Finance bods upset with purchase invoice processes
According to a recent survey by Version One (recently acquired by CedarOpenAccounts) senior finance professionals are dissatisfied with purchase invoice processes.
Their complaints included:
- process is too slow
- too much reliance on paper
- invoices get mislaid and lost
- human error during data entry (mis-keyed data and coding errors)
It was not a big sample, 150 companies were surveyed, but these complaints are commonly cited.
The interesting question is:
so what are you prepared to do about it?Every business has operational issues somewhere that people know are flawed and could be improved but that does not say they will be any time soon. The processing of purchase invoices remains for the majority a labour intensive, paper shuffling process, grumble grumble it's here somewhere I know it is, with computers recording the transactions.
Do we process paper smarter and faster or look to eliminate paper in pursuit of productivity and reducing the moaning?As identified above, paper is a problem, basing improvements on how we process paper is; well you decide.
I suggest that the process you need is one that does
not depend on paper.
Solutions abound and indeed CedarOpenAccounts are able to provide a range of solutions.
Click here for information.
Click here for an update on eInvoicing
Labels: CedarOpenAcounts, einvoicing, finance, purchase invoice processing
Bank gets acquistive for eInvoicing
As this blog has reported before the big players in
eInvoicing will become the banks.
Well, JP Morgan Chase has announced they will acquire
Xign Corp an
eInvoicing company. They already had an alliance so I figure the bank sees an earnings opportunity to have them in the fold.
This is a hot space and there will be more consolidation as the products and domain expertise of the
eInvoicing infrastructure providers alike
Xign are merged into the mainstream of banking services to corporates.
Does the timing of the acquisition suggest that
eInvoicing is about to ramp? You can bet your bottom dollar that JP Morgan Chase has been asking the question among their clients before making the decision.
Click here for the news release
Labels: banks, einvoicing, JP Morgan Chase
EU report progress with eInvoicing
The European Union eBusiness Watch is an excellent source of free information and I have extracted here two graphs that show progress with eInvoicing in Europe.
The graph below shows as a % the number of firms from the survey sample that have adopted eInvoicing.
The graph below looks only at those businesses that use eInvoicing and charts the average share of eInvoices measured as a % of a company's total invoices sent or received.
Large business send more eInvoices than they receive.
Small business receive more eInvoices than they send.
Click here for the report (all 263 pages).
© European Communities, 2006. Reproduction is authorised provided the source is acknowledged. Click here for practical solutions to eInvoicing.
Apologies for layout of this blog the editing tools are not easy to use.
Labels: eBusiness Watch, einvoicing, electronic invoicing, european union
