Organizations that integrate e-invoicing with workflow and other business process automation tools see many notable benefits, from those that immediately reduce costs to those that open the door to strategic applications. For instance:
- Processing costs fall exponentially, with fewer A/P employees required and information always accessible within seconds.
- Supplier satisfaction improves, thanks to reduced invoice cycle times that result in timelier and more accurate payments.
- Financial visibility increases as organizations gain a global, end-to-end view of the process. They can determine at any time their liabilities and where any processing bottlenecks may be occurring.
- Supplier performance measurement improves, assuring that an organization is continuing to receive the agreed-upon contract pricing
- Internal controls are strengthened as the automated enforcement of internal controls ensures the validity of each transaction.
- Cash management improves, thanks to the ability to capture early payment discounts and reduce late payment penalties, duplicates and overpayments.
- The audit trail is digitized, speeding dispute resolution and making auditing less cumbersome and expensive.
- Automation becomes a reality as invoices are automatically routed for coding, approval and hold resolution based on data contained in the transaction and workflow mapping.