CARY, N.C.--(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.)--
“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.”
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.”
SciQuest’s Digital Mailroom delivers a highly accurate capture rate that minimizes invoice errors and reduces overall processing costs. By streamlining the receipt and conversion of invoices into an electronic format, SciQuest automates the processing of these documents, eliminating the need for organizations to physically touch paper bills. In addition, Digital Mailroom seamlessly pushes invoices to SciQuest’s Accounts Payable Director for automatic matching, approval and routing of payments.
SciQuest’s (NASDAQ: SQI) easy to use solutions help contract management, procurement, and accounts payable professionals make daily operations efficient through smart automation, and turn the focus on more strategic decisions that impact the bottom line. With unmatched visibility into spending, combined with the Power of Q — the Company’s unique combination of products and support — SciQuest provides organizations with a strategic approach to procurement, improving bottom-line results.
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Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements, including all references to financial performance in future periods. These forward-looking statements include references to the integration of Upside’s CLM solution, our long-term strategy and the impact of the acquisition on non-GAAP revenue and non-GAAP net income for 2012 and 2013. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of our Annual Report on Form 10-K and other required reports, as filed with the SEC, which are available free of charge on the SEC's website at www.sec.gov or on our website at www.sciquest.com. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.