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
Further Reading
B2B credit departments are steadily embracing new technology and automation. But one area where companies are steadfastly sticking to the p...
Among all the important tasks CFOs and collectors juggle every day is trying to reconcile accounts due. There may be more pressure this yea...
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...
Fully integrated, automated payments! A dream goal for many CFOs and controllers. Imagine how much more mission-critical work finance staff...
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After mult...
Extending credit to customers is riskier than ever. Whether it’s an existing customer looking for more favorable terms or a newer cli...
