Reduced time of the Purchase-to-Pay process and lower costs related to the processing of invoices are the key benefits of e-invoices implementation perceived by purchasing and finances managers.
The numbers were similar – 29% and 28% of respondents said that the main benefit of implementation of an e-invoice was a reduced time o the Purchase-to-Pay process and lower documents processing costs.
The form of a document when it reaches a company is irrelevant: whether it is in paper form, pdf or word, advanced solutions will process any kind of documents so that all necessary information can be entered into a company’s financial and accounting system. Automation of the process and the time required for the circulation of a single document are therefore limited to a maximum extent. Consequently, the document processing costs are reduced to generate savings from the exploitation of company resources: printing and copying equipment, paper, time of employees.
It is also worth noticing that not only financial savings can be achieved. An e-invoice also reduces a negative impact on environment due to the paper use reduction – so, there is nothing but advantages!
Another answer, indicated by 19% of the respondents, was the reduction of errors during document processing. Automation significantly eliminates the factor of human errors. 3-way matching, i.e. an automated verification of the document compliance with a purchase order, an invoice and an acceptance report considerably limits the manual work and the risk of payment delays. The aim of the process is to confirm that the data on a supplier invoice is consistent with the purchase order and the items actually delivered by a contractor. After the verification, an invoice may be entered into an accounting system and further processed for payment.
Another advantage of an electronic invoice is a joint repository of documents, as indicated by 14% of respondents. The question is however how to select contractors for the purpose of integration of the purchase order and electronic invoices exchange when a company cooperates with thousands of contractors a year? The advice is naturally to select the contractors with whom a company exchanges the largest number of documents – their joint repository will significantly facilitate our work. At the same time, the above-mentioned risk of errors and acceleration of the process will definitely result in a reduction of delayed payments, which was indicated by 11% of respondents.
Learn more about documents processing supported by Marketplanet and SaldeoSmart: http://www.marketplanet.eu/2016/04/12/marketplanet-invests-in-saldeosmart-v-a-step-into-the-future/
The survey was conducted during the Marketplanet OnePlace conference held in March 2016 in Sopot among IT, finances and purchasing managers. The respondents had an option to provide more than one answer.