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PRWeb
Increased on-time payments, quicker approval times, fewer supplier
inquiries and reduced processing costs are some of the benefits
experienced by accounts payable departments from electronic invoicing
over the past year. The PayStream Advisors’ 2012 e-Invoicing Adoption
Benchmarking Report also shows increased interest in e-Invoicing as 71%
are using, deploying or evaluating the technology.
The annual report, based on survey results from more than 300 AP and
procurement professionals in North America, profiles the use of
electronic invoicing, electronic payments and emerging working capital
solutions. This year’s survey reveals that despite the drag on
productivity, paper invoicing still dominates among respondents,
however, the adoption of AP automation continues to grow (paper
invoicing usage measured at 64% among respondents in 2011, down from 68%
in 2010) as more organizations realize the benefits of e-Invoicing and
implement ’green’ initiatives.
Among the advantages highlighted by the survey, the results show that
electronic invoicing has enabled 46% of respondents to pay suppliers on
time (compared to 39% in 2010) while 52% have reduced their
payment-processing costs (last year’s figure stood at 46%).
“Our research shows that too many AP departments still rely on paper
and a decentralized department model,” said Henry Ijams, Founder and
Managing Director of PayStream Advisors. “These lead to a lack of
visibility into a company’s outstanding liabilities and can have an
adverse effect on supplier relationships.”
“The data from the PayStream Advisors report coincides with our own
findings that e-Invoicing has grown steadily over the last several
years,” said Paul Frederick, President of OB10. “The research also shows
that automating the invoice-submission process yields quicker approval
cycles and increased on-time payments, which have a very positive effect
on working capital for AP departments and on cash flow for their
suppliers.”
To download a copy of the report, go to http://ob10.com/Country/US/PayStreamSurvey. |
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