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Thursday, 9 May 2013

Irish and European Businesses Could Save €243 Billion by Switching to Electronic Invoicing






Ricoh is encouraging businesses in Europe to switch from paper to electronic invoicing (e-invoicing), highlighting potential cost savings of €243 billion for businesses*.  The cost and time savings are explained in a new report published today by Billentis and sponsored by Ricoh.

Despite the savings identified, a minority of European businesses have adopted e-invoicing. It is estimated that only one in five invoices will be electronic in 2013. This highlights there is still some way to go to meet the European Commission goals for e-invoicing to be the predominant form of invoicing by 2020. The date for the public sector is even sooner, at 2016.

The report by Billentis identifies a number of reasons as to why businesses and the public sector are holding back from embracing electronic invoicing, ranging from confusing legal requirements to having trading partners who still want invoices in hard copy. The report recommends organisations define a three year strategy to implement e-invoicing successfully for themselves, their clients, and suppliers.

Chas Moloney, director, Ricoh UK and Ireland comments on the report:
“While this report doesn’t break out specific figures for Ireland, we estimate that a full switch to e-invoicing by Irish businesses could potentially realise savings of €3.9 billion. Imagine the positive impact this could have for the Irish economy.

“The slow rate of adoption of e-invoicing makes it clear that the barriers to adopting it are still all too real. As the report highlights, one of the most critical steps to successful implementation of an electronic invoicing programme is having a clear objective and strategy to shape the migration from paper to electronic. But recent research shows that 57 per cent of organisations in Europe do not have a fully developed and implemented strategy in place for managing their business-critical document processes, including invoicing**.

“Adopting a clear strategy that links e-invoicing to business objectives, such as reducing costs by cutting time-to-pay, increasing productivity by eliminating time-consuming manual tasks, and more effective customer communications, will help organisations to successfully adopt a new electronic invoicing process.”

Businesses can calculate the savings they could make by switching to electronic invoicing at www.ricoh.ie/i-invoicing

The full report can be downloaded here: http://www.ricoh-europe.com/services-solutions/document-outsourcing/document-process-outsourcing/e-invoicing-report/index.aspx