Electronic Invoice Management Grows, But Will Microsoft Dynamics ERP Customers Become Believers?
The economic recession has had some long-lasting impacts on businesses, many of which continue to struggle with the realities of the "new economy." One particularly challenging effect is the fact that many customers aren't paying as quickly as they once did. It's a problem that some Microsoft Dynamics ERP users are tackling with electronic invoice presentment and payment (EIPP).
EIPP solutions continue to gain acceptance, including an acceleration into the cloud, but recent survey results indicate that many companies remain reluctant to adopt them in any deployment model.
Generally focused on business-to-business billing and payment, EIPP allows companies to submit electronic invoices and accept payments via the web. Rather than waiting for a paper-based invoice to be received, recorded, processed for payment, and mailed, companies are implementing electronic processes to handle those steps.
"Any time you can speed up receivables by delivering bills to customers faster, you wind up getting paid faster," says Henry Ijams, managing director at PayStream Advisors in Charlotte, NC. "With larger organizations slowing down their payment schedules there's definitely more incentive to move to EIPP."