Writing in Chartech, the magazine of The Institute of Chartered Accountants in England and Wales (ICAEW), Causeway Executive Vice President Tim Cole has outlined the key benefits of e-Invoicing and provided useful pointers to choosing the right service provider.
“Few things in life save time, reduce costs and are environmentally beneficial. E-Invoices truly can achieve all three,” he notes. “The past 20 years have seen a gradual process of acceptance that paper-based invoice exchange and the manual re-keying of data is simply not an efficient way to move information between different software products,” he continues.
He also points out that the adoption rate of E-Invoicing is rising at around 20-30% in the private sector (Billentis’ 2012 E-Invoicing Report), while the UK government has not moved to require such adoption within the public sector.
“Full adoption (by the UK public sector) could save around £4-6bn a year. The wider economic benefits are projected to be more like £22bn-£28bn a year – and for only modest levels of investment,” he suggests.
Tim Cole goes on to explain that e-invoicing services, such as the Tradex platform operated by Causeway, play a key role in facilitating market adoption. He also outlines the key criteria to set when selecting a service provider.
Tim Cole is Executive Vice President of Strategy at Causeway and chairman of the BASDA (Business Application Software Developers Association) eBusiness SIG.
For further information visit the Causeway Tradex site.
Follow Tim Cole on Twitter - @TimColeCauseway