Learn how Siemens has deployed Direct Insite technology for supplier invoice processing & self-service invoice/payment status lookup.
Direct Insite Blog
For banks looking for ways to grow their electronic payments volume, and to recover some of the fee income lost as a result of recent government regulation, e-invoicing offers a tantalizing opportunity.
By any measure, payables and receivables processing is becoming an increasingly complex and costly challenge for corporations. It is negatively impacting a variety of things including: operational costs, visibility into financial information, working capital management, and even supplier and customer relationships. One particular challenge for corporations is the inefficiencies associated with processing invoices and payments received from multiple sources, in multiple formats. Corporations need a single platform that brings together all of their payables, receivables and payments information.
Despite years of talk about electronification, accounts payable (AP) remains paper-intensive. Nearly 77 percent of all incoming invoices are still paper-based, according to Aberdeen Group.
For global enterprises, operating in a financial shared services environment is the “new normal.”
Accounts payable (AP) and procurement have a history of segregation in many organizations — even gaining the reputation of being silos.
A new study conducted by IOFM finds that among businesses currently using electronic invoicing, a whopping 84 percent also use invoice scanning/imaging technology. Clearly, organizations have determined that using a mix of technologies is the best solution to leaving manual processes behind.
The selection of e-invoicing technology is a critical milestone on the road to improved financial supply chain management and operational efficiency. When choosing an e-invoicing solutions provider, there are several capabilities and characteristics that global enterprises need to look for:
Electronic invoicing is an essential part of the purchase-to-pay (P2P) cycle—a key ingredient in the effort to create a fully automated Accounts Payable (AP) environment that moves closer to straight-through-processing (STP) and minimizes human intervention across the AP cycle.
An effective supplier portal can reduce invoice capture and entry costs as well as expenses related to routine vendor inquiries. Yet, adoption of supplier portals has been surprisingly sluggish.
Accounts payable is a dirty business – at least when it comes to vendor master file management.