The e-invoicing revolution is gaining global momentum!
The UK’s public sector is adopting e-invoices in order to achieve £2bn in savings. However, many European governments having already moved to e-invoicing. It’s something that is already mandatory in Denmark and Finland, who send e-invoices for all B2G transactions. Now Singapore has become another international country, along with the likes of Brasil and Mexico, to implement e-invoicing.
In the coming years, I can see it becoming mandatory for all businesses who transact with governments to adopt e-invoicing. B2B transactions will also increase as more and more businesses realise the benefits e-invoicing.
There are many benefits to moving to e-invoicing. The main being that it is a faster more secure method of delivering your invoices, as they can arrive instantly into your customers ERP system. Allowing them to be approved and ready for payment in minutes (depending system configuration).
E-invoicing works seamlessly with invoice automation #RPA, as companies look to increase process efficiencies, reduce costs and save time.
For suppliers, faster delivery and processing of invoices will mean faster payment. Customers then have the opportunity to take invoice settlement discounts offered by suppliers due to more efficient processing of invoices received.
Other e-invoicing benefits include:
- No more data entry by the AP team
- No more human input errors
- No more invoice scanning / OCR data capturing
- No more duplicate invoices
- No more duplicate payments
- No more fraudulent invoices.
And lastly, the processing cost per invoice is massively reduced. Thus, making e-invoicing even more attractive both from cost and time saving perspective.
If you haven’t started your e-invoicing journey, then you need to take that first step or risk being late to the party!
The APA accredited partners can help.
This article was written by one of the members of the AP Expert Panel, Stewart Griffiths.