E-Invoicing is changing the role of today’s Accounts Payable.
‘Automation of Accounts Payable’ is the process of turning the repetitive nature of accounts payable into a system that runs itself. Electronic invoicing is not about sending PDF through email. An emailed or OCR’ed PDF does not meet the definition of an e-invoice, mainly because the data still needs to be keyed in or scanned by a human being. It’s about a central, cloud-based platform on which both suppliers and enterprises manage everything. And hence a supplier portal is the key component of an eInvoicing solution.
E-invoice management software relieves AP staff from manual work improving the efficiency and reducing operating costs. Approving invoices and tracking payable becomes as simple as ‘abc’ for everyone involved from AP coordinators, to Controllers to the smallest suppliers. Opting for true accounts payable automation will remove the manual and paper-based processes from your AP workflow allowing for faster and more efficient invoice processing, creating financial control and unlocking time for more value-adding tasks.
Through e-invoicing, there will be no more accuracy issues which sometimes lead to over payments and duplicate payments. E –invoicing improves visibility into invoices and the accounts payable process which is one of the most important aspects of improving AP efficiency.
Forward-thinking and progressive companies today are starting to view accounts payable from a more strategic perspective that goes beyond just back-office payment processing.
E-invoicing enables faster payments and more predictable cash flow for all of your suppliers and unbind the AP team to focus on what matters by – supporting the business to run more efficiently and improving supplier relationships by driving on-time payments.
If you want to read more about how e – invoicing is changing the role of Accounts Payable download our whitepaper on “5 Components of Accounts Payable Makeover.”