Increase efficiency, reduce costs, ensure accuracy, and provide visibility…all without a single piece of paper.
An increasing number of businesses of all sizes are shifting their accounts payable processes toward electronic invoicing (e-invoicing) thanks to the considerable cost savings that can be achieved. The reduction in time and effort for your AP staff alone is reason enough to consider it.
But implementing e-invoicing does much more; it provides full visibility into all aspects of invoice status, enabling you to process payments earlier and capture early-pay discounts. It frees your AP team to play a more strategic role in the company’s revenue efforts. And, it gives you the important and accurate data, like DPO, you need to better manage your cash flow and working capital.
Is an e-invoice just a paperless invoice?
An electronic invoice is not a faxed or emailed invoice; it is a fully digital electronic document from the time it is created straight through to its approval and entry into the company’s ERP or AP system. Invoices are submitted in electronic from via EDI, XML, or via a file from a supplier’s billing system. And that can translate into significant savings.
What if suppliers still submit paper invoices?
Some suppliers are not set up to submit invoices digitally, especially smaller or niche suppliers. That’s not a problem for Corcentric’s e-invoicing function. We can capture and convert paper to 100 percent electronic invoices, whether they are submitted via PDF, web, fax, email, or snail mail. Using invoice scanning and Optical Character Recognition, or OCR, technology, we extract accurate, standardized information from invoices and convert them to true electronic invoices.
For the bulk of your suppliers, we will work with them to implement e-invoicing capability and get them connected to our Corcentric 24/7, free, self-service supplier portal. This will ensure that you get supplier invoices in electronic format for fast processing and your suppliers have access to invoice status in real-time.
With Corcentric e-invoicing, you give up the burden, not the control
Processing invoices manually gobbles up valuable time that your team can use to better serve your company’s strategic needs. But giving up manually handling of invoices doesn’t mean you give up control. You have the ability to define the allowable parameters and thresholds for invoice conversion, ensuring your invoices are within your internal parameters. You can configure your invoicing rules to fit your specific business’s needs, no matter the complexity.
WHAT ARE THE BENEFITS?
(Source: The State of ePayables 2018: The Future of AP is Now by Arden Partners)