E-invoicing continues to unlock new value streams
Espoo, Finland, 5 June, 2015 – Basware, the leading provider of e-invoicing and purchase-to-pay solutions, has sponsored this year’s ‘E-Invoicing/E-Billing - Entering a new era” report by Billentis.
Over the recent years e-invoicing public sector initiatives have gained ground in many of the largest global markets. The market for Basware’s e-invoicing and the open, global Basware Network has been growing faster than the market around it, and 2015 is expected to continue the positive trend.
E-invoicing is already today a known technology with unrivalled benefits linked to boosting cash flow and driving business performance. The level of manual processes still continues to be surprisingly very high within organizations, creating major stumbling blocks for critical issues such as cash flow and transparency. Manual processes also lead to another worrying trend: late payments. This impacts both individuals and entire supply chains.
Also, the cost of money is a consistent topic of discussion, not only in the areas such as interest rates but also on the price for non-performing or manual services and the impact this has on a company’s cash flow. As a result, organizations on a global level will continue to look at innovation in finance such as the growth of business commerce networks that enable real-time e-invoicing, in tandem with worldwide payment networks and supply chain finance.
On an international level, there have been encouraging signs for example from the European Union with several member countries mandating e-invoicing. Better collaboration between governments worldwide is needed - which can be achieved for example with an interoperability system based on a single e-invoicing standard. Besides the legislation, the actual implementation by making it as easy as possible to switch to electronic invoices needs to be ensured.
Consolidation in the e-invoicing space towards fewer, larger vendors will also continue to be a trend. The demand for e-invoicing is increasing as the importance of it as a document of trust between buyers and sellers is realized. The trusted experts are needed also to ensure the security and protection of this critical data.
Billentis report 2015: www.basware.com/knowledge-center/e-billing-e-invoicing-report-billentis-2015
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow.
Find out how Basware helps money move more easily and lets commerce flow at www.basware.com.
Communications Director, Basware
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