In the last few posts I covered P-Cards: https://faoblog.com/processes-ap-p-card-process-details4-maintenance/
Let me talk of an interesting trend about invoice processing – EIPP. What really is EIPP? EIPP stands for Electronic Invoice payment and processing. This is what companies are striving to achieve as on date.
Electronic Invoice payment and processing primarily comprises of a web linked / data upload based application, whereby the vendors either upload their invoices through the web or send their invoices through a secure mechanism – encrypted files, files with digital certificates or as may be required by your client.
One challenge which surfaced in this was a multitude of ERP systems used by companies, not just across locations but also within the same unit. There was one company OB10 which built an application, almost about ten years back called the Open Business Exchange. The model they followed was to enroll a big company, charge then a small fee per invoice and then get their vendors to enroll for a one time fee. They provided an interface, where they mapped the vendor and client system through an exchange application. A number of large organizations benefit from this as on date.
This also leads to the thought of e-Invoicing. I will share the link to a white paper on e-Invoicing in my next post.
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