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New research reveals latest market trends for AP automation

August 31, 2015  |  Adoption, Electronic Invoicing, Research

Corcentric, provider of cloud-based financial process automation solutions, today announced the availability of new research on the increase in electronic invoice adoption through strategic automation. The “Invoice Receipt Management Report 2015 (written by Paystream) indicates that 54% of the respondents want to automate invoicing procedures for several objectives:

  • reduce labour and processing costs,
  • allowing AP professionals to focus on higher-value activities,
  • improved cash management,
  • fraud reduction,
  • enhanced payments security,
  • improved B2B payments analytics.

According to the report, true e-invoicing is the most cost-effective and efficient method for AP processing and it eliminates paper and manual data entry.  Most importantly, electronic invoices can go straight to the approver and then straight to payment – straight through processing – a capability that is considered one of the greatest advantages of e-invoicing.

In spite of benefits of electronic B2B invoicing, this research shows that organizations are still mired in paper, fax and emailed invoices with e-invoicing not yet widely used by the supplier community.  The report cites integration with in-house and supplier systems as the single greatest barrier to adoption.  However, the advantages of ease of use and installation, and integration with supplier ERP systems of cloud-based e-invoicing and invoice receipt solutions should lower barriers to entry.

Rob DeVincent, Vice President of Product Marketing, Corcentric:

“The lack of education and understanding of the true, long lasting, value of implementing e-invoicing solutions is well addressed with this latest research by PayStream. Higher performing companies will look at e-invoicing as just one part of overall AP automation strategy, and when implemented in this way, the advantages in terms of cost savings, efficiency, and visibility into overall spend management are very compelling.”

This whitepaper sponsored by Corcentric can be downloaded here.

 


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