thousands each month. If your company falls into this category and manages invoices manually or with partial automation, you are likely facing significant challenges, especially if you have multiple locations.

Industries with high-volume invoicing

Certain industries, such as manufacturing, retail, construction, and logistics, often manage very high volumes of invoices. For example, companies in the manufacturing sector deal with countless suppliers for raw materials, components, and other goods, leading to thousands of monthly invoices. On-time payments are especially difficult where approval processes are slow; there are lots of invoices and complex matching to other documents in the ERP, such as goods receipts and purchase orders. Automated accounts payable solutions are highly beneficial for these types of industries, as they streamline invoice approvals, match invoices accurately and ensure timely payments.

Medius best-in-class customers see a 94.9% touchless processing rate, meaning invoices go straight to the payment queue without requiring manual review.

Solutions tailored for enterprise-level needs

Managing accounts payable at big enterprise companies has its own set of challenges. With complex org structures, multiple subsidiaries, and tons of suppliers, being efficient and precise is important but can sometimes feel impossible. This is where automation steps in, understanding and catering to the unique needs of large-scale operations, including:

• Happier employees: AP automation reduces manual work, minimizing burnout and turnover in finance teams, and leading to higher job satisfaction and productivity.

• Improved supplier relationships: Automation resolves invoice discrepancies and late payments, enhancing supplier satisfaction and reducing friction.

• Streamlined global operations: AP automation simplifies complex global processes, managing multiple currencies, taxes, and languages, ensuring smooth operations.

• Cross-border compliance: Automation ensures compliance with international regulations, reducing risks related to fraud and errors.

• Enhanced cash flow visibility: Automated AP platforms provide real-time analytics on spend and cash flow, improving strategic decision-making and reducing overspending.

• Broader organizational impact: Beyond finance, automation boosts efficiency in IT, HR, procurement, and legal through better data accuracy, fraud detection, and integration with existing systems.

Deep dive into benefits for enterprise companies.