Corcentric Featured in New Paystream Advisors 2014 Invoice & Workflow Automation Report

Corcentric Featured in New PayStream Advisors 2014 Invoice & Workflow Automation Report

1888 PressRelease - The report tracks the increase in demand for expanding automation throughout the entire invoice receipt and approval process.

McLean, VA - Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, announced today that it has been featured in the recent 2014 Invoice & Workflow Automation Report from PayStream Advisors.

The report surveyed individuals employed in a variety of industries to discern their attitudes towards and usage of invoice workflow automation (IWA). What they found is that, although there are still many companies who are resisting the move to automation, an increasing number are recognizing the inefficiencies inherent in manual processing of paper invoices and looking to move towards a more automated process. Along with survey results, the report also tracks the steps taking place in IWA throughout the invoice lifecycle, lists the benefits and best practices of IWA and presents KPIs for accounts payable.

Among the findings of this report:

• The largest percentage growth in invoicing formats has been in e-invoicing, which grew from 29% in 2011 to 48% in 2014. As a comparison, paper invoices, though still the majority, experienced a small decrease over that same time period.

• 47% of companies surveyed do not measure their processing costs, making it difficult for them to determine the value of automating their systems.

• Only 35% process invoices in less than five days while an almost equal percentage take 10 days or more.

• 62% admitted that they were only able to capture discounts "sometimes," leaving open the question of how much that amounted to in lost revenue.

• When asked to list which problems most often led to late payments and lost discounts, 68% said "manual routing of invoices," and 58% cited "lengthy approval cycles."

"What this report shows," said Rob DeVincent, Vice...