Supplier invoicing is a critical part of any business’ operations, yet it often comes with its own set of challenges that can significantly impact efficiency and cash flow. In our recent poll, we asked businesses to identify the biggest challenge they face in their supplier invoicing process.
Poll results
In our most recent LinkedIn poll, we asked our followers what their biggest challenge was when handling the supplier invoicing process.
What is the biggest challenge facing your supplier invoicing process?
- Managing cash flow
- Manual data errors
- Slow approvals
- Ander
Managing cash flow
Managing cash flow was identified as the biggest challenge by 40% of respondents, highlighting the on-going struggle businesses face in balancing incoming and outgoing payments. Effective cash flow management is essential for maintaining liquidity and ensuring that a company can meet its financial obligations. However, supplier invoicing can complicate this process, especially when payment terms are extended or when there are delays in invoice approvals. These issues can lead to cash flow gaps, making it difficult for businesses to plan and manage their finances effectively.
Manual data errors
Another 40% of respondents cited manual data errors as their biggest challenge in supplier invoicing. These errors can arise from manual entry of invoice data, discrepancies in invoice amounts, or incorrect coding of invoices. Manual processes are inherently prone to human error. This can lead to costly mistakes, delays in payments, and strained relationships with suppliers.
Slow approvals
While not as commonly cited as cash flow management and manual data errors, slow approvals still represent a significant challenge of supplier invoicing for 20% of respondents. In a typical invoicing process, invoices often require multiple approvals before payment can be made. If any of these steps are delayed, it can hold up the entire process. As a result, this can lead to late payments and potential cash flow issues.
Ander
0% of the respondents selected “other” as their biggest challenge, indicating that managing cash flow, manual data errors, and slow approvals encompass the most pressing issues in supplier invoicing. This suggests that while businesses face a range of challenges, the majority are focused on improving efficiency, accuracy, and cash flow management in their invoicing processes.
Learn more about B2BE’s Supplier e-Invoicing solution.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.