Current Trends in the Supply Chain: eInvoice

BirchStreet works with thousands of suppliers and has witnessed the current trend that suppliers and their customers are switching to automating their payment and business processes. eInvoicing is among one of the top technology improvements that buyers and their suppliers are making to automate the A/P process.

In a 2013 study by PayStream Advisors, research found that businesses are moving to eInvoicing primarily to reduce overall processing costs (68% respondents). Other top reasons for moving to an eInvoice system included removing paper from the A/P department (52%), speeding up the invoice approval cycle time (46%) and having better cash management, such as discount capture, penalty avoidance and on-time payments (35%). More factors driving interest in eInvoicing were to reduce lost invoices, strengthen supplier relationships, improve visibility into spend, better invoice audit capabilities and obtain incremental supplier dynamic discounts. Many of these benefits can be seen immediately upon automation.

BirchStreet launched a Supplier Services division that offers suppliers the ability to automate their invoices, purchase orders, catalogs and mobile order entry systems. For more information on how to take your business to the next level and implement eInvoicing, please visit BirchStreet Supplier Services, contact supplierservices@birchstreet.net or call (949) 567-7000 x133.

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