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08.20.08 100% e-Invoicing for Hospitals
A new online service provides hospitals with a way to get 100 percent of their invoices electronically, even from vendors who insist on submitting invoices via snail mail. The service, OnDemand AP™, is a partnership between BancTec and GHX. BancTec specializes in high-volume document and payment processing services, and GHX operates the largest electronic trading exchange and invoicing network in the healthcare industry.
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08.14.08 >>> AP Benchmarking Survey Now Open <<<
How much does it cost AP departments to process an invoice? How many invoices should AP staffers be able to process in a month? What is the average error rate for payments? You will get the answers to these questions--and a lot more—if you take part in our AP Benchmarking Survey. We’ll send you the results so you can see how your AP department stacks up against all the others.
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08.13.08 Your Vendors’ Slant on E-Invoicing
We do a lot of research into how AP departments use electronic invoices—and the benefits they achieve. But what about the other side? That is, what do your vendors think about e-invoicing? Understanding their feelings can help you convince them to start sending you invoices electronically.
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07.30.08 E-Z EDI For Any Size Vendor
Traditional EDI (Electronic Data Interchange) for electronic invoicing is well-suited to your large vendors—but what about all of your small and medium-size vendors? It’s not easy for them to implement EDI, so you’ll have a tough time convincing them to send you electronic invoices. Sure, you can outsource the task to a “third-party supplier network,” but many AP departments would rather keep the function in-house. Circuit City uses a type of EDI that any vendor can use—they just need Internet access. more...
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06.11.08 Biggest Barrier to E-Invoicing
Lack of knowledge about electronic invoicing is the reason most cited by AP pros for not moving forward with this technology. One-third of over 300 AP pros we recently polled said this was the biggest barrier, followed by “lack of priority” of investment in AP automation. more...
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06.04.08 Want More E-Invoices? Just Ask
The benefits of electronic invoicing from AP’s perspective are clear: less manual data entry, fewer errors, faster payments—to name a few. The benefits are also clear to your mirror-image counterparts at your vendors—the accounts receivable folks. The AR people know that e-invoicing benefits their organization by eliminating all associated mailing costs (paper, postage, clerical time, etc.), gives them greater visibility into billing, and can help improve their DSO (Days Sales Outstanding), which is the flip-side of the DPO (Days Payables Outstanding) metric.
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05.23.08 Test Your AP IQ: Barriers to EDI
How familiar are you with AP rules, regulations, and best practices? Here’s a multiple-choice question to test your knowledge: Which of the following is NOT a barrier to using traditional Electronic Data Interchange (EDI)?
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03.12.08 Extend E-Invoicing with Dynamic Discounting
“Dynamic payables discounting is an innovative new technology for AP. It’s gaining popularity with AP, procurement, and treasury departments and has advantages for each,” says Henry Ijams, managing director and founder of PayStream Advisors, Inc. (Charlotte, N.C.), an automation consulting firm that specializes in emerging technologies in the financial supply chain, including an emphasis on AP. “Dynamic payables discounting is a process that allows buyers and sellers of commercial goods to dynamically change the payment terms. It allows the suppliers, say ‘pay me now’ and control the timing of payments.”
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02.20.08 Who is Your E-Invoicing Champion?
Every new initiative needs a champion—someone who will inspire a project to get off the ground. Who is the person most likely to inspire the move to e-invoicing in an organization? Most AP pros we surveyed agreed that the individual most likely to inspire the e-invoicing initiative will come from the finance department. more...
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01.30.08 AP Technology Gap is Closing
As AP technology evolves, more automated solutions become available for smaller organizations. The “gap” closes, meaning that the technology is not just for the big firms anymore. This phenomenon is backed up by our latest research.
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01.02.08 E-Invoicing for Small AP Shops
In our recent research on electronic invoicing, we found that organizations of any size can benefit from e-invoice processing. However, most of the solutions on the market are designed to serve companies that process thousands of invoices a month, not small firms, because high-volume processors are willing to invest more to automate and digitize.
Philip Say of the global ERP firm SAP says: "I think there are three options: go with ERP vendors, select a best-of-breed electronic invoicing solution, or outsource entirely. Naturally, I think with the small market, there is a sort of gravitation toward hosted solutions simply because there is less capital outlay and faster implementation.”
Madhi Mantha, a researcher and consultant with Celent, suggested that small companies may benefit by accepting invoices from their suppliers’ electronic billing programs. “This will be the least expensive way to participate,” she said. As an alternative, “smaller buyers can take the Web-forms approach. There is not as much functionality, but it addresses the key problem, how to receive an electronic feed, not a paper invoice.”
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12.12.07 State of AP Shared Services Automation
One of the reasons to move to a centralized, shared services environment for AP is to leverage technology. But only a handful (17%) of AP shared services centers we recently polled say they are at a high level of automation. According to the survey results, there’s a good deal of automation to be implemented in the future, as the following findings suggest:
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12.05.07 7 Out of 10 Vendors Look to E-Invoicing
Almost 70% of vendors either currently send out electronic invoices–or plan to over the next 18 months. Invoicing buyers electronically has emerged as a key accounts receivable/collections best practice, reveals a new survey.
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11.28.07 Prevailing Way to Automate Invoice Routing
Routing and circulation of invoices is the number-one task that AP managers wish they could automate, but relatively few are taking advantage of available technologies to achieve that goal. This is revealed in new research, Paperless Accounts Payable: The AP Department’s Complete Guide to Electronic Invoicing.
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11.21.07 Piggyback Your Way to More E-Invoices
Converting more vendors to electronic invoicing gets your AP department closer to the paper-free world we all dream about. To get vendors on-board, you can implement a special initiative to contact them all. And once you get a new vendor, you can contact that vendor as well. But this can take a lot of time and follow-up. So try this "piggybacking" idea on for size.
