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Your business must be ready for e-invoicing by 2024, especially in LATAM and Asia.

Independent e-invoicing consultant Bruno Koch presented uts market analysis in the Billentis Report “E-Invoicing/E-Billing”. Significant market transition lies ahead. People from generation Y (born between 1980 and 1990) are technology oriented.

Checking an inbox and sending e-mails are the basis of everyday business tasks. If you have an e-mail as proof of a transaction, the business can run; paper invoices, stamped or hand signed, are no longer required. Nevertheless, some traditional rules still need to be obeyed if an invoice is to be valid from the legal perspective. That is the main reason why 90% of all invoices worldwide are still processed manually.

Although the number of e-invoices being issued has reached eight billion in Europe, its adoption is perceived at an entirely unsatisfactory level. Paper invoice handling is not efficient, it costs more, takes more time, and it is not environmentally friendly.

Evolving market models

The E-invoicing market has been around for more than 20 years. Through the years, we have seen several e-invoicing models, from Supplier Direct Model (in-house) or Buyers Direct Model (in-house) to Total Invoice Management and Clearance Model. Electronic invoices were at the beginning developed mainly by private industry, but governments are now the driving force as they require companies to use e-invoices.

The Clearance Model allows a distinction to be drawn between e-invoicing and e-reporting. E-invoicing is the sending, receipt and storage of invoices in electronic format. Invoices are shared using the appropriate technology (such as EDI) between supplier and buyer. E-reporting consists of data important for fiscal purposes (such as SAF-T files).

 

*E-Invoicing / E-Billing: Significant market transition lies ahead 2017, Bruno Koch, Billentis, 18.05.2017

A rapidly growing number of disruptive next-generation invoice processing technologies lay a strong foundation as strategic drivers. A powerful market transition is taking place in our industry. Many countries in Europe and North America see the benefits of using e-invoicing, but it is the governments of countries in Latin America and Asia that have declared themselves ready to take a great leap forward by implementing the clearance model by 2024. That means they will require market participants to exchange invoices only in electronic format.

Billentis estimates that the size of the global e-invoicing and adjacent market in 2017 is EUR 3.3 billion (USD 3.6 billion), and that it will reach approximately EUR 16.1 billion (USD 17.4 billion) by 2024.

E-invoicing as the nexus of the supply chain

Pure e-invoicing services are no longer sufficient, as the demand for support for additional documents, processes and services is increasing significantly. The market is already aware of the advantages of e-invoicing, and the role of service providers and consulting companies is to advise enterprises how to approach the topic holistically, in order to optimize as many operations within the supply chain as possible. This is why big international service providers get more clients nowadays. These firms are able to tailor a solution to a customer’s needs, integrate it with other IT systems and, most importantly, offer vast experience of all the processes within the supply chain.

Services by Comarch

Comarch combines e-sourcing, e-procurement, e-invoicing and accounts payable invoice automation capabilities into a single, integrated suite. It enables improvement communication within your company and with your business partners, thanks to document handling automation, holistic approach to exchanged data, and financing solution leveraging.

As a result, your company will have prompt access to reliable reports, will increase efficiency, and gain the freedom to choose how to optimize working capital.

 

 


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