Our research shows that too many AP departments still rely on paper and a decentralized department model. These lead to a lack of visibility into a company’s outstanding liabilities and can have an adverse effect on supplier relationships.
Atlanta, GA (PRWEB) April 16, 2012
Increased on-time payments, quicker approval times, fewer supplier inquiries and reduced processing costs are some of the benefits experienced by accounts payable departments from electronic invoicing over the past year. The PayStream Advisors’ 2012 e-Invoicing Adoption Benchmarking Report also shows increased interest in e-Invoicing as 71% are using, deploying or evaluating the technology.
The annual report, based on survey results from more than 300 AP and procurement professionals in North America, profiles the use of electronic invoicing, electronic payments and emerging working capital solutions. This year’s survey reveals that despite the drag on productivity, paper invoicing still dominates among respondents, however, the adoption of AP automation continues to grow (paper invoicing usage measured at 64% among respondents in 2011, down from 68% in 2010) as more organizations realize the benefits of e-Invoicing and implement ’green’ initiatives.
Among the advantages highlighted by the survey, the results show that electronic invoicing has enabled 46% of respondents to pay suppliers on time (compared to 39% in 2010) while 52% have reduced their payment-processing costs (last year’s figure stood at 46%).
“Our research shows that too many AP departments still rely on paper and a decentralized department model,” said Henry Ijams, Founder and Managing Director of PayStream Advisors. “These lead to a lack of visibility into a company’s outstanding liabilities and can have an adverse effect on supplier relationships.”
“The data from the PayStream Advisors report coincides with our own findings that e-Invoicing has grown steadily over the last several years,” said Paul Frederick, President of OB10. “The research also shows that automating the invoice-submission process yields quicker approval cycles and increased on-time payments, which have a very positive effect on working capital for AP departments and on cash flow for their suppliers.”
To download a copy of the report, go to http://ob10.com/Country/US/PayStreamSurvey.
OB10 will soon host a webinar on the results of the PayStream Advisors’ 2012 e-Invoicing Adoption Benchmarking Report. Check http://www.ob10.com for more details.