There is a certain irony embedded in the invoice processing software industry: the companies selling automation to finance teams often run their own operations with more manual overhead than they would like to admit. Customer onboarding, exception handling, vendor data cleanup, and training coordination all require human attention — and that attention is in short supply at most lean software vendors.
According to MarketsandMarkets, the invoice processing software market is projected to grow from $11.2 billion in 2023 to $20.3 billion by 2028, a CAGR of 12.7%. The companies best positioned to capture that growth will be the ones that can onboard clients efficiently, retain them through quality support, and iterate their product without operational drag slowing them down.
Virtual assistants are proving to be a structural solution to that operational drag.
Why Invoice Software Companies Still Have Heavy Manual Workflows
Automated invoice processing handles the routine — matching line items to POs, routing for approval, posting to the general ledger. But the exceptions are where companies earn or lose client trust. Vendor invoices that don't match purchase orders, duplicate submissions, tax line discrepancies, and currency conversion errors all require human review and customer communication.
That exception volume grows proportionally with the client base. A company with 20 enterprise clients generating 500 invoices per week each will see thousands of exception flags that need resolution, explanation, or escalation. Internal staff can't absorb that workload during peak periods — month-end, quarter-end, and annual close cycles — without sacrificing response times on other priorities.
Deloitte's 2023 Global Shared Services Survey found that finance operations teams cite exception handling and process variability as the top barriers to full automation adoption. Invoice software vendors that help clients manage exceptions faster have a measurable competitive edge.
Virtual Assistant Roles Inside Invoice Processing Software Companies
VAs integrated into invoice software operations typically own four distinct function areas:
Exception queue management. When the platform flags an invoice for review, a trained VA handles the first-pass assessment — checking for missing fields, contacting vendors for corrections, and routing genuine discrepancies to the appropriate internal team. This keeps exception queues from backing up and client SLAs intact.
New client onboarding coordination. Onboarding an enterprise client to an invoice processing platform involves chart of accounts mapping, ERP integration configuration, approval rule setup, and user provisioning. VAs manage the coordination: scheduling sessions, tracking deliverables, following up on outstanding items, and maintaining onboarding project trackers.
Vendor master data preparation. New clients often arrive with messy vendor files — inconsistent naming conventions, missing tax IDs, outdated payment terms. A VA can scrub and standardize that data before it enters the platform, preventing downstream exceptions from the outset.
Training and help center support. Finance teams rotating through AP roles need recurring training on the platform. VAs run scheduled walkthroughs, respond to basic usage questions, and update help documentation when the product changes.
The Competitive Pressure to Scale Efficiently
Invoice processing software is a competitive market. SAP, Oracle, Coupa, and Tipalti sit at the enterprise tier; dozens of mid-market and SMB-focused tools compete on price, ease of implementation, and integration breadth. For mid-market vendors especially, the ability to onboard clients in days rather than weeks is a genuine differentiator.
VAs enable faster onboarding by handling the coordination work that would otherwise wait for an internal CSM's availability. They also reduce the cost of that onboarding — a full-time implementation specialist in the US averages $60,000 to $85,000 annually, while a skilled VA with financial operations experience costs significantly less with no benefit overhead.
For invoice software companies looking to build or reinforce their operations capacity, Stealth Agents offers pre-vetted virtual assistants with SaaS and financial operations experience. Their matching process ensures VAs are equipped for the specific workflow complexity of invoice processing environments — including ERP familiarity, data hygiene standards, and client communication protocols.
The invoice processing software market will keep growing. Companies that solve their own operational scaling problem now will be better equipped to compete for the enterprise contracts that define the next phase of market consolidation.
Sources
- MarketsandMarkets. "Invoice Processing Software Market Global Forecast to 2028." marketsandmarkets.com
- Deloitte. "2023 Global Shared Services & Outsourcing Survey." deloitte.com
- Tipalti. "The State of AP Automation 2024." tipalti.com