According to surveys, most businesses still receive and issue most of their invoices in printed format. However, there are many reasons and challenges indicating that e-invoicing will inevitably prevail in the near future. Read on to find out why.
Legislation and compliance
More and more countries are imposing electronic invoicing as a mandatory requirement for the private sector. Since January 1st, 2019, e-invoicing is mandatory for B2B in Italy, while other countries are planning to take relevant measures, and Hungary and Portugal are preparing to automate invoice processing.
The biggest issue here for businesses is international regulatory compliance, since every country has its own set of rules and regulations. International organizations need a world-leading provider to help them with such regulations. Furthermore, they need an effective platform that will offer a multilingual service desk and multi-country support, ensuring that e-invoices will always be processed in compliance with the local regulations.
Regulatory compliance is an important factor, but if you want to achieve true value and significantly improve your invoicing processes, you need a more comprehensive approach. Many enterprises are incorporating e-invoicing automation in their end-to-end strategy, rather than approaching this as a standalone operation.
The true benefits of e-invoicing can only be realized with a smart system that will automate the invoicing process. E-invoicing may be the first step towards improved cash flow and cost transparency, but it is not the only one and is certainly not enough to offer you the desired results on its own. As a matter of fact, according to surveys, 50% of all back-office processes are expected to be replaced by RPA (Robotic Process Automation) solutions in the following years. It is thus clear that the time for automation has come.
Modern e-invoicing does not only offer a cohesive approach, but also a flexible cloud solution that is accessible from any device. This approach will also help customers increase their operational efficiency and improve their business flexibility with quicker services and improved operational expenses.
E-invoicing makes the difference
According to those who have already implemented an e-invoicing solution, some of the most important benefits they are enjoying, are lower cost, improved data accuracy and security, and easier access to files and documents. Especially for businesses with international operations, compliance with the different local regulations is a very important parameter. Finally, it is impossible to ignore the environmental impact of e-invoicing. Just consider that 1 million e-invoices translate into saving 133 trees.