This is the “holy grail” of electronic invoicing: straight-through processing from purchase to payment with no human intervention required. Six Ways Electronic Invoicing Benefits Every BusinessĬompanies that innovate along their entire invoice workflow can almost immediately unlock all that digital transformation has to offer. Automated routing and approval workflowĬompanies that can master these technologies to handle invoices will reap the biggest efficiency and productivity gains, saving space, time, and money.These include the following seven key technologies:
In fact, end-to-end AP automation has many tangible benefits that have a direct impact on the bottom line. Simply in terms of speed and resulting productivity, the benefits of e-invoicing are obvious. Particularly in today’s environment, this type of electronic data interchange (EDI) eliminates the backlogged caused by a remote work environment.ĭoes Electronic Invoicing Sound Productive
ELECTRONIC INVOICING SOFTWARE
No more waiting for the mail or fax machine, e-invoicing software lets you both receive and submit payments. The sheer volume resulted in human error, increased costs, and long processing lifecycles for companies.Įlectronic invoicing (e-invoicing) changed all this, taking the same processes and conducting them over an electronic interchange. Someone had to physically receive documents, enter or save the information, route them as appropriate, hopefully catch any fraud or errors, and maintain whatever physical container space was required.
ELECTRONIC INVOICING MANUAL
The traditional invoice processing method is a series of manually intensive, paper-heavy tasks including individually entering invoice data, sorting formats, creating paper invoices, manual checks/balances, and endless amounts of filing.
Ardent Partner says in its latest report “ The State of ePayables 2021: Operating in the New Normal” that AP leaders are well on track to “…become an operational engine that quickly processes transactional activity while focusing its resources on providing deep financial intelligence that can be leveraged for critical enterprise decision-making.” Many more will be operating with a new mindset.”Īlongside the ongoing change in office versus remote work structure, the addition of new tools, and a new strategic approach, 2021 is set to see accounts payable workers getting the recognition that they deserve. “A majority of accounts payable teams will be operating with new tools at hand. “The industry has reached its highest technology adoption rates yet, while also seeing an increase in those that plan to deploy solutions in the near-term,” the report says. Nearly 200 respondents across 20 different industries told Ardent. However, record numbers aside, change is just beginning to pick up speed. The good news? By doing so, the AP function is operating at the height of its game. In fact, the accounts payable (AP) profession implemented electronic invoicing in record numbers in 2020, demonstrating an amazing level of creativity, efficiency, and resilience towards processing, approving, and paying invoices on time.
This awareness translated into a more rapid embrace of and to digital transformation, especially in the adoption of an automated purchase to payment system. As painful as the 2019 pandemic was and continues to be, it has made companies of every size and in every industry aware of the importance - and necessity - of an efficient back-office function. Every crisis is a chance for a fresh start, enabling organizations to take stock of what’s working and what should be changed.
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