If your accounts payable is still manual and paper-based, it is costing you in both time and money. Consider automating your processes and implementing e-invoicing.
More than ever, there is a need for speed when it comes to business. Competition continually pushes the need to do things faster, but without losing accuracy, compliance, and efficiency. Automation has made that possible; yet one of the places where companies may be losing time and money is in the one department they depend upon for cash flow: accounts payable.
In a recent IdeaXchange blog, Matt Clark, President and COO of Corcentric, discusses how transitioning from paper invoices to electronic invoices can make managing cash flow and working capital much easier. As Matt notes, “businesses that have turned to e-invoicing report faster processing time, reduction in paper use and the ability to take advantage of early payment discounts.” That all translates into more money that can be reinvested in growing your core business.
Organizations must first assess the PO volume as well as the number and dollar amounts of invoices to determine whether or not the company would benefit from electronic invoicing or whether manual handling of invoices still makes sense. It’s important for companies to consider the many benefits of e-invoicing that go well beyond savings.
- Real-time visibility into all outstanding invoices and payments gives you the information you need to confidently make your working capital work better for the company
- Identifying exceptions means that any discrepancies that appear on an invoice are immediately kicked out by the system and sent to the person who issued the invoice for clarification or correction.
- Greater compliance with all contractual terms and business rules set up by your company
- Less time spend on handling disputes means your employees can become involved in more strategic roles that are directed towards growth
Matt also makes clear that this is a pathway you should take with a third-party provider; one who understands your business’s specific needs and has proven success in e-invoicing implementation.
See how payables automation, including e-invoicing, can pay off for your company.