While e-invoicing implementation may be gradual, there has been clear growth since last year as companies begin to understand its benefits, according to a survey conducted  by professional association The Institute of Financial Operations on behalf of Basware, a vendor in the e-invoicing space.

It's striking that the number one financial priority for companies in 2011 is improving operational efficiency - far surpassing the focus on increasing profits and top-line performance. The great majority of organizations surveyed recognize the importance of e-invoicing in helping them achieve this objective, and they also realize the negative consequences that come from primarily relying on manual processes.

Indicating an increase in invoice processing since last year, the 2011
e-invoicing survey results show that approximately one-third of those who took the survey reported that their employers did not in any way use e-invoicing. That compares with a similar question from last year's survey in which 58 percent responded that their companies used a manual data capture and approval process for receiving invoices.
The majority of survey respondents (nearly every respondent), however, think that there is room for improvement in how companies leverage technology to implement key invoicing processes.  Despite an understanding of the benefits of e-invoicing in terms of cost savings and increased efficiency, many companies have been to slow to adopt it.

Click here for the full report, available at no charge to members and for purchase by nonmembers.

The Institute of Financial Operations is a membership association comprising four affiliates: International Accounts Payable Professionals, International Accounts Receivable Professionals, the National Association of Purchasing & Payables, and The Association for Work Process Improvement.

Source: Basware