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11.14.07 Help Vendors "Sell" E-Invoicing
When trying to get vendors to jump onto the e-invoicing bandwagon, you may get nowhere fast if their top brass won’t buy in. The billing and credit people may want it, but the front office won’t approve. How can you help your vendors overcome this obstacle? Give them some ideas for making their pitch. Here’s how one credit manager convinced her top managers to implement e-invoicing.
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11.07.07 Priorities for AP Automation Investment
The top area of AP automation investment over the next year is in Electronic Invoice Presentation and Payment (EIPP) solutions, cited by 41% of companies recently surveyed by the Aberdeen Group. This emphasizes the desire of AP to become paper-free.
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11.06.07 IOMA Launches On-Site Training for Accounts Payable
New York, NY (November 6, 2007)—The Institute of Management & Administration (IOMA) has announced the full roll-out of its on-site training programs to help organizations large and small efficiently meet their management and professional development objectives when it's convenient.
IOMA experts will work one-on-one with organizations to identify and address their specific needs. After agreeing on an organization's objectives, IOMA will pair the organization with one or more IOMA Advisory Services consultants, comprised of the nation's leading payables management authorities.
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10.24.07 More AP Depts. To Use Imaging vs. E-Invoicing
We received over 500 responses when we recently surveyed AP pros about their usage of imaging and Web invoicing. Slightly over half (51%) of the total respondents say they currently use imaging. Of those who do not currently use imaging, 44% said they plan on using it over the next 12 months. When you total up these two groups, almost three-quarters (73%) of the total respondents will have imaging in place over the next year. Fewer respondents say they currently use the Web to receive or pay invoices—33% of the total respondents currently use this method. Of those who do not currently use e-invoicing, 27% plan on using it over the next 12 months. This translates into a little over a half (51%) of respondents who will have e-invoicing in place over the next year.
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10.10.07 28% Nix E-Invoices
U.S. companies report that 28% of their customers refuse to accept
invoices by any delivery method except postal mail, according to a study by document process automation provider Esker (www.esker.com). Nevertheless, 89% of the businesses surveyed report maintaining or increasing e-invoicing via e-mail.
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09.19.07 Incremental Approach to E-invoicing
One of first decisions Andy Brown, the first vice president of spend management at Washington Mutual (WaMu), made in connection with moving to electronic invoicing was to take an incremental approach. Rather than redesigning the entire system, he chose to start modestly, he explained at our recent Paper-Free AP Conference in New Orleans. WaMu has 2,600 retail outlets and 50,000 employees working in four strategic business
Units. more...
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08.29.07 Metrics for World-Class Paper-Free AP
At our recent Paper-Free AP Conference in Chicago, metrics were presented that reveal what “world-class” AP departments are achieving by leveraging electronic invoicing and payments. “World-class AP organizations receive 65% of their invoice transactions electronically,” according to Bruce Kelly, Managing Director-Business Transformation at The Hackett Group.
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08.22.07 “Flip” Vendors to e-Invoicing
At our recent Paper-Free AP Conference in Chicago, one company shared its strategy and experiences in getting vendors to switch from sending paper invoices to sending them electronically. They used the “PO flip” as part of their strategy. more...
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07.25.07 New E-Invoicing Research
Preliminary results of IOMA’s Electronic Invoicing Survey are in—and here are a few key conclusions that can be drawn.
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07.19.07 Call for Presentations: Advanced AP 2008
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06.13.07 One-Year Payback for Invoice Outsourcing
A manufacturing company was able to reduce its AP costs 20% and gain productivity by outsourcing its invoice processing, according to Integrated Solutions Magazine. Prior to this, the company (which preferred to remain anonymous) had a manual, paper-based invoice process.
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06.06.07 6 Hot Trends Driving Invoice Automation
In their quest toward lower costs and improved productivity, companies across the country are attacking what they consider the enemy of efficiency: paper. This is consistent with our research that shows that AP departments are increasing their focus on the use of invoice automation to eliminate paper from the AP process.
Research from PayStream Advisors backs this up—revealing that invoice automation solutions are rapidly gaining momentum by enabling organizations to get to a paperless state quickly and efficiently. PayStream Advisors is a financial research and consulting firm that specializes in the AP area. Their research indicates that the following factors will shape the evolution of the invoice automation solution market—so AP departments need to take these factors into account when shaping their strategies.
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05.09.07 Banks Stake Major Claim in EIPP
Banks have staked their claim in the electronic invoice presentation and payment (EIPP) arena, which will likely cement their position as leaders in accounts payable (AP) automation for some time to come, according to Henry Ijams, managing director of PayStream Advisors, a financial research and consulting firm that specializes in the AP area. This development will also fuel AP’s increased use of Dynamic Discount Management (DDM), as banks will seek to finance a company’s DDM program.
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04.25.07 Automation Dominates Top AP Goals
Three of the top five goals for AP for 2007 are related to automation, according to the most recent annual survey of AP operations conducted by RECAP Inc., a consulting firm specializing in AP services, such as master vendor file management and payment recovery audits. RECAP revealed the survey results at its annual conference in Ft. Lauderdale.
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04.11.07 AP Paper Chase Continues, Says New Report
Paper invoicing continues to persist in the 80% range, while payments via paper checks averages around 65%, according to E-Payables: Advancing A/P Automation, a new report from the Aberdeen Group. The report also states that over 60% of companies lack visibility into AP spend and invoice data. What’s more, less than one-third fully automate key sub-processes within AP. more...
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