Why Now Is The Perfect Time to Automate Accounts Payable.
The concept of electronic invoicing and accounts payable automation is not new. As a matter of fact, these solutions have been around for years now. So why hasn't your company adopted this strategy? The facts are the facts and there are many benefits as the result of an electronic invoicing solution, so below are some of the most significant reasons to consider.
- Significant Cost Savings
- Accounts Payable departments can save up to 80% on invoice processing costs while Accounts Receivable departments can save between 60% and 80%.
1. Enhanced Supplier Relationships
The availability of real-time invoice validation (2 & 3-way matching) ensures that 100% of invoices are right first time and accepted into the payment process.
2. Improved Invoice Transparency
Improved invoice transparency decreases queries because invoices can be automatically approved after being matched with associated documents.
3. Little-to-No Investment
The best e-Invoicing solutions often require no initial investment so cost savings can be made from day 1 because, like many SaaS solutions, e-Invoicing solutions are charged on a pay-as-you-use model.
4. Payment Verification / Reduced Fraud
The removal of manual processes like data entry and document matching from the invoicing process reduces opportunities for incorrect payment verification and fraud.
5. Improved Receivables
Electronic Invoicing allows for invoices to be delivered directly to the correct person in the accounts payable department and each invoice can be tracked from delivery through to approval and payment.
6. Audit Compliance
e-Invoicing is fully compliant and allows for 24/7 access to all documents stored securely online for the legally required time.