Report uncovers adoption statistics, current thinking, best practices, strategies and more.
Until recently, AP automation initiatives were largely limited to Fortune 1000 companies, which had the human capital resources to implement and manage applications. Today, PayStream is seeing this trend trickle down to small and medium enterprises (SME) – those with annual revenue under $250 million.
In an effort to tap into the SME market and pinpoint their current status and future Accounts Payable needs, PayStream conducted a 2012 Electronic Payables survey. These survey results are revealed in the new PayStream report titled Automating Payables for the SME Market: A Big Bang for the Buck.
SMEs are struggling with manual, paper-driven processes and are realizing that automation can alleviate most of the challenges they face in their day-to-day operations. The availability of affordable, easy-to-implement and use technology solutions is driving a renewed interest in AP automation for these smaller organizations.
Report highlights include:
• Over a quarter of SMEs are currently evaluating some advanced automation tools.
• Electronic Payments and P-Cards have made strong inroads and are currently in use in over 60 percent of SMEs surveyed.
• While 4 out of 5 SMEs have electronic payment capabilities, only 12 percent pay at least half their bills electronically.
• Few SMEs are receiving significant volumes of invoices by electronic means.
• Eleven percent of SMEs are currently utilizing an eInvoicing solution and 39 percent are currently evaluating the usage of such a solution.
• Nearly 2 out of 5 SMEs reported budgetary considerations or lack of ROI as the top reason for not considering supplier portals or networks.
• SMEs rank fewer lost or missing invoices as the top benefit achieved as a result of eInvoicing.
To learn more about automating payables for the SME market, download the FREE report today.