GAUGING THE MARKET
E-INVOICING IS HERE TO STAY
E-invoicing is revolutionising global commerce , but is it here to stay ? Alex Baulf , Vice President , Global Indirect Tax and E-Invoicing at Avalara , dives into the transformative power of e-invoicing , highlighting its role in revolutionising global commerce , driving efficiency , compliance and paving the way for a more secure and sustainable financial future .
E-invoicing is quickly becoming a staple of global commerce and trade , shaping the future of tax and accounting . In recent years , e-invoicing has increasingly replaced traditional paper-based invoices , currently required to be physically delivered to recipients . Despite leading to better and more efficient business practices and a proven increase in revenue opportunities , many companies remain unaware of e-invoicing and its benefits .
Research reveals that 77 % of all accounts payable departments are now automated in some way , and while 70 % of companies are still using paper invoices , 64 % state they are willing and planning to use e-invoicing sooner rather than later . But are the benefits of e-invoicing living up to these promises ?
E-invoicing is already transforming markets
Even today , businesses across leading economies like Germany and Britain are saving money and time through e-invoicing . On average , a single employee spends one hour manually processing five paper invoices . E-invoicing cuts invoice processing times rapidly . It can improve cash flow , reduce delays between billing and payment , and ensure that invoices will not be sent out to the wrong person or get lost in transit .
By removing the need for human interactions , e-invoicing reduces potential human errors and ensures data accuracy .
Repetitive tasks get replaced , leaving space and time for employees to pursue fulfilling and more strategic work , while reducing departmental costs such as materials , printing and delivery .
E-invoicing is fighting fraud and modernising the global economy
E-invoicing works beyond industry level . It can improve cross-border trade by speeding up global commerce , which
We ’ ve now reached a critical mass of e-invoicing mandates and new legislation paving the way for more , the direction of travel is clear . www . intelligentfin . tech
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