Save time and money with e-invoicing and e-billing
The Problem with Traditional Invoicing
Invoice payment time
- 1 to 30 days – 82.8%
- 31 to 60 days – 15.8%
- 61 days or more – 1.4%
This means delayed cash flow.
Days Sales Outstanding (DSO)
- 1 to 30 days – 55%
- 31 to 60 days – 35%
- 61 days or more – 9%
The average DSO is 41 days in the UK.
Currently there is approximately £55bn in Unpaid or Outstanding invoices in the UK. Additionally, approximately 41% of all B2B invoices in the UK are Past Due Date.
Why are invoices paid late?
Over 50% of businesses experiencing delayed payments have identified invoicing inaccuracies and complexities of process as being responsible for delays.
Reasons for late payment
- Unable to pay – 55%
- Disputing payment – 29%
- Incorrect information on invoice – 15%
- Invoice sent to wrong person – 13%
The Solution: e-invoicing and e-billing
Each year, more businesses invest in e-invoicing/e-billing to reduce costs and improve cash flow.
- Improve Accuracy
- data-driven invoicing processes remove human error
- Handle Any Format
- From EDI to email, fax or even printed format invoices
- Reduce Overheads
- Remove the need to maintain equipment to print and post invoices
- Faster Payments
- Greater accuracy means less dispute, less delinquency and lower DSO
- Competitive Edge
- Reduce time spent creating and chasing invoices and improve Free Cash Flow for a healthier business
Worldwide Adoption of e-invoicing/e-billing
Brazil leads the world in e-invoicing/e-billing adoption, with over 90% of all invoices sent electronically. Europe lags behind with a typical 15-40% adoption rate for electronic invoicing.
The UK currently has between 15% and 40% adoption of e-invoicing. However, there has been a 17% increase in the volume of e-invoices sent in 2015 (for the UK).