Power of PAYBOX®
Benefits of Electronic Invoice Presentment for Corporations
In today’s competitive business environment, organizations must be strategic about reducing costs, mitigating risk, improving cash flow and increasing operational efficiency. Effective accounts receivables operations and payment processes are critical to achieving this mission. That’s why leading enterprises are incorporating electronic invoice presentment solutions into accounts receivables and payments processes.
The Business Need for Electronic Invoice Presentment
Unfortunately, the majority of corporate AR departments are heavily dependent on manual, paper-based invoicing and payment processes. An overreliance on paper in AR departments can bog down the entire enterprise financial supply chain, leading to data accuracy issues and causing exceptions and returns to skyrocket. It also lowers Days Sales Outstanding (DSO) ratios and increases invoice presentment and collection costs.
Additionally, every instance of human intervention required in accounts receivables processes, such as manual data entry, information updates or discount modifications, increases the likelihood of error and compliance violation risks. This threatens organizations’ working capital, supplier relations and growth.
Using Electronic Invoice Presentment to Solve Common Accounts Receivables Challenges
Direct Insite’s electronic invoice presentment and payment (EIPP) portal enables corporate AR departments to solve many of the prevailing challenges associated with accounts receivables and payments processes. The benefits of leveraging an electronic invoicing presentment solution include:
- Eliminates Inefficiencies: Traditional invoicing processes create bottlenecks in the financial supply chain. Not only are these processes time and labor-intensive, they also are prone to errors and compliance issues, further compromising the effectiveness of AR departments. With electronic invoicing, organizations can dramatically improve efficiency and reduce time spent organizing and processing invoices. It also allows AR staff to focus on more important tasks.
- Lowers Operational Costs: Traditional invoicing processes are much more expensive than electronic invoicing. Transitioning to electronic invoice presentment eliminates the costs associated with printing, handling and mailing invoices. It also reduces labor costs because electronic invoicing is largely automated and does not require additional manpower to sort and import data.
- Improves Cash Flow Management: By delivering electronic invoices, corporate AR departments will receive payments faster and reduce the amount of exceptions. Cash flow visibility is also improved with real-time insights and archiving of all invoices from a single, cloud-based portal.
- Increases Customer Satisfaction: In addition to simplifying invoice processing and management for AR staff, customers benefit from e-invoicing presentment. It enables them to easily manage and view the status of active invoices, as well as save time and money by automating processes and improving invoice management.
Direct Insite’s comprehensive electronic invoicing solution, PAYBOX®, helps organizations increase profitability and strengthen supplier relations by streamlining accounts receivables and payment processes through a central, easy-to-use portal.
How to Choose an Electronic Invoice Presentment Provider
It’s important to choose a technology partner that understands your company’s unique business requirements and goals to provide a tailored solution that transforms accounts receivables processes. As a cloud-based, vendor-agnostic solution, Direct Insite’s PAYBOX EIPP portal works with legacy ERP and financial systems and is customized to your unique business needs. The platform can be configured to accept online invoice payments from buyers to further improve collection times and cash flow. For more information and to schedule a private consultation, call us today at (610) 212-2487.