New report provides insight into invoice-to-cash practices and preferences of companies across multiple industries and revenue strata
Atlanta, GA, July 18, 2017 (Newswire.com) - Supplier organizations, regardless of size or industry, have hidden preferences they may not readily share with customers or solution providers, says the new 2017 Perceptions Study – Analysis of Invoice-to-Cash practices and preferences of supplier organizations published today by Receivable Savvy. Receivable Savvy surveyed 470 supplier organizations representing a variety of industries and revenue levels and gathered data highlighting supplier behavior and preferences in the areas of invoicing, payment receipt, early payment, collections and cash application. Participants included Finance, Accounting and Accounts Receivable professionals as well as C-level executives with intimate knowledge of their organization’s Invoice-to-Cash operation.
“This year’s study provides great insight on supplier behavior and preferences – not only around invoice submission and how they receive payment but also how they handle collections, cash application and factors that determine the likelihood of accepting early invoice payment,” said Ernie Martin, Founder and Managing Director of Receivable Savvy. “We’ve gathered an almost endless supply of data that can be cross tabulated to isolate key behaviors and help explain why suppliers make the choices they do.”
Key takeaways from this study include the continued rise of email as an invoice submission method, the increase in supplier portals promoted by customer AP and Procurement departments, and how almost half of all respondents are open to early payment opportunities but only 1 in 5 are very familiar with the options available to them."This year's study provides great insight on supplier behavior and preferences - not only around invoice submission and how they receive payment, but also how they handle collections, cash application and factors that determine the likelihood of accepting early invoice payment."
In addition to several key takeaways, the study suggests there are numerous hidden preferences supplier organizations may not readily share with customers and solution providers. “We believe supplier organizations, under the right circumstances, will provide insight into how they prefer to interact with their customers and how they prefer to be sold to,” said Martin.
About Receivable Savvy
Receivable Savvy helps supplier organizations master the Accounts Receivable and Order-to-Cash process by maximizing revenue through proprietary research, best practice content, and insight from subject matter experts.
Founded in 2015, the Receivable Savvy mission is to cultivate knowledge and understanding among suppliers while also delving into their habits, practices, and preferences. Comprised of industry veterans, Receivable Savvy strives to be the primary source of financial supply chain information for Accounts Receivable professionals focused on key elements of the Order-to-Cash process.
Receivable Savvy helps its members understand issues around customer master data, order management, credit management, invoicing, accounts receivable, payment, collections management, invoice financing and cash application.
Source: Receivable Savvy