Are You Only Halfway to Modern AP?
Stephanie Dula 2 Apr 2015The benefits of automating the invoicing process have been well documented in recent years. Organizations that invest in eInvoicing platforms reap massive bottom line benefits, including fewer lost invoices, quicker approval times, and a dramatic reduction in processing costs. It seems that despite internal resistance to change and long-held beliefs that paper-based invoicing works just fine, thank you, innovative AP professionals are now driving change and increasing efficiency across a global marketplace.
But eInvoicing adoption is only one piece of the puzzle when it comes to total operational efficiency. PayStream’s analysts have found that companies may receive invoices electronically, but they are not always using electronic methods to continue the P2P process.
This practice can lead to further challenges like a lack of visibility and high processing costs. One of the biggest challenges to your bottom line? The inability to capture discounts. The good news is that where eInvoicing begins in streamlining procedures, robust workflow software can continue the process. New functionalities expand automation to encompass the entire invoice lifecycle.
We’ve put together this infograph to serve as a visual representation of a common plight we’ve noticed in today’s AP innovation landscape: the tendency for organizations to stop at the halfway point. Read on for insights into the new era of workflow automation. Is your organization’s AP department driving growth or putting out fires caused by inefficient procedures?
