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Paper Invoices: The Coal in AP's Stocking
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Season's greetings! While the old saying that it's better to give than to receive is appropriate when dealing with friends and family, in accounts payable the issue is not so cut and dry. After all, receiving can be fun too.
For many AP departments, receiving paper invoices causes headaches due to time-consuming scanning and keying. This issue features information to help you implement an electronic invoicing program, meaning you'll never have to fear receiving invoices again.
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| Patrick Harbin – Editor
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Integrating Electronic Invoices |
Electronic invoices allow organizations to streamline their AP process by eliminating the need to scan and key paper invoices. And when e-invoices are integrated with ERP systems and automated workflow, the organization receives significant benefits including:
- Improved Accuracy: Electronic invoice data is typically entered into the ERP system automatically, reducing imaging-related problems such as keying errors and hard-to-read invoice documents.
- Improved Visibility: Once an e-invoice is inside an ERP or workflow system, it can be easily tracked internally by AP staff and approvers. Externally, vendors can often access the status of documents via a web-portal.
- Improved Cost Savings: Electronically receiving, matching and approving invoices allows AP to lower processing costs, reduce headcount, and increase the number of captured early payment discounts.
Implementing electronic invoicing is one of the most powerful steps towards achieving a paperless payables process. Be sure to check out The Accounts Payable Network's video education seminar, Electronic Invoice Presentment and Payment, featuring David Hay, TAPN Consultant, former Director, Shared Services, Hewlett-Packard Company, to learn how e-invoicing can save you time and money.
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Going Green with E-Invoicing |
It's common knowledge that electronic invoices help organizations reduce costs in AP. But, did you also know that e-invoicing can be good for the environment? Read Patrick's Blog for the full story.
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Just for Fun |
With only six shopping days left until Christmas, chances are anyone reading this has already done all their shopping and is relaxing while everyone else fights it out at the mall. Well, maybe next year.
As AP professionals, you understand the importance of maximizing DPO, which means plenty of last-minute shopping. Luckily, you don't have to go it alone. Forbes has put together a list of Toys Kids and Parents Want Most.
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