Companies are still using paper processes to handle most of their invoices and payments, according to a new study conducted by industry association IAPP-TAWPI, and released today by Basware. The study, e-Invoicing from a Buyer Perspective 2010, revealed that while 80% of the AP departments surveyed recognize the importance of e-invoicing to their organizations, there are many obstacles to achieving greater adoption.
The study found that companies’ reasons for engaging in e-invoicing include improved processes, increased accuracy and lower costs. Those that implemented e-invoicing most frequently cited faster transactions, improved processes, greater accuracy, and improved compliance and audits as key benefits they have achieved.
According to the survey, one key obstacle to e-invoice adoption is the lukewarm response from suppliers. Only 13% of AP departments said that suppliers reacted very favorably to e-invoicing. However, nearly 50% of the respondents believe that updating supplier contracts to require e-invoicing was the most effective way to increase the number of e-invoices, followed by communicating to suppliers that paper invoices were no longer acceptable.
To download a copy of the report, visit http://www.basware.com/US/RESOURCES/WHITE_PAPERS/Pages/default.aspx. To view the complete press release, visit www.basware.com/us.About IAPP-TAWPI International Accounts Payable Professionals (IAPP) is internationally recognized as the trustworthy guidance-setting association for the accounts payable profession. Serving members throughout the world, IAPP is the AP professional’s global voice, chief advocate, recognized authority, acknowledged leader, and principal educator on all AP operational, regulatory, leadership, tax, control, and fraud-related topics. For additional information, visit www.TheIAPP.org, www.TheIARP.org, and www.tawpi.org. About Basware Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company’s U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us