Vendor Management
- Environmentally Correct. How much is really wasted on trees? One average tree will produce approximately 2,778 invoices. Based on the billions of invoices moving between suppliers and buyers each year, it’s easy to see that as many as a million trees could be saved if most of those invoices were submitted as e-invoices. If a million trees could be saved, there would be other annual savings as well. We’d save 83,000 barrels of oil and 171 million kilowatts of electricity needed to produce the paper, avoid 2.5 million pounds of air pollutants, and keep 138,000 cubic yards of paper from eventually ending up in landfills.
- Simplified Implementation. Company’s payment processing needs can be addressed on location. The process enables customers to eliminate upfront costs and bypasses the need for specialized IT support. New procedures also allow customers and suppliers to easily interact in an automated fashion.
- Save Cost & Time. Customers can usually see savings within 6 months. “An initial outlay of several thousands of dollars was well worth it,” said a satisfied electronic invoicing customer. “For every dollar that we spent, we saved that dollar plus another 85 cents.”
- Reduction of Workload. An AP Manager recently commented, “I came to my company years ago and just love it!! Right now I am very busy implementing new software to reduce the manual hours spent on AP processes. When I arrived the AP department was pushing 28 people to process vouchers and AP checks. We will soon go to imagining. I now have only 11 people and we are now processing double the invoices with electronic invoicing.”
- Dynamic Discounting. Customer determines an appropriate cost of early payment and coordinates with supplier their requirements. Supplier agrees to the discount and can look forward to a payment that meets their schedule. Guesswork is eliminated and scheduled for a timely process. Allowing customer and supplier to establish a stronger business relationship.
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