The latest PayStream Advisors e-invoicing benchmark report shows that, although paper still dominates when it comes to invoices submission forms, the tide is definitely changing.
As more and more companies begin to automate their AP departments, certain things become clear. From the start, there is a marked drop in lost and misplaced invoices. The same amount of processors can do exponentially more work. Processing costs decrease and efficiencies increase. That’s why a growing number of governments across the globe have mandated electronic invoicing for government contractors, and why companies are increasingly demanding e-invoicing from their suppliers.
In PayStream Advisors’ latest e-invoicing benchmark report for Q3 2014, paper still beats out all other submission forms when it comes to invoices; over half of respondents reported receiving 50% or less of their invoices electronically. However, 60% of companies surveyed indicated that they were either evaluating or currently using an e-invoicing solution. These same companies well understand the benefits their departments would experience by making this change.
So what’s stopping more companies from seeking out or implementing a solution? That can easily be characterized as company inertia, or “old wave thinking.” The PayStream report found that 33.3% of respondents felt that their current processes are working just fine; even though many of those same respondents identified problems in the accounts payable purview that would ultimately benefit form e-invoicing. But, as the song goes, “the times, they are a-changing” and AP departments that embrace that change will quickly find themselves surpassing those that do not.
Read the full PayStream Advisors 2014 eInvoicing Benchmark Report.