E-invoicing: A Success Story Part I
Compared to conventional paper invoice processing, automated e-invoicing will result in cost savings of up to 80%
- It’s estimated that the size of the global e-invoicing market will reach $17.4 billion by 2024
- For B2B, the e-invoicing market was initiated by large purchasing organisations pushing their large suppliers to deliver electronic invoices
- The next step will be e-invoicing on the mass market. There are already various initiatives by the national public sectors and the European Commission
VAT: From paper to electronic
An invoice is a key document to provide evidence for tax compliance.
- The post-audit model has many disadvantages for taxpayers and tax authorities, as the audit happens years after the transactions have taken place. This is a major reason for tax evasion.
- Mexico increased tax collections by 34% in the first wave of its e-invoicing rollout
- From July 2017, Spain will require 62,000 businesses to report invoice records electronically within 4-8 days of the transaction
- Incorrect information on invoices was the reason for 26% of delayed payments
- 19% of incorrect invoices were sent to the wrong person in Asia Pacific
Business challenges can be resolved with an appropriate measure to improve data accuracy and validate data in real-time.
“Netsend offers us complete transparency. I now have the real-time visibility I needed to enable pro-activity” – VF Corporation