Executive Briefings

Processing Costs, Green Initiatives Among Reasons Why E-Invoicing On the Rise, Study Finds

A rising percentage of organizations are choosing e-invoicing to reduce processing costs, accelerate approval cycles, and increase on-time payments, according to a PayStream Advisors study sponsored by Syncada from Visa. Internal pressures such as green initiatives and increased centralization contribute to e-invoicing adoption, as do external changes, including global supplier requirements. The study recommends first implementing top tier customers to achieve the most financial and operational impact.

PayStream Advisors conducts an annual survey of more than 300 accounts payable and procurement professionals with organizations based in the United States. Industries covered by the survey include healthcare, insurance, financial services, automotive, telecommunications, defense, manufacturing, consumer products, and utilities. The "2011 E-Invoicing Adoption Survey" seeks to outline the changes and trends in AP automation. Most respondents have already automated payments, 83 percent specifically, and invoice automation is next, with 42 percent currently evaluating electronic invoicing solutions. With 90 percent of AP departments centralized or partially centralized, automation will enhance efficiency by eliminating paper, improving process visibility, and increasing productivity.

"Our latest research demonstrates that e-invoicing is no longer just a best practice but rapidly becoming a driver of dramatic efficiency gains," says Henry Ijams, managing director of PayStream Advisors.

"As organizations seek to automate different facets of accounts payable, the benefits are multiple and impact a company's supply chain as well as the bottom line," states Kurt Schneiber, chief executive officer of Syncada. "By improving visibility to invoices and upcoming obligations, necessary approvals can be made online, issues are addressed, and payments are made according to terms-saving time and money for both buyers and suppliers."

The study was sponsored in part by Syncada from Visa, which provides a B2B network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency.

Source: Syncada

PayStream Advisors conducts an annual survey of more than 300 accounts payable and procurement professionals with organizations based in the United States. Industries covered by the survey include healthcare, insurance, financial services, automotive, telecommunications, defense, manufacturing, consumer products, and utilities. The "2011 E-Invoicing Adoption Survey" seeks to outline the changes and trends in AP automation. Most respondents have already automated payments, 83 percent specifically, and invoice automation is next, with 42 percent currently evaluating electronic invoicing solutions. With 90 percent of AP departments centralized or partially centralized, automation will enhance efficiency by eliminating paper, improving process visibility, and increasing productivity.

"Our latest research demonstrates that e-invoicing is no longer just a best practice but rapidly becoming a driver of dramatic efficiency gains," says Henry Ijams, managing director of PayStream Advisors.

"As organizations seek to automate different facets of accounts payable, the benefits are multiple and impact a company's supply chain as well as the bottom line," states Kurt Schneiber, chief executive officer of Syncada. "By improving visibility to invoices and upcoming obligations, necessary approvals can be made online, issues are addressed, and payments are made according to terms-saving time and money for both buyers and suppliers."

The study was sponsored in part by Syncada from Visa, which provides a B2B network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency.

Source: Syncada