Did you know that each year we send 550 billion invoices globally? And that it is predicted this will quadruple in the next 15 years? The bulk of invoices is still being handled manually. We think that changing to automated electronic billing, also known as ‘E-invoicing’, can safe your organisation a lot.
In the old days, most invoices were just a handwritten receipt. Today, most of all invoices are pdf-files that are send by e-mail. Although they have become electronic, it still requires a lot of actions of an employee to handle the invoice. As we have mentioned before, Dynatos sees many advantages and opportunities for financial departments in robotising, amongst others, billing processes. Especially in E-invoicing we see a lot of potential.
E-invoicing means that an invoice is created as a data file (mostly as an XML-file), rather then as a document. This way it can be processed automatically and therefor it is perfect as a robotised process. Why? Because the invoice is sent directly from your system to that of your client or supplier, and visa versa. There is no need for an employee to manually process it. Your accounting system and/or order-to-cash and purchase-to-pay systems will take over that task with E-invoicing. And you can have direct integration with your systems.
E-invoicing lowers costs
One of the main advantages of E-invoicing, is a lower cost per invoice. A recent study showed that the cost of a single invoice drops more than half, when using E-invoicing instead of using paper and PDF-invoices. The biggest gain is realized in come out of the sending process. Printing an invoice and using envelopes and postages are no longer needed. Also, the costs of archiving digital invoices are a lot lower than that of archiving paper ones, because there is no longer a need for physical storage space.
E-invoicing will be the new standard
If you ask us, then we will say that E-invoicing will become the new standard. At the moment for instance, not only governments but also software companies are working on multiple initiatives for adopting E-invoicing. Routty, Dynatos’ E-invoicing platform, is a good example of such an initiative. This platform is fully cloud operated, is easy to integrate with your own systems and speeds up onboarding with clients and suppliers.
E-invoicing will be mandatory
It is expected that in the future more and more countries will make E-invoicing mandatory, especially for companies that do business with governments. This is partly because of stricter rules on compliancy with taxing regulations. Thanks to E-invoicing, governments can check much easier if companies follow VAT-regulations for instance. Countries in South America, as well as many European countries, like for example Italy, already made electronic invoicing mandatory. Not just for companies that bill governments, but for all B2B company activities. And on the pan-European level, a platform has been introduced to facilitate electronic invoicing: PEPPOL. This platform will make it easier to bill governments in a standardized way, and also offers a series of specifications that eases the process for international tenders.
E-invoicing is our game
Financial process optimisation is engraved in Dynatos’ DNA and E-invoicing is a big part of that optimisation. That is why we fully embrace the development of it, for instance with our Routty-platform, which is also a PEPPOL Access Point and has standard integration with all major E-invoicing networks around the world.
The future of the invoice is E-invoicing. Let Dynatos guide you on your first steps into this world. Do you want to know more about E-invoicing and what kind of opportunities it can bring your organisation? Give us a call. We are here to help you.