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
White Papers
Provided by Anaplan
Webinars
Provided by Yooz
Further Reading
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are highe...
Corporate bankruptcy rates are at Great Recession levels last seen in 2009-10. The worse news? The year’s only a little more than hal...
Smart and efficient credit risk management is critical to the bottom line. It’s especially important if you’re like the many co...
Your finance staffers watch for duplicates and other payment slip-ups all year long. But why should they be especially cautious this&n...
“Ghosting” isn’t just a phenomenon in the dating world. Credit departments are increasingly being ghosted by customers wh...
Collections teams are under added pressure to keep after delinquent accounts and press for payments, even if only partial ones. Waiting too...
