Reducing Costly Errors with e-invoicing

Reducing-Costly-Errors-with-e-invoicing

The evidence has been accumulating since the mid-1960’s that electronic invoicing, or e-invoicing, has been saving its users considerable time and money. Respondents to a 2012 global e-invoicing study by The Institute of Financial Operations found that 56% of businesses using e-invoicing spent considerably less money processing invoices than those businesses using manual systems. So why isn’t every business using e-invoices today? For some businesses it’s simply a matter of inertia.  For other businesses however, there’s a lingering concern that e-invoicing systems are too complex for their suppliers.

Nowadays with more businesses than ever before connected to high-speed internet, combined with the rapid advances the e-invoicing industry has made in usability, even small businesses are finding themselves increasingly the recipients of e-invoices from their own supply chains.   Many businesses are seeing e-invoices evolve from a nice-to-have “big company” tool to an increasingly necessary one. In addition, government policies favoring improved productivity and cost cutting have also help promote the adoption of e-invoicing. Lastly, rapid advances in technology such as affordable cloud-based OCR solutions, standardization of electronic invoicing formats (cXML), and globalization of vendor networks and online portals have all contributed to the market acceptance of e-invoicing.

Despite e-invoicing’s overall market acceptance, there are some management teams who continue to believe that e-invoices are not user friendly and that mixing both paper and electronic invoices together will result in chaos that can damage customer and supplier relationships. The reality however, is that e-invoicing users are reporting their customer and supplier relationships are much stronger today because e-invoices are faster to send and receive, they’re easier to track and manage, and they are more accurate than their paper predecessors.

For those contemplating how they can successfully transition to an e-invoicing system, Determine has a lot of valuable information and experience it can share to make this transition a quick and smooth one. We can also offer solutions expertise in e-sourcing, e-procurement, contract management, asset management, budgets, and other related areas.  Resolving matching errors and exceptions requires great effort for many businesses. Determine’a solutions helps you improve productivity; eliminate redundancies such as invoice coding, data entry, while accelerating the invoice-to-payment cycle through Determine’s procurement integration. Determine reduces operational costs and facilitates invoice matching by automating invoice data capture through our integration of ReadSoft’s Online (OCR) features which not only scans invoices, but also captures, interprets, verifies, and transfers information from any source directly into the Determine system. OCR scanning improves accuracy and efficiency in processing documents while preventing unnecessary losses.

I would like to sum up with 5 major benefits of e-invoicing, it:

  • Eliminates manual errors
  • Facilitates invoice matching
  • Reduces operational costs
  • Speeds-up invoice processing
  • Simplifies dispute management

And don’t forget it’s quick, easy to use, and integrates with most business software!

* Read this paper to learn about how procurement contributes to bottom-line savings, which tools are best to track reduced costs, and new ways to increase profitability.

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