As far as electronic invoice presentment and payment (EIPP) is concerned, an integrated yet configurable platform approach is the optimal solution.
The benefits of electronic invoicing are still not fully realized by far too many US-based businesses. While e-invoicing is constantly evolving and is a wise business practice, many private enterprises are slow to adopt it. A recent study by the E-Invoicing Platform found invoices totaling over $1.2 trillion are currently outstanding in the US. With other
Electronic Invoice Presentment and Payment (EIPP) is a process that improves B2B invoicing, payments, and collections capabilities - from enhanced print and mail functionality to a comprehensive print, electronic and web portal suite of capabilities. An EIPP solution/strategy provides a bi‐directional bridge between a supplier’s Accounts Receivable Systems and their customers’ Account Payable Processes – giving both the information and data necessary to accurately process and manage all the elements involved in revenue and expense reconciliation.
There are very few independent research studies on Enterprise-level Electronic Invoice Presentment and Payment (EIPP) that focus on North America. For that reason, CEDAR has sponsored an independent research study to uncover best practices for improved customer experience and communication throughout the invoice lifecycle. After the completion of the study and extensive analysis of the results, it was clear that there is significant room for improvement in the way enterprises communicate with their customers.
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.
Electronic Invoice Presentment and Payment (EIPP) offers organizations a simplified accounts payable process that can grow as your needs change. With maximum flexibility and choice, EIPP allows you to select the level of payment automation that is right for your organization from payment to processing to financing. But there's more!
It is no surprise that technology has transformed the invoicing and billing transaction process between you and your customers over the past decade. Many large corporations have acquired smaller businesses over the years and as a result a system is put in place to communicate between the newly acquired company, the parent company, and the customers. These systems are at times rushed and the complexity of the system limits the customers’ ability to perform any type of self service.
As we've learned over the past two decades, the most disruptive change to happen in our day to day lives is our ability to communicate with one another. We are able to connect with people—and businesses— instantaneously at many different levels at a very low cost. So failure to take advantage of technologies to manage or enhance all aspects of the customer relationship is to disregard the powerful influence of the web and its distinct advantages in cost, speed and interaction over “snail mail” and paper invoices that require manual handling throughout the invoicing process.