Is it really here? Is 2013 the turning point for e-invoicing?

finally thumb Is it really here? Is 2013 the turning point for e invoicing?It looks like it’s really going to happen in 2013. 2013 is the turning point. For what? The end of global deforestation? Let’s hope so, but no. No, according to PayStream and Purchasing Insight 2013 will see a significant shift towards electronic invoicing. It’s about time! Paystream brings this news as a result of a survey of 300 AP, finance and treasury personnel across six regions of the world. You can download the report entitled “Global Electronic Invoicing—The State of AP Automation Worldwide” here. Hm, guess you’ll have to contact GXS for the password.

Respondents are of good e-invoicing will

Currently, only 16 percent of AP departments receive the majority of their invoices electronically, with just 5 percent receiving more than 75 percent of invoices electronically. The majority, 60 percent, continue to receive over 90 percent of their invoices on paper. However, half of survey respondents revealed that they are looking to implement e-Invoicing in the coming year, and well over half of those (31 percent) are looking to achieve at least 75 percent electronic.

The goal is there, now score!

Among the top three drivers for e-Invoicing, the survey found that 56 percent of respondents were looking to reduce the overall processing cost,  43 percent want to remove paper from the Accounts Payable Department and  38 percent are hoping to speed up invoice approval cycle times. Both globally and within the U.S. market, electronic invoicing ranked as the top automation goal for 2013. Electronic payments ranked second, chosen by 22 percent of respondents. Due to several factors the global market is aiming higher in its adoption goals, 50 percent compared to 41 percent in the US.

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