Payments are the last mile of the procure-to-pay process and are manual, resource-intensive, and prone to errors or fraud. As businesses transitioned to a remote environment in the last few months, the accounting teams still found that they needed to come to the office, pick up paper invoices that had been mailed, input them into the accounting system, run the check process and mail payments. Corporations have realized that digitizing the invoicing and payment process is an important step to eliminating resource-intensive, administrative work to allow the accounts payable team to work on more strategic activities.
E-invoicing is an Area of Opportunity.
Recently, Gartner published a report entitled, “3 Steps to Creating an E-Invoicing Vendor Shortlist” that offers recommendations for business leaders in sourcing and procurement regarding the selection of an e-invoicing vendor.
The report includes some of the key challenges faced by organizations as they develop their list of e-invoicing vendors. Among those challenges are “most incumbent, inbound payment processing deployments handle too few invoices and too few steps of the procure-to-pay process to deliver strategic value; the e-invoicing market is highly fragmented with many different types of vendors. This makes it hard to get to an effective shortlist quickly; and most e-invoicing vendors claim global regulatory compliance. However, experience at the country level varies widely, which in turn impacts how quickly and easily you can implement the solution.”
A few of the recommendations include, “Achieve a strong return on investment (ROI) for your e-invoicing program by aligning program goals to mission-critical priorities (MCP). Create a shortlist of vendors quickly by focusing on the most suitable category of supplier to address your program goals. Avoid lengthy implementations and regulatory compliance issues by shortlisting vendors that have suitable country-level compliance experience for your geographic footprint.”
BuyerQuest has designed and developed our industry-leading procure-to-pay platform to be easy to use and focused on automation of administrative work as well as creating an environment where suppliers can engage digitally throughout the process. The addition of BuyerQuest Pay to our procure-to-pay platform eliminates the cumbersome, manual steps associated with invoice and payment.
Read the full Gartner report, “3 Steps to Creating an E-Invoicing Vendor Shortlist”
Learn more about BuyerQuest Pay.
Gartner, 3 Steps to Creating an E-Invoicing Vendor Shortlist, Kaitlynn Sommers, Balaji Abbabatulla, 27 November 2019