CFOs Secret Love Affair with Electronic Invoicing

http://echovera.ca What do 78% of CFO's have a secret love affair with? Billentis Research has found that they love the visibility they get -- with electronic invoicing. And in this video you'll find out why CFO's also love the benefit they get saving significant amounts of time and money when processing invoices for payment using e-invoicing. We know that there are times when you wish you had more control of your accounts payable process, and it can be quite frustrating when that is not possible. Quite often manual processes create more errors then you'd like, and knowing exactly what your payables are or how many days outstanding you have can be a challenge as well.  Now imagine for less than the price of a cup of coffee, and in less time then it takes to boil an egg, you could receive and process a paper or PDF invoice? And imagine if you were able to view all your paper and PDF invoices throughout the entire AP process? We've been involved in AP automation for over 12 years now, and have seen the evolution of invoice processing from:  • Completely Manual  (which is keying from paper invoices) • Somewhat Automated  (which is keying from scanned images of invoices)  • and Optical Character Recognition, or OCR  (which is taking data from scanned images of invoices) Working with clients across Canada throughout the years has given us tremendous insight into what's been happening inside accounts payable departments in different industries. We know that companies are not only processing paper invoices, but receiving them through email as well.  We knew the marketplace needed a solution that could process invoices both quickly and efficiently, and also fit into existing ERP and/or workflow with limited I.T. involvement. That solution is PaletteInvoice. Jeff MacPherson, a senior financial analyst for Canadian North, says: "Before the deployment of Palette's solution, invoices received as PDF files had to be printed, approved and coded, before being passed to our Accounts Payable department for manual filing; all of which was extremely time-consuming and labour-intensive.The biggest benefit we have gained from PaletteInvoice is transparency over accounts payable activity across the entire organisation. We can see exactly where we are in terms of pending invoices, which is vital as we operate from three main offices which are located in different cities." So here's how the electronic invoice system works:  For paper invoices, the invoice is scanned by the system, instantly processed, and sent to the invoice portal. Here the invoice is either matched to a purchase order, or coded and approved for payment. For email invoices, the invoices come in as PDFs, instantly processed, and then sent to the invoice portal. Here again the invoice is either matched to a purchase order, or coded and approved for payment. Both are done in the time it takes to boil that egg. That's because behind the scenes, the technology extracts essential data from each invoice... all in a matter of seconds. Your cost per invoice? Less than a cup of coffee. Compare that to what you are paying now...in time and lack of transparency alone. That's it. A cost-effective solution that's simple, fast, and visible!  What do 78% of CFO's love about electronic invoicing?  One - it's inexpensive. Two - it saves time.  And Three - it's a visible, trackable process. They get visibility into the accounts payable process, helping them to know the number days outstanding or what their payables are.  Manual methods of processing invoices are proven to be more costly and less time-efficient. Einvoicing is the answer to those issues.  PaletteInvoice is the best cloud-based electronic invoice solution we've found. It's a web-based application with an intuitive interface that is used by over 1400 companies worldwide. Pricing is reasonable because it's based on a per-invoice fee. So you only pay for what you use. And we offer a 30 day trial for you to try it out, with no risk on your part. Contact us today to start benefiting from einvoicing in your AP department. EchoVera - Invoicing Evolved Photo Credits for this video: Takomabibelot Pictographs Recording the Allocation of Beer (London, England) https://flic.kr/p/5L7uv2