2014 eInvoicing Benchmark Report

In the 2014 eInvoicing Benchmark Report, PayStream Advisors conducted a survey with individuals employed in many different industries, compiling data that shows what the modern working professional fears, doesn’t know, and hopes to get out of AP automation. This report will illustrate the ins and outs of eInvoicing by evaluating some of the top functionalities found in today’s solutions, as well as introduce some of the leading solution providers that work to develop and enhance those functionalities.

2014 Survey Results Show:

» Over a quarter of companies receive no electronic invoices.

» The average time it takes companies to approve an invoice is 5-10 days.

» The leading reason organizations are not considering eInvoicing is because they believe that current processes are working.

» The biggest challenges in switching to eInvoicing were internal change management and supplier adoption.

» The greatest problems that led to late invoice payments or missed discounts were manual routing of invoices and lengthy approval times.

» The key benefits companies achieved or expected to achieve from eInvoicing are fewer lost or missing invoices, quicker approval times, and reduction of FTE/processing costs.

Considering these survey results, PayStream Advisors sees a desire in companies to overcome processing challenges and streamline their AP departments. PayStream believes there is a growing trust in eInvoicing adoption as the success of paper-less processing spreads. AP professionals are encouraged to look at the following survey analysis and solutions overview to discover the benefits of electronic invoice automation.

Based on the number of survey respondents, PayStream believes that the survey has a confidence level of +/- 5 percent.

Go to paystreamadvisors.com to download the full report. Contact TrinDocs today to see how we can help you with invoice automation.

The State of Electronic Invoice Management 2014

Source: PayStream Advisors

PayStream Advisors recently released their report on Electronic Invoice Management 2014. Over the past year, PayStream analysts witnessed an increase in electronic invoice (eInvoice) adoption among SMEs, as well as an increase in workflow automation. Here are some of the key findings from the report.

• While paper is still prevalent, PayStream’s latest survey data reveals that 52 percent of supplier invoices are traded on paper, down from 59 percent in 2012. To highlight the increase in adoption, we can look back even further – in 2010, 77 percent of supplier invoices were traded on paper. That’s a 25 percent increase in eInvoice adoption in just three years

• If an invoice comes in electronically without a system in place to route it through AP, a company is not much better off than it was with a paper invoice. With a workflow system in place, the invoice can move seamlessly through the system from invoice submission to approval.

• PayStream analysts are witnessing a trend towards more companies migrating to straight-through processing, and these companies are aiming high when it comes to AP automation goals. Over half (53 percent) of survey respondents reveal they are looking to implement eInvoicing in the coming year. Thirty percent are aiming high and are looking to achieve at least 75 percent electronic.

2014 eInvoice Automation Goals

Go to paystreamadvisors.com to download the full report. Contact TrinDocs today to see how we can help you with invoice automation.