As you move forward with plans to automate AP operations and improve upon a manual, paper-based invoice process that is broadly recognized as a "worst practice," don't forget the impact this will have on your ability to manage cash better.
The process cost savings, elimination of invoice errors, decreased cycle time, fewer supplier inquiry calls, and on-time payment improvements are enough to drive an e-invoicing initiative, but the potential for dramatically expanding early payment discounts is more than icing on the cake. According to an Accenture report, the discount savings can be five times the operational cost savings! Your organization can save millions of dollars for every billion dollars of spend from early payment discounts. And, at the same time, you earn double-digit annual returns on your short-term cash as you provide needed liquidity to your supply chain.
So make sure to include your treasury group on your holiday greeting list, and alert them to a cash management strategy that will catch their attention.