Wednesday 6th March, 2013

According to a report from PayStream Advisors and co-sponsored by GXS, 2013 will see a significant shift towards electronic invoicing.

PayStream Advisor’s CEO Henry Ijams, said: "Automating accounts payable by using electronic invoicing rather than paper and manual processes is seen by many as a ‘no-brainer.’ Reduced processing costs, faster approvals and elimination of paper are obvious and compelling benefits."

He added: "It is no surprise to learn that these drivers are confirmed by our research. Reduced cost, removal of paper and speeding up of the approval cycle are the top priorities."

Among the top three drivers for e-Invoicing, the survey found that just over half of respondents were looking to reduce the overall processing cost,  43 per cent want to remove paper from the Accounts Payable Department and 38 per cent are hoping to speed up invoice approval cycle times.

Both globally and within the U.S. market, electronic invoicing ranked as the top automation goal for 2013. Electronic payments ranked second, chosen by 22 per cent of respondents. Due to several factors the global market is aiming higher in its adoption goals, 50 per cent compared to (41 per cent) in the US. These factors include; encouragement from the European Commission for public sectors to embrace e-Invoicing and mandates in Latin America.