One size doesn’t fit all when it comes to invoice submission. Suppliers submit invoices in a myriad of ways: paper, e-mail, fax, EDI, and web portal.
Fragmented invoice submission processes have a tremendous negative effect on the percentage of invoices that businesses process straight-through, without human operator intervention. Sixty-two percent of businesses surveyed by IOFM say that they manually handle more than 75 percent of the invoices that are received in a format other than an electronic invoice.
Nineteen percent of businesses surveyed by IOFM manually handle all of the invoices they receive.
Today, businesses receive an average of 50 percent of their invoices as paper, according to IOFM. While invoices sent via e-mail are anticipated to surpass paper invoice volumes within two years, 66 percent of businesses will have to process these invoices as paper because they lack the technology required to automatically extract header and line-item data from PDF attachments and other digital documents, Ardent Partners warns. This means that businesses that rely on traditional invoice processes will be saddled with high costs and inefficiencies for the foreseeable future.
Automated solutions such as NexusPayables enable businesses to electronically process invoices received in any format (paper, e-mail, fax, scanner, supplier portal, XML, mobile device, or EDI), at any location. NexusPayables provides businesses with efficiency-boosting options for:
• Electronic invoice receipt • Outsourced invoice mail receipt • Supplier portal • Cloud-based optical character recognition (OCR)
These options ensure that businesses can efficiently and cost-effectively receive and process any invoice.