Corcentric Featured in New PayStream Advisors eInvoicing Benchmark Report
The report reveals that, although the demand for the benefits of e-invoicing is high, there is still resistance based on misunderstandings and misconceptions.
July 17, 2014, MCLEAN, VA — Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, announced today that it has been featured in the latest eInvoicing benchmark report from PayStream Advisors, which tracks changing attitudes towards e-invoicing.
The report, titled “2014 eInvoicing Benchmark Report” asserts, based on survey results, that, although companies are continuing to convert to electronic invoicing and automation, there is still resistance, often based on the mistaken assumption that existing processes are working.
The report posits that “one of the greatest fears in today’s business world is that of inefficiency.” Solutions exist that can reduce or eliminate those inefficiencies, and businesses that have availed themselves of e-invoicing solutions have seen the benefits. Yet other companies still resist the transformation.
Among the findings of this report:
- 25% of respondents receive zero invoices electronically; over half receive 50% or less of their invoices electronically
- 40% of those surveyed think their processes are working well, yet when asked, they admit that manual routing (68%) and lengthy approval cycles (58%) are resulting in late payments and lost discounts.
- The three main barriers to automating and electronic invoicing are internal change management (61.8%), fear of supplier resistance (56.9%), and lack of integration with existing systems.
“What this report shows,” said Rob DeVincent, Vice President of Product Development at Corcentric, “is that what companies think is working, clearly is not. When these same companies report on what they are looking to improve, it’s clear that e-invoicing and AP automation are the solutions they’re looking for.”
Download a complimentary copy of PayStream Advisors’ eInvoicing Benchmark Report.
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, LLC, provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.