If you could look into a crystal ball and predict the future of E-invoicing/AP Automation what would be the outcome? Does the future look bright? Since the arrival of E-invoicing back in the late 90’s, AP Automation has continually increased in usage and popularity. It was very new to organizations and now has taken on a different meaning for Accounts Payable Departments. During those early years only a few companies realized that E-invoicing was not only an excellent service to have, but that it was here to stay. The question is no longer if Accounts Payable organizations should have E-invoicing, but when will AP Automation be implemented?
For those Accounting and AP Departments that still are processing invoices with paper, the ability and know how to change to electronic invoicing is now easier than it has ever been. Now that AP Automation is so easily accessible, the AP process has brought a more value added approach to corporations than ever before. Due to improved technology, organizations can experience higher visibility and extreme levels of efficiency while processing invoices.
So what does the future hold for Electronic Invoicing?
If we look to E-invoicing research companies like Paystream Advisors and the Ardent Group for their past and present predictions, we can come up with some conclusions. In a recent survey by the Ardent Group they found that the top priority for 2014 was for organizations to reduce processing costs. Second priority was to improve reporting and analytics. Third priority was to improve visibility into invoice and payment data.
Due to these three priorities, it’s no wonder that PayStream Advisors recently found more companies that are putting their efforts into AP Automation instead of a manual system. Also the demand for E-invoicing Solutions is at an all-time high, up 69% in 2012 to 73% in 2013. Just like the Ardent Group survey portrays, companies have a high priority to contain costs and increase visibility. With this in mind and the continuing growth AP Automation is experiencing with different organizations around the world, the future looks extremely bright for E-invoicing/ AP Automation.