Good question Kewill. How is the UK doing at the moment when it comes to electronic invoicing? Over a year ago we saw that Great Britain was falling way behind on other European countries. Kewill’s recent eInvoicing Survey of 117 companies shows that 44.9% of UK businesses have an e-invoicing solution in place today and 23.8% will be looking at implementing one within the next to years. That’s quite an improvement from a year ago, but there’s still a lot of work to be done.

Education please

The survey results demonstrate that there is a good level of general awareness about eInvoicing, with 75.5% of respondents understanding the concept. It too bad then that half of the companies who do not have an eInvoicing solution said the main reason they have not invested in one is because they feel their existing manual procedures work fine for them. And 47.6% believes they do not process enough invoices to make such a solution worthwhile. Maybe some education would be in place here, for an even better understanding of the concept.

Cost versus savings

The perceived cost of implementing an eInvoicing solution is not a major barrier, according to the survey results. Only 11.9% of respondents have been deterred from investing in an eInvoicing software solution because of the perceived cost. But let’s focus on the potential cost savings that e-invoicing can bring. Brace yourselves, because 30.8% of businesses don’t know how many invoices they process each year, and so are simply unaware of what they are missing out on. Wake up people!