Millions of companies around the world have been or will be affected by government e-invoicing mandates. Are you ready?
While this may sound threatening, given the many benefits of e-invoicing, for both the buyers and suppliers; we see this as a win-win situation.
E-invoicing is an essential part of an efficient financial supply chain and it links the internal processes of enterprises to the payment systems. Based on an EU and EØS directives, all public contracting authorities have to be able to receive e-invoices as of 2018. This implicates that suppliers who deliver to a public contracting authority have to be able to send e-invoices. In addition, Norway will most likely implement mandatory e-invoicing B2B by 2018.
It’s no surprise that online e-invoicing is becoming more prominent, bringing ease and convenience to organisations and individuals.
Governments across the world are officially headed towards e-invoicing. The European Union has mandated that Public Administrators must accept e-invoices by November 2018. In the United States, the Office of Management and Budget has set the end of 2018 as a deadline to comply.
Automation Benefits for Businesses
By simplifying the invoicing process, businesses can get paid more quickly and use fewer resources. Besides improving cash flow and reducing expenses, automated invoices are secure and efficient.
A Real-Time Economy
E-invoices provide more accurate data, which means that businesses and governments will use this information to go confidently into a real-world economy. This gives companies instant access to information such as invoice status and payments for both inbound and outbound invoices.
It’s no secret that mobile payments are becoming more prevalent. Invoices are no exception. People expect to have access to invoices so that they can be reviewed, approved or rejected- regardless of where they are located.
“E-invoicing is easy, quick, secure and environmentally responsible. E-invoicing helps speed up cash flow, which helps smooth out complications and problems in the economy. Innovative industries, businesses and governments are driving the sea-change, and every initiative to implement e-invoicing needs be supported and encouraged.”
– Esa Tihilä, Chair of EESPA
The benefits of sending e-invoices:
- Cost savings of approximately 60% per invoice
- Less time chasing payment
- Lower environmental impact
- Improved cash flows
- Governments around the world have or are mandating e-invoicing policies
- The EU and the USA have issued directives to mandate B2G e-invoicing by 2018
- This will impact over 100,000 public agencies in the EU alone
- Up to 65% of local enterprises supply the public sector
- There are more than 22 million companies in the EU
- Over 14 million companies will need to start e-invoicing
- Total e-invoicing volumes are growing by 10-20% annually
- In the more advanced markets in Europe and South America, annual growth rates are approaching 45%
Visma.net AutoInvoice provides standard automated e-invoicing for all Visma ERP solutions. Visma.net AutoInvoice supports European standards such as PEPPOL and other local formats in all markets supported by Visma ERP.
Get started today
Click here to learn more about Visma.net AutoInvoice.