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, speed, and security that can be achieved. The reduction in time and effort for your AP staff alone is reason enough to consider it.
How much can e-invoicing actually save in time and cost?
If you think that the same old paper invoices and manual processes are working out just fine for your company, here are the facts. The savings realized through implementing an e-invoice solution are substantial. Best-in-class AP departments are realizing cost savings of up to 82% per invoice and have cut the time to process an invoice by more than 70%.
But you will realize so much more since implementing e-invoicing:
- Provides full visibility into all aspects of invoice status
- Enables payments to be processed earlier
- Increases capture of early-pay discounts
- Reduces the risk of fraud and duplicate payments
- Frees your AP team to play a more strategic role in the company’s revenue efforts
- Gives important and accurate data, like DPO, that will help you 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 form 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?
No problem. 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 double blind keying 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.
We make transitioning from paper invoices to electronic invoicing easy with three options.
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
- Ensure your invoices are within your internal parameters
- Configure your invoicing rules to fit your specific business’s needs, no matter the complexity
- Set a maximum freight charge before the invoice requires additional approval
- Allow your suppliers to raise prices on commodities based on market changes
Corcentric e-invoicing breaks down the barriers
As with any new technology, resistance may occur. However, whether it’s concern over lack of budget, overuse of IT, complacency regarding existing processes, or a lack of understanding of available solutions, the more businesses learn regarding e-invoicing, the more they understand how benefits far outweigh barriers.
SO WHAT ARE THE BENEFITS?
(Source: The State of ePayables 2018: The Future of AP is Now by Arden Partners)