Opting for e-invoicing, rather than printed invoices, offers significant benefits and improves business profitability. Let’s take a look at some of the latest challenges and the emerging trends in this new landscape.
Automation and e-invoicing
Automation is an important parameter for any business that wants to remain competitive, as it saves time and money, and also increases efficiency, productivity and so on. The same applies for e-invoicing as well, as one cannot exist without the other.
According to a recent survey, 42% of the participating companies replied that they were experiencing delays in receiving printed invoices, as well as problems with information verification. If you also take into consideration the high cost and processing delays, you can easily enough understand why more and more businesses of all sizes are adopting e-invoicing.
An increasing number of countries and companies are turning to e-invoicing, and this can only lead to increased regulatory requirements. After seeing the effects of GDPR on email marketing, it is only expected that e-invoicing will undergo similar regulatory changes.
The increasing popularity of e-invoices indicates that they will soon be the standard in the B2G and B2B sectors. In order to reduce complexity and legal uncertainty, the public organizations in Europe need to be able to receive e-invoices that comply with the European standards. In particular, these standards focus on the content, determining specific main elements that each e-invoice should include.
On the other hand, invoice digitalization is not only a matter of technology. Most businesses in Europe and other countries, are subject to extensive regulations, and this complicated regulatory environment can sometimes lead to confusion. So, in order to take full advantage of the changing landscape, businesses need to reconsider the entire invoicing process, both internal and external.
In this context, it is certain that (at some point in the near future) e-invoicing will be globally accepted. Regardless of the sector, either this is B2G or B2B, e-invoices offer unprecedented benefits and the market requirement for continuous efficiency or productivity, can only accelerate this change.
When it comes to the globalization of e-invoicing, it is important to come up with a commonly accepted structure. In a unified market, invoice processing will become even simpler, helping businesses remain in sync.