While there are many reasons to consider an e-invoicing solution, we see four main reasons why an EIPP (Electronic Invoice Presentment and Payment) solution should be one of your top priorities in 2013. The immediate and long term benefits that come from the implementation of an e-invoicing solution are proven and very hard to ignore.
REASON #1: Opportunity for savings
The amount of time and energy spent annually by processing payments manually is significant; depending on the size of your organization, it could be millions. The largest factor is efficiency; a bill can be adjusted many times during its lifecycle and the chance for human error increases every time the bill is altered. Having an e-invoicing solution will allow your customers to integrate your billing process with their A/P payment process through, iPDF, EIPP-portal, mobile, and EDI.
REASON #2: Automated dispute resolution
A second concern is the amount of resources required to resolve payment disputes. Having to manage disputes manually can add a significant sum to what is already being spent throughout your invoice process. Depending on your industry, anywhere between 10% and 40% of bills are disputed daily. Having a user controlled automation process for invoice dispute management and resolution can drastically decrease DSO (Day Sales Outstanding).
REASON #3: Your employees could be doing something else
The most valuable asset to any company is their employees. Increasing your staff’s productivity could impact the entire organization positively. Many of the manual activities that consume so much time would greatly reduce. Instead of having to look at every invoice on behalf of your customers, they can now be viewed online and managed by your customers. A fully automated e-invoicing solution eliminates entry errors made by your customers; the result is fewer disputes, faster payments, and increased customer satisfaction.
REASON #4: Your customers are requesting it
As technology continues to improve, so do the expectations of your customers. Large companies are expected to have multiple channels of communication for business correspondence. Having an e-invoicing solution will allow you to meet these expectations and have a competitive advantage.
A robust EIPP Solution has these Capabilities:
- Highly automated online dispute and multiple payment options
- Secure payment processing that is self-managed by your customer
- Direct integration with online payment methods
- Ability to automatically download invoice information into your customer’s ERP system
- Elimination of invoice entry errors, via automated feeds into your customers A/P process