Take Even More Time & Expense Out of Invoice Processing – Part 1

Charlotte Sutton
Charlotte Sutton,
Automated invoice processing dramatically reduces the time and cost to authorise valid invoices for payment while ensuring only proper invoices are paid. 
With automated invoice processing in place using a Purchase-to-Pay (P2P) system, the next step for savings in Accounts Payable (AP) is to eliminate the need to manually receive and register paper, fax or email invoices at all.
Electronic invoice receipt capabilities are the key to making that happen, but many organisations are unsure how to move the majority of suppliers to submission of electronic invoices.
There is no ‘one size fits all’ approach. Some high-volume suppliers may have already offered to send electronic invoices because it saves them time and money as well, but most suppliers continue to send invoices in traditional ways
The result is that the vast majority of invoices are still received in traditional ways. Because of this, the organisation’s cost base is higher than necessary due to:
  • High AP costs for manual receipt and registration of paper, fax, and PDF invoices
  • Lost opportunities to take advantage of business financing options
The organisation also may experience related unnecessary costs due to:
  • High AP costs for time spent answering supplier calls and emails requesting payment status
  • Sub-optimal supplier pricing because of frustration with lost invoices and slow payments
All of these issues and more can be addressed with a methodical approach to transitioning suppliers to appropriate methods of electronic invoice submission. The many benefits of electronic invoice receipt can be realised almost immediately using a combination of software solutions and managed services  – find out how in Part 2 – How to transition Supplier to eInvoicing & Realise the Benefits
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