Reducing Operating and Processing Costs Drive Electronic Invoice Adoption
New research reveals latest market trends for AP automation
MCLEAN, VA, August 26, 2015 – Corcentric™, a provider of cloud-based financial process automation solutions, today announced the availability of new research on the increase in electronic invoice adoption through strategic automation. Written by PayStream Advisors, the Invoice Receipt Management Report 2015, 54% of respondents want to automate invoicing procedures to reduce labor and processing costs, allowing AP professionals to focus on higher-value activities, improved cash management, fraud reduction, enhanced payments security, and improved B2B payments analytics.
According to the report, true e-invoicing is the most cost-effective and efficient method for AP processing and it eliminates paper and manual data entry. Most importantly, electronic invoices can go straight to the approver and then straight to payment – straight through processing – a capability that is considered one of the greatest advantages of e-invoicing.
In spite of benefits of electronic B2B invoicing, this research shows that organizations are still mired in paper, fax and emailed invoices with e-invoicing not yet widely used by the supplier community. The report cites integration with in-house and supplier systems as the single greatest barrier to adoption. However, the advantages of ease of use and installation, and integration with supplier ERP systems of cloud-based e-invoicing and invoice receipt solutions should lower barriers to entry.
“The lack of education and understanding of the true, long lasting, value of implementing e-invoicing solutions is well addressed with this latest research by PayStream,” said Rob DeVincent, Vice President of Product Marketing, Corcentric. “Higher performing companies will look at e-invoicing as just one part of overall AP automation strategy, and when implemented in this way, the advantages in terms of cost savings, efficiency, and visibility into overall spend management are very compelling.”
This latest whitepaper sponsored by Corcentric can be downloaded at: http://www.corcentric.com/resources/paystream-advisors-invoice-receipt-management-report-2015
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.