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
Do you want to know how to onboard suppliers and build a successful e-invoicing program?
Director and co-founder of CloudTrade, an organisation that provides a supplier-friendly way to send and receive electronic invoices and other business documents. Prior to Richard's current role, Richard worked for a Big 4 consulting organisation focusing on cost reduction in finance and procurement functions - commonly achieved through the deployment of ‘best of breed’ technology and process re-engineering. More recently he worked for a Bussiness Process Outsourcing organisation, specialising in back office finance services.