19 Aug Would you let your invoices take a holiday?
If you’re anything like me, you’ll love a holiday! But if you run a small business, or work in finance for a large organisation, would you be happy to let your invoicing process take time off with you? I thought not.
With people away and most business comparatively slow, it’s a great time to review this crucial business activity that could be much improved in many organisations. In fact, as well as all the efficiency improvements, electronic invoicing is the key to a whole host of financial benefits – from savings to increased cash flow (especially during the holiday season).
Save up to 80% by adopting electronic invoicing
According to a new report sponsored by Ricoh and published by Billentis, businesses across Europe can achieve a 60 to 80 per cent cost saving by adopting electronic invoicing. Other numbers in the report include:
- Of the 500 billion bills/invoices globally, 40 billion are estimated to be exchanged in 2014 paperless
- Europe contributes around 6 billion
- The public sector belong to the top 3 industries, with at least 10% of the total marketing invoice volume
- 45-65% of all companies in a country are suppliers to the public sector and send invoices to it
- The public sector in most European countries is expected to become one of the key drivers for the E-Invoicing market
- Millions of SME’s have to replace paper invoices with electronic ones mainly due to the projects of large customers and the public sector- they want smart solutions but don’t want to pay much for it
As you can see, the potential for savings is massive with electronic invoicing. But coming back to my original point about invoicing in the holiday season and it’s clear that by moving from a paper-based process that’s reliant on specific people being in the office, to a system that automatically routes documents, you can keep things ticking over while people are away. For example, if someone is on holiday, rules can be set up to send the document to the secondary contact, so the cash keeps coming in.
For further insights on electronic invoicing across Europe, download the report here.