Supplier Benefits
One of the common reasons accounts payable managers hesitate to change over to fully automated invoicing is fear of their suppliers. AP managers want to keep the company’s suppliers happy, and the thought of a negative reaction makes them queasy. Yet, if they stopped to consider the supplier benefits in the long run, their hesitation would evaporate. Change can be good, and in the case of AP invoicing automation (APIA), the good will apply to your suppliers as well. In fact, they’ll probably thank you.
One of the advantages of a top-level APIA platform is that suppliers reap the same benefits of super-fast processing and access to information in real time. Suppliers love the convenience of submitting invoices electronically. No more printing and mailing invoices which wastes time and adds labor cost. And being able to follow the progress of those invoices from submission to payment puts a supplier’s mind at ease. Suppliers feel like they are a party to the transaction rather than an outsider.
Still, a common fear among AP departments is that suppliers will simply reject the idea out of hand. This fear mainly stems from the thought that the supplier might not understand what’s in it for them. It’s true that suppliers sometimes misunderstand their role in a company’s change to E-invoicing, thinking that there will be a great deal of time and energy spent at their end with no real benefit to them. However, a good APIA provider will dissuade such objections by emphasizing the supplier benefits they will reap, then lending assistance with the changeover.
One more concern bears mentioning. Some APIA providers charge suppliers for their services. Smart APIA providers like iPayables bring your suppliers on board at no cost to them.
Once your suppliers realize the value of APIA, they will be grateful that you made their lives a little easier. So grateful, in fact, that most suppliers are happy to offer fast pay discounts through InvoiceWorks®’ dynamic discounting – a win for everyone.