According to a study by research and advisory firm Ardent Partners and e-invoicing software company Basware entitled “e-Payables: The Quest”, while 29 % of companies are currently using e-invoicing, adoption is expected to increase with 55 % of organisations planning to implement it within the next two years. Similarly, the 19 % of companies currently using business networks to submit e-invoices and e-payments is expected to grow to 41 % within the next two years.
The report also revealed that there is a big discrepancy between best-in-class organisations and their peers in Accounts Payable (AP) performance. Best-in-class organisations can process an invoice in 3.7 days compared to 17.1 days for other organisations. The average processing cost is USD 2.42 per invoice for best-in-class organisations, which is more than seven times lower than other organisations.
Additionally, the report revealed that the average best-in-class company processes half (50.3%) of its invoices without human intervention, compared to slightly more than 10 % for other organisations.
For more information about Basware, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.
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