The majority of A/P departments still receive hard-copy invoices from their vendors, but it looks like all that will change in the very near future.
Nearly half (42%) of A/P departments are currently evaluating the possibility of receiving electronic invoices from vendors, according to the recent “eInvoicing Adoption Benchmarking Report” by PayStream Advisors.
What’s more, 21% of employers already receive their bills electronically, and 8% will do so within the next six months, according to the study.
Just 29% of A/P departments said they have no plans to receive vendor invoices electronically.
If your firm falls into the “evaluating the possibility” camp, it may be a good idea to pick just one vendor to start receiving electronic bills from. This will make it easier to deal with any issues that crop up. Also, try to pick a vendor that currently sends a high volume of paper invoices. Your A/P pros will appreciate having less manual keying to do.