The Benefits Of Electronic Invoice Presentment And Payment (Eipp)
ELECTRONIC INVOICE PRESENTMENT AND PAYMENT (EIPP)
As finance executive, you are always on the lookout for solutions that simplify and automate your accounting processes. Electronic Invoice Presentment and Payment (EIPP) can play an important role in the Order to Cash (O2C) cycle, simplifying and speeding up the process from invoice creation to payment collection.
To understand the impact of EIPP, it is helpful to define what is it and what it does. EIPP is digital invoice delivery solution used between payers and payees. By enabling electronic invoicing, EIPP enables is simplifies the invoicing process from essentially any payer, creating an automated system to track invoices and payments.
As the Order to Cash cycle moves from invoice creation to payment collection, EIPP can make collections faster and more secure. As an Executive, this is invaluable as this reduces attempts of financial fraud and fraudulent invoices showing up in the system. With EIPP, you are assured that the data received is accurate and up to date, eliminating the need to spend countless hours on data investigations and reconciliations.
Further, EIPP accelerates the payment process. It allows purchasers to pay right away with an ACH transfer or to provide an authorisation at the time of invoice generation. Collection of payments is accelerated substantially as this cost efficient payments method is secure.
Moreover, EIPP provides you with insight into your customers? behaviour. With automated tracking and reporting, you can use EIPP to study your customers? history, view patterns and make dramatic improvements to your services, such as accelerated payment and easy access to information.
Overall, EIPP has the potential to help improve your accounting processes significantly. By enabling faster payments and reducing fraud attempts, EIPP streamlines the Order to Cash process, making it easier and cost effective. This can be further augmented with the availability of automated tracking and reporting giving you the insight needed to make well-informed decisions.
