Learn how Siemens has deployed Direct Insite technology for supplier invoice processing & self-service invoice/payment status lookup.
Direct Insite Blog
During Bill Clinton’s first campaign for president, his advisors famously hung signs in his campaign headquarters that read, “It’s the economy, stupid!” Clinton’s advisors did not want staff to become distracted by marginal campaign issues, and lose sight of what would truly motivate voters that year.
The benefits of using electronic invoicing for accounts receivables are clear to suppliers.
“The future of lockbox is murky.” That was the sobering message that Andy Schmidt, a senior analyst at CEB TowerGroup, told a room full of bankers at a recent industry conference.
… Shared Services and Outsourcing Week
… IOFM AP Conference East
… Fusion 2014
… Accounts Payable Leadership Conference
Facing tremendous pressure to help corporate customers streamline receivables posting, lockbox providers are hampered by the very systems they rely on to run their lockbox franchises. Many of their lockbox processing systems have been in service for years – some for more than a decade.
So why would buyers want to use PAYBOX™?
In an effort to improve supply chain efficiency, companies are increasingly turning to supply chain financing as a catalyst for cost savings, cash flow improvements and working capital optimization. There are several reasons why supply chain financing is gaining popularity among companies both large and small. Industry research compiled by the Aberdeen Group suggests that demand volatility and the risk of trading partner default are the two biggest drivers of interest in supply chain financing.
In today’s highly competitive business environment, accounts payable (AP) and accounts receivable (AR) departments must find ways to improve corporate profitability and overall financial health. Managing working capital effectively is one way to do this.
A dynamic discounting solution gives sellers the ability to encourage early invoice payments from buyers based on a sliding discount scale, depending on how early the buyer pays the invoice. Typically, sellers offer buyers discounts for paying invoices within a 10-day window. With dynamic discounting, sellers can extend the discount period beyond the traditional 10-day timeframe. Sellers can discount their approved receivables at any time leading up to the invoice due date.
Companies are under tremendous pressure to preserve margins, reduce costs and optimize cash flow.