More companies are expressing an interest in e-invoicing than ever before. But is adoption being held back by the practice of charging suppliers for the invoices that they send?
For some time now, e-invoicing has been billed as the next big leap forward in the sphere of working capital management. Now, after several false starts, it seems like business adoption is finally beginning to pick up some speed.
In mid-June, for example, a poll of European E-Invoicing Service Providers Association (EESPA) members found that the number of electronic invoices delivered to organisations in 2013 grew 19% on the previous year. The Institute of Financial Operations’ 2014 Order-to-Cash (O2C) Automation Study, published earlier this week made similar findings. According to the survey the number of US-based companies committed to begin e-invoicing within a year now stands at 5%, more than double what it was in 2013.
It does feel like it is gathering momentum,” says Richard Manson, Commercial Director of CloudTrade. Two or three years ago when CloudTrade sent requests to suppliers asking that their invoices to a particular customer be sent electronically, there was only 10 – 20% supplier adoption and transacting without being chased. But now Manson says that he is seeing onboarding at least double that – which increases to over 90% adoption once follow up communications has been made.”
Read the full article at Treasury Today
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