SOURCE: PayStream Advisors
CHARLOTTE, NC--(Marketwired - Jul 18, 2013) - PayStream Advisors, Inc., a leading independent research and advisory firm, today released the Automating Payables for the SME Market: Diving Head First into AP Automation Waters report. Survey results reveal that an increasing number of SMEs (those with annual revenues under $250 million) are implementing AP automation solutions in an effort to reap the same benefits as their large company competitors.
Survey results reveal that more SME's are doing a better job controlling invoice processing costs. The number of SME's able to process an invoice for under one dollar increased from 8 percent in 2011 to 10 percent in 2012. More SME's are now realizing that automation solutions can eliminate the vast majority of challenges they face in their day-to-day operations, including late payments, missed discounts, long invoice processing cycles, manual data entry, lack of visibility, and high discrepancies, just to name a few.
PayStream Advisors developed this report for small and mid-sized enterprises with an interest in payables automation. The report includes the latest adoption statistics, current thinking, best practices, strategies, and key performance indicators for evaluating and selecting an automation solution. In addition, the report profiles leading solution providers and offers case studies illustrating how other companies have used payables automation technologies to accelerate approval cycles, improve productivity, capture discounts, strengthen working capital positions and improve trading relationships.
"The availability of affordable, easy-to-use and easy-to-implement technology solutions is driving renewed interest in AP automation in the SME marketplace," states Henry Ijams, Managing Director at PayStream Advisors. "While the benefits of AP automation have been available for quite some time, SME's are now diving head first into the automation waters. SME's are witnessing the tactical benefits around cost containment and productivity enhancements, in addition to the strategic advantages around improved supplier relations and working capital improvements."
The Automating Payables for the SME Market report was underwritten in part by Anybill, AvidXchange, Integrim, Palette and ReadSoft, and can be downloaded for free on the PayStream Advisors website. To evaluate your invoice processing costs, visit PayStream Advisors' Cost per Invoice Calculator.
Learn more about automating payables for the SME market at this year's PayStream INNOVATE '13: The Purchase to Pay Summit that will be held in Charlotte, N.C., September 16 - 18. Betsy Williams-Campbell, AP Manager at The Paradies Shops will host an educational session titled: How to Manage a Flexible Card Program. During this session, The Paradies Shops will discuss their recent roll out of a card program that gives them more control, flexibility and visibility over their spend. Attendees of this session will learn best practices on how to successfully manage a purchasing card program for suppliers.
The SME report is based on the results of PayStream's Electronic Invoice Benchmark, Invoice Workflow and Automation, and Shared Services surveys of over 500 accounts payable and procurement professionals at U.S. based enterprises. Based on the number of survey respondents, PayStream believes that the survey has a confidence level of +/- 5 percent.
About PayStream Advisors
PayStream Advisors provides in-depth research, reviews and comparisons of top accounts payable and purchase to pay automation software. Offering research and insight to help companies improve AP efficiency, PayStream Advisors also hosts the annual Purchase to Pay Summit, INNOVATE '13, where accounts payable, finance and procurement leaders gather to share ways to advance purchase to pay processes through collaboration and automation. For more information please visit: www.paystreamadvisors.com.