Electronic Invoicing saves time and money. So why aren’t more businesses using it?

It’s probably because many vendors have been slow to make the switch from paper invoices.

Electronic Invoice Presentment and Payment (EIPP) has grown much more popular over the past two years, as an increasing number of have made the decision to let go of the security they associate with paper invoices.

Even though EIPP usually proves a value proposition for vendors, many have been reluctant to change their way of doing business.

Several fiscal roadblocks have been cited:

• allocation of time
• IT resources, and
• correctly identifying, purchasing and implementing the right system.

EIPP companies have been listening, and making it easier for suppliers to get on board.

For one, some of the software now on the market allows vendors to use their current billing system to send e-invoices securely. It used to be that making such a switch meant a lot of time and expense in adapting existing billing processes.

There’s another big incentive. As the technology grows and becomes easier to adopt and use, the return on investment has increased, too.

In many cases, Accounts Payable departments have reduced costs by up to 50% in only a six-month time frame.

Tags: Accounts Payable, billing, EIPP, invoices, software, supplier, technology, vendor