The E-invoice Wave is Hitting Mid-market
An electronic invoicing wave is currently engulfing enterprise organizations causing lower invoicing costs and faster processing times. Yet a similar, larger and more powerful e-invoicing wave is nearing shore, headed towards small to mid-market companies which make up the backbone of the US economy. Recently, iPayables has been surfing into mid-market, offering an enterprise level solution without the Fortune 500 price tag. But don’t let the vast enterprise-level capabilities of InvoiceWorks scare you, iPayables InvoiceWorks is configurable around how you do business… and we just have a lot of features available.
Small to mid-size companies who have narrower profit margins will certainly place a strong emphasis on cost reduction when setting company goals for the fiscal year. With a robust solution like InvoiceWorks in-place, those organizations can swell efficiency, and coast to additional revenue streams. In fact, with our Dynamic Discounting capabilities, we can actually transform your payables department into a profit center! If keeping your suppliers happy is important to you, just wait until you see the impact Early Pay has on your relationships (and your Income Statement). iPayables has three methods which we employ to capture discounts that provide an average return of 32% on our customer’s working capital which we are utilizing to pay suppliers early.
Discount capture is just one hook in our tackle box. We have best-in-class Workflow and PO Matching, as well as offering numerous options to your vendors for submitting invoices electronically. It is a complete package from invoice submission to payment and archiving. As costs are receding, AP Automation solutions like InvoiceWorks are attracting more small and mid-market customers. Especially considering that many companies are making accounts payables automation a requirement due to inefficient processes or the need to reallocate headcount. Indeed, the payables automation tide is rising faster by the year.
However, the biggest challenge facing companies who are ready to make the switch from paper to electronic invoicing, is the plethora of providers who claim to offer ”The Complete” AP solution. When in fact, most only offer a watered-down version. Separating the OCR solutions from the Workflow solutions, then the Workflow solutions from the other automation solutions; is like getting caught in a rip-tide and pulled out to sea – it can be difficult to swim in the right direction or find the ideal solution before you get sucked into something potentially hazardous.
We feel the pain of these customers because when they eventually get around to talking to us, we hear about the journey they have endured. Naturally, we do take some responsibility in that regard, as we don’t spend near as much money on marketing as our competitors do, and for that we apologize. Most our proceeds (we are self-funded, organically grown and privately owned) are spent on R&D – building new applications and features that help out our current customers and expand our offerings for our future customers.
Luckily, we also have the flexibility to change pieces of our business model to accommodate a mid-market price point while offering the same enterprise level AP solution. All of our customers have seen a year 1 ROI when embarking on this initiative… and we certainly don’t plan on changing that aspect of our model in the mid-market. I hope this post has been enlightening to our future customers, helping them find the ideal automation solution. Regardless of your company size, we can transform your AP process into smooth sailing!