The report tracks the increase in demand for expanding automation throughout the entire invoice receipt and approval process.
MCLEAN, VA, November 07, 2014 /24-7PressRelease/ — Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, announced today that it has been featured in the recent 2014 Invoice & Workflow Automation Report from PayStream Advisors.
The report surveyed individuals employed in a variety of industries to discern their attitudes towards and usage of invoice workflow automation (IWA). What they found is that, although there are still many companies who are resisting the move to automation, an increasing number are recognizing the inefficiencies inherent in manual processing of paper invoices and looking to move towards a more automated process. Along with survey results, the report also tracks the steps taking place in IWA throughout the invoice lifecycle, lists the benefits and best practices of IWA and presents KPIs for accounts payable.
Among the findings of this report:
– The largest percentage growth in invoicing formats has been in e-invoicing, which grew from 29% in 2011 to 48% in 2014. As a comparison, paper invoices, though still the majority, experienced a small decrease over that same time period.
– 47% of companies surveyed do not measure their processing costs, making it difficult for them to determine the value of automating their systems.
– Only 35% process invoices in less than five days while an almost equal percentage take 10 days or more.
– 62% admitted that they were only able to capture discounts “sometimes,” leaving open the question of how much that amounted to in lost revenue.
– When asked to list which problems most often led to late payments and lost discounts, 68% said “manual routing of invoices,” and 58% cited “lengthy approval cycles.”
“What this report shows,” said Rob DeVincent, Vice President of Product Development at Corcentric, ” is that companies are beginning to realize that by automating only part of their invoice approval process, they are not realizing the efficiencies, cost savings, and increased visibility that a full invoice workflow approval solution can provide. We’ve seen, first-hand, how our customers have benefitted from our COR360 accounts payable automation solution. More importantly, so have they. The fact that over half of the companies surveyed have either implemented an approval workflow solution or intend to do so within the next six months is an indication of the direction AP departments are taking.”
Download a complimentary copy of PayStream Advisors 2014 Invoice & Workflow Automation Report at http://www.corcentric.com/resources/white-papers.aspx.
For more than 15 years, Corcentric’s cloud-based financial process automation solutions have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s ground-breaking Accounts Payable and Accounts Receivable automation solutions have enabled organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions.
Learn more at www.corcentric.com or call 888.525.7677.
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