Categories: B2B Payments

Suppliers Can’t Tell If Invoices Have Been Paid, Survey Finds

In a survey of accounts payable professionals released last week, analysts found that suppliers often struggle to gain insight into whether or not their invoices have been paid.

According to InvoiceInfo‘s third annual Accounts Payable Customer Service Survey, published Friday (June 15), the most common question received by AP professionals from vendor partners is, “Has my invoice been paid?”

“When will my invoice be paid?” is also a common question, the survey found, noting that these two questions surpassed other inquiries from suppliers by a “very significant margin.”

Researchers surveyed more than 150 businesses about their accounts payable practices and policies. The data reveals insight into the buyer-supplier relationship and how companies manage their vendors.

Nearly half said their businesses require a response to a vendor question within one day; 29 percent are required to respond within two days. Analysts noted that some companies handle thousands of inquiries every month, meaning accounts payable professionals spend a significant amount of time answering these questions.

InvoiceInfo noted that, because of the time it takes to answer these questions, it is surprising that only a quarter of survey respondents said they have a vendor self-service portal, which enables vendors to seek out answers to their questions independently.

Still, reports noted, the percentage of respondents with a vendor self-service portal is up 7.5 percent from last year.

InvoiceInfo’s survey found additional areas for improvement in the accounts payable department and in businesses’ management of supplier relations.

For instance, less than a quarter said they have implemented a platform that enables them to track how automation has reduced the number of vendor inquiries — a decline from 38 percent last year, the report noted. Further, half of the companies that are operating without such a portal said they have no plans to implement one.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Recent Posts

Trump’s WeChat Ban Could Rock The US Consumer Landscape

President Donald Trump has issued two executive orders in two days banning two Chinese behemoths from operating in America –…

1 hour ago

US DOJ Charges 14 With $28M In PPP Fraud

The U.S. Department of Justice (DOJ) charged 14 people in two separate investigations into their alleged participation in schemes to defraud the…

4 hours ago

Digital IDs For Online Bowling, Voice Commerce, Apple’s Mobeewave Deal Top This Week’s News

Top News Apple Buys Mobeewave for $100M Apple has purchased Canadian company Mobeewave, which will allow it to create mobile…

5 hours ago

TikTok ‘Shocked’ By Trump’s Executive Order

In its first public statements about President Donald Trump’s executive order to ban TikTok, the Chinese company said it is…

5 hours ago

Microsoft, Facebook Express Frustration With Apple’s Gaming App Policies

Microsoft and Facebook are grumbling publicly about fellow tech giant Apple's policies restricting access to coveted slots in its App…

6 hours ago

Mercari’s Revenues Pop 48 Pct For FY2020, But Losses Also Grow

Mercari, the Japanese shopping platform that allows users to buy and sell almost anything, reported its net sales surged nearly…

7 hours ago