One of the primary trends in automation on a global scale has been e-invoicing, as these solutions can improve accuracy and efficiency with respect to accounts payable. Although there are plenty core functions within the realm of business process management that can benefit from software-based support, e-invoicing is one of the more simplistic among them, thus acting as a better primary target for deployments within many organizations.
In a word, necessity was the mother of invention in this situation, as businesses and public sector entities required a tool that could help to reduce strain in accounting departments generally caused by the rising rate and diversity of digital forms. E-invoicing solutions have been viewed as a method of reconciling these issues while simultaneously speeding up receipt of payments from clientele, thus enhancing cash flow for the adopting firm.
A legitimate need
The volume of invoices on the global stage has gone up significantly in a short period of time, and it does not seem as though the rate will begin to backtrack anytime soon. Add to this the fact that the average company is operating more significantly in the global economy today that at any time in the past, and it should become clear why so many organizations and governments have chosen to make the transition to digital invoicing platforms.
Still, the world is far from unanimous when it comes to adoption of these technologies. One study from The Institute of Financial Operations found that 43 percent of AP professionals who responded believe that e-invoices can save them $2 per form compared to paper filings. Surprisingly, roughly 29 percent are handling the vast majority of their accounts payable procedures through traditional methodologies, and just 9 percent are receiving less than 10 percent of their invoices through digital platforms.
As a note, the researchers also found that error rates are moving on a downward track for those firms that have already implemented e-invoicing technologies.
More to gain
Expanding a business can be among the most difficult actions past starting one up, and much of the challenge is contained within the need to scale up operations along with demand rather than over- or under-shooting targets. Workflow technologies like content management and AP automation can ease some of the strain that would be apparent when relying upon paper-based business processes, leading to a smoother expansion overall.