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PayStream Advisors delivers unbiased, third-party market trend information, assessments of financial automation technology, and innovative ideas to business
leaders in healthcare, consumer billing, finance and treasury, accounts receivable and accounts payable.
Read More ![]() Invoice Automation: Automating AP Processes through Imaging and Workflow
Publication Length: 55 Pages
Publication Date: 9/9/2010 Publisher: PayStream Advisors ![]() to access this report. ![]() PayStream has developed this Technology Insight Series report for those organizations that have an active interest in invoice automation but need help identifying appropriate strategies, vendors and solutions. The report provides an in-depth overview of invoice automation solutions and their benefits, and profiles eight leading vendors in this space. Table of Contents
Featured Solution Providers
Renewed Interest in Electronic Invoicing, Supplier Portals, and EIPP AutomationAutomation solutions that enable trading partners – buyers, suppliers and banks – to seamlessly exchange transaction-related information and funds are indelibly changing the invoicing and payment landscape. A new crop of electronic invoice networks are making significant inroads into reducing inefficiencies and driving costs out of companies’ financial operations through the elimination of paper. Some users still call this EIPP for electronic invoice presentment and payment. These new technologies have been given further impetus by the fact that the AP department is no longer considered just a cost center. Innovative financial managers are now recognizing AP automation as an area offering tremendous potential to generate bottom-line improvements with processing acceleration and discount management abilities, better ability to monitor and manage spend, strengthen working capital positions, and build stronger trading relationships. Research by PayStream analysts suggests that these forces have done wonders to raise the profile of electronic invoicing and payment management solutions, which are viewed as aveneues for enhanced discount capture. The logic behind this is simple. Electronic invoices eliminate paper processing times including mail latency and desk float. With faster approval times, finance managers have greater ability not only to take existing discounts but to create new ones. Given these factors, it is not surprising that a number of organizations are taking a hard look at invoice automation tools and technologies. Based on survey results, implementing or increasing electronic invoicing emerged as the most popular option, with a majority (40 percent) of companies stating that this was the top priority on their 2010 automation plan. This is a clear indication that organizations are no longer interested in merely finding a better way to handle paper; rather they are looking to remove paper from the source. Automated approval workflow for invoices was another popular option with 21 percent of companies stating that they would focus their attention on this technology for the year. Download the free electronic invoice buyers guide report for more details. Complimentary Document:This technology insight series report is now available for immediate download.
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