Invoices are generally the most crucial documents in the accounts payable process. The format in which an invoice arrives in AP shapes the way it is processed and approved for payment. Although more organizations are embracing automated workflow technologies, which route invoices for approvals electronically, many businesses still receive most of their invoices on paper, which can be inefficient and expensive.

Ironically, most invoices are initially created electronically, printed and sent to buyers on paper. By implementing an electronic invoicing program, AP departments can eliminate the hassles of processing paper. Benefits of e-invoicing include:

• Securing more early payment discounts
  
• Providing visibility into the process to provide real-time status for AP, internal customers and vendors
  
• Increasing efficiency and reducing processing costs
  

Adoption of electronic invoice presentment and payment (EIPP) solutions is growing at a slow but steady pace. While some early adopters have already acted, many others are still evaluating how EIPP can benefit their organization. Check out The Accounts Payable Network education video, Electronic Invoice Presentment and Payment, featuring David Hay, TAPN Consultant, former Director, Shared Services, Hewlett-Packard Company to learn the benefits, and potential challenges, of incorporating e-invoicing into your existing AP processes. (Earns 1 CEU)