It’s time to face your e-invoicing fears
What does it take to become e-invoice enabled? Many businesses may have already created their business case and spent a considerable amount on a P2P implementation that simply doesn’t deliver. But fear of the system being rejected by staff and suppliers, lack of technical support and no visualisation of the business case, all play a part in the lack of e-invoicing uptake.
4 reasons why you should use e-invoicing
Increased efficiency and reduced operating costs
Efficient e-invoice enabled AP functions can process as many as four times as many invoices per person and reduces the risk of incorrect data entry. It can also free AP resources to focus on more value-add activities such as working capital management.
Improved supplier relationships
With traditional paper-based invoicing, many suppliers struggle to track the progress of their invoice and when it will be paid. But with e-invoicing, suppliers can easily submit and track their invoices. Invoice processing times will be vastly reduced giving the buying organisation more control over payment. Payment on-time can lead to better supplier relationships.
Better working capital management
Early payment discounts can be obtained from the accelerated payment cycle provided by e-invoicing providing more control over payment time and freed-up resources.
Reduced environmental impact
Less paper means a lower carbon footprint which not only improves company image but also provides a cost saving through reduced storage requirements. Greater cost savings with all the increased efficiencies and reduced operating and storage costs, there is scope for significant cost savings for e-invoicing.
How to successfully enable your suppliers?
- Prioritise suppliers for enablement
- Ensure top-down executive sponsorship
- Establish clear guidelines
- Structure the team correctly
- Have a clear escalation process
So what next?
Review your business case with your KPIs to identify targeted savings. From there think about how you will gain executive sponsorship and project funding.
We’ll work with you to offer as much or as little assistance as required, to enable as many suppliers as possible to transact with the system at the appropriate level. The goal is to ensure that maximum efficiencies are achieved through your P2P investment.
If you are interested to read more about how you can use digitalisation to improve your e-invoicing outcomes download this VP.