Rats! Just missed another early payment discount, because your paperwork got bogged down somewhere in the invoice-processing black hole?

Believe me, you’re not alone.

More than one in three businesses responding to a recent survey admitted missing more than 10% of supplier early payment discounts.

What’s more, nearly half (46%) of the businesses answering the survey identified early payment discounts as a priority.

What does this mean?

This might be a good time to take a fresh look at Invoice Automation and Discount Management (IADM). The technology has quickly come a long way, and prices are even more competitive.

When you’re considering what type of IADM might best suit your needs, you might want to keep in mind the top reasons that led to losing early payment discounts. If you can identify with one (or more) of these problems, it’ll help steer your inquiries in the right direction.

The top payment-delaying problems cited:

• Internal approval delays — 35%
• Invoices missing information — 15%
• Lost invoices — 13%
• Discrepancies — 12%
• Purchase Order-Invoice matching problems — 12%
• Non-Purchase Order-Invoice approval issues — 11%
• AP backlog — 2%

Tags: discount, early payment, IADM, purchase order