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Automating The Electronic Invoice Management Process

"Automating The Electronic Invoice Management Process"

E-Invoicing Management: Move to the Middle

E-Invoicing Management: Move to the Middle

White Paper: Direct Commerce

As the electronic invoicing market becomes more saturated in large companies, the small and medium enterprise (SME) market, those with annual revenues under $250 million, continue to open up. Over the past year, PayStream analysts witnessed an increase in electronic invoice (eInvoice) adoption among SME’s, as well as an increase in workflow automation. New and improved innovations in eInvoice functionality including Software-as- a-Service (SaaS), free supplier portals, dynamic discounting and mobile transactional capabilities are the driving forces behind the increase in adoption in the middle market. More SMEs are now reaping the benefits that the large early adopters did, including reduced processing costs, increased invoice approval cycle times, improved cash management, and increased visibility, to name a few. In addition to more companies or (buyers) implementing eInvoicing, PayStream survey results reveal that eInvoice adoption has been of keen interest among suppliers. The number of suppliers that no longer submit paper invoices and have converted to eInvoicing has increased dramatically. Today more suppliers send more invoices to companies in electronic format that do not require data entry, resulting in a more efficient and cost saving invoice process. Solution providers are now catering to suppliers with aggressive supplier on-boarding programs and easy to use supplier portals. More eInvoicing providers are offering their services to suppliers at no-cost, in an effort to build their supplier networks and keep buyers and suppliers connected across the globe.

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What is

What is Invoice ?

An invoice is an official statement of payments issued by the seller to the buyer describing the number of items sold, rate of each item, date and time of shipment, and the total price payable by the purchaser. An invoice is also referred to as ‘bill of sale’ or ‘contract of sale.An invoice, therefore, serves as a vital document carrying all the detailed information of the products or services offered by the vendor.

What is business process management ?

Business process management is a systematic approach to business processes of a company which cover how we think, change, and monitor business processes so they run easily and can be enhanced after some time. BPM (Business Process Management) is a field of management that acts as a systematic approach for making organizations Workflow more effective, more efficient and hence improving the corporate performance by managing business process in the organizations.

What is Budgeting ?

Budgeting is a process or a set of activities in which an organization goes about building its budget. Budgeting helps you determine how you are going to spend your money, thus achieve your financial goals both in long-term as well as short term. Budgeting includes budget management, which means analyzing and organizing the expenditure for a business to run.