Chasing down the appropriate individuals to approve invoices is a seemingly never-ending job for accounts payable professions who operate in a manual paper-based environment.
In fact, getting the appropriate sign-offs ahead of payment due-dates is the biggest issue with non-purchase order based invoices for one-third of businesses, according to the Association for Image and Information Management (AIIM).
In a paper-based environment:
- Invoices frequently get lost in the “approval loop”
- Resolving disputes can take days
- Accounts payable departments are overrun with phone calls and e-mails from suppliers regarding invoice and payment status
Electronic invoicing solutions eliminate these challenges.
- Multiple individuals can review and approve the same invoice electronically in a controlled manner.
- Automatic alerts and notifications prevent invoices from becoming “stuck.”
- Managers can instantly view the status of invoices.
- Trading partners can collaborate and share information online to resolve disputes.
- Security controls ensure that access to specific data is restricted only to those who are authorized to view and approve invoices.
NexusPayables accelerates invoice approval and exceptions resolution, decreases paper handling costs, eliminates the chances of lost or misplaced invoices, reduces penalties for late payments, opens the door to more early-payment discount opportunities, and reduces phone calls and e-mails from suppliers regarding invoice status.
It is no wonder that 51% of organizations surveyed for PayStream Advisors’s eInvoicing Benchmarking Report identified faster approval cycles as the greatest benefit of electronic invoicing.