Electronic invoice processing

According to Swiss global market analyst Billentis*, businesses and organisations across the world exchange around 550 billion bills and invoices annually, with a roughly equal split between goods and services.

Billentis also forecasts the volume of invoices managed through electronic transmission and automated processing to quadruple by 2035.

Whether the need is driven by government or businesses themselves, there are many benefits of switching to electronic invoice processing…

Business innovation has traditionally been the main catalyst for the market growth of electronic invoice processing.

However, it is now being increasingly mandated by governments too. in an effort to close the so-called VAT gap; the difference between VAT revenue forecasts and what is actually collected ‘on the ground’ governments are pushing for electronic invoice processing to combat the problem.

In Europe, Billentis* estimates the annual VAT gap to be a massive €140 billion or 11% of expected revenue.

Everyday frustrations will include dealing with invoices that contain mistakes in financial information such as missing out essential VAT numbers. These are a natural and inevitable consequence of manual input.

To rectify this, staff need to be involved hands-on, but further manual input and re-keying to iron out the issue simply brings with it a similar risk of human error. Manual input is also not cost-effective when staff could be reallocated to higher-value tasks.

According to Billentis*, switching to electronic invoice processing can, in some cases, reduce costs by up to 80%.

Savings are generated through faster processing, fewer errors, healthier cashflow and more scope for compliance with the requirements of governments and regulators.

With electronic invoice processing, you can efficiently process invoices from point of entry across all back-office systems to achieve smoother, more cost-efficient data flows and you can digitise invoice storage for auditing and reporting.

Here at digital supply chain technology provider Transalis, we have developed an electronic invoice processing platform, Transalis eInvoice™, that offers a host of benefits for both Accounts Receivable (AR) and Accounts Payable (AP) teams.

Unlike other providers, we offer you flexibility on service input and complete transparency on cost with our range of eInvoice product bundles.

The choice is yours and depends on the exact functionalities you require for your electronic invoice processing.