Enjoy paperless processing from Day One
Businesses of all sizes are shifting their accounts payable processes from paper-based invoicing toward electronic invoicing, or e-invoicing, solutions as part of streamlining their invoice approval workflow. In addition to cost savings, speed and security, receiving e-invoices gives AP 100% real-time visibility into the status of every invoice.
An e-invoice is not just a paperless invoice.
To understand what an e-invoice is, it’s important to understand what it’s not. An e-invoice is not a fax, email, or pdf. But you might think, these are electronic formats. True, so what is an e-invoice? It is a fully digital electronic document from the time it’s created straight through to its approval and entry into the company’s ERP or AP system. E-invoices are submitted via Electronic data interchange (EDI), XML formats, or via a file from a supplier’s billing system.
Reduce cost and time
If time is money, the amount of time your employees spend receiving, keying in and manually processing paper invoices is costing you more than you may think. When you switch to e-invoicing, the cost savings can be significant. By transitioning to AP automation and receiving e-invoices, that time can be cut by 70%. Even more impressive, e-invoicing can cut processing costs by up to 82%. (Source: The State of ePayables 2018: The Future of AP is Now by Ardent Partners)
If you are still receiving paper invoices or suppliers are sending invoices as faxes, emails or uploads, no problem. Corcentric’s Invoice Virtualization Center will scan and capture the data using double blind keying, normalize it, and send into the system. Corcentric will set up and manage mailboxes, both physical and digital so all of your invoices can be immediately centralized and converted to easy-to-manage e-invoices.
Eliminating paper and manual processes removes the risk of lost or misplaced invoices. Even more important, removing manual keying ensures data accuracy, reduces the risk of fraud, overpayments, and duplicate payments. Plus, access to important data like Days Payable Outstanding (DPO) will help you better manage your cash flow and working capital.
Remove the burden of manual audits with fully compliant outbound e-invoices. E-invoicing lets you generate accurate audit trails quickly to reduce audit cycle time and ensures compliance with Sarbanes-Oxley and other tax regulations.
Capture early payment discounts
Late payments can result in considerable savings from missed early payment discounts being left on the table. E-invoicing cuts days from your processing schedule, letting you capture valuable early payment discounts.
Improve supplier relationships
Trust and transparency are vital for fostering supplier loyalty and good will. Predictable on-time or early payments and 100% real-time visibility through the Corcentric Supplier e-Invoicing Portal inspires confidence and reduces the time spent on exceptions and inbound calls from suppliers checking on invoice status.
Corcentric’s e-Invoice system is configurable and scalable
Corcentric doesn’t force you to fit into our system…we work with you to fit our system to your needs. You define the allowable parameters and thresholds for invoice conversion. You ensure you are receiving invoice payments within your internal parameters. You configure your validation rules to fit your specific needs, no matter how complex. Corcentric also eliminates the need to scale up and down on FTEs for seasonal or business environment changes. And that translates to major savings on headcount.