Study: Nearly half of A/P departments weighing e-pay
The majority of A/P departments still receive hard-copy invoices from their vendors, but it looks like all that will change in the very near future.
Nearly half (42%) of A/P departments are currently evaluating the possibility of receiving electronic invoices from vendors, according to the recent “eInvoicing Adoption Benchmarking Report” by PayStream Advisors.
What’s more, 21% of employers already receive their bills electronically, and 8% will do so within the next six months, according to the study.
Just 29% of A/P departments said they have no plans to receive vendor invoices electronically.
If your firm falls into the “evaluating the possibility” camp, it may be a good idea to pick just one vendor to start receiving electronic bills from. This will make it easier to deal with any issues that crop up. Also, try to pick a vendor that currently sends a high volume of paper invoices. Your A/P pros will appreciate having less manual keying to do.
- Share on
Free Training & Resources
Webinars
Provided by Yooz
White Papers
Provided by Personify Health
Further Reading
Among all the important tasks CFOs and collectors juggle every day is trying to reconcile accounts due. There may be more pressure this yea...
More and more businesses are relying on email over phone calls to collect from past-due accounts. Email is faster and more direct than tryi...
If your Accounts Receivable (A/R) process still includes manual steps, you’re not the only one. Not by far. Recent A/R benchmarks hig...
Can automated payment systems be guilty of discriminating against certain groups of people? The federal government says yes, they absolutel...
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After mult...
Late or slow payments continue to stall progress for today’s finance teams. These delays often stem from large organizations renegotiatin...
