UK E-Invoicing Advocacy Group Update

September 15, 2010  |  Electronic Invoicing

accountis 230x200A meeting of Accountis and other key players interested in the UK E-Invoicing landscape was held yesterday (8/9/10) with a view of establishing an UK E-Invoicing Advocacy Group.  One of the key recommendations of the EU Expert Group on E-Invoicing was the establishment of national advocacy groups for the promotion of E-Invoicing in each of the EU member states. The UK has a definite need for such a group because it has low levels of E-Invoice adoption in comparison with other major EU countries - even though it is one of the easiest places to do E-Invoicing.

Despite the obvious and clear benefits, the UK government has also been slow to adopt E-Invoicing. In these extraordinary times where there is significant focus on efficiency savings and cost reduction - E-Invoicing is a simple mechanism of enabling significant and rapid cost reduction with very little outlay. It is estimated that the potential benefit to the UK economy in adopting full E-Invoice automation nationally would be in the region of £22Bn - £28Bn.
.

Key benefits of E-Invoicing highlighted by the group were :

1. Improves competitiveness of enterprises and raises productivity and customer satisfaction in both the public and the private sector.

2. Creates substantial cost savings through reduction in manual work, material and transport (postage in particular) costs.

3. Additional cost savings arise in fraud and loss prevention and auditing costs for trading parties and tax authorities.

4. Enables accelerated payments, improved cash flow and reduced credit losses for both large and small enterprises.

5. Makes a direct contribution to generating carbon savings with resultant environmental gains.

6. Can enable workforce transition to more productive activities and can act as a learning vehicle to increased use of electronic practices throughout the public and private sectors.
There was unanimous agreement amongst all in the group that the UK should aggressively adopt E-Invoicing and that the public sector should lead they way. With the sea of change being brought about by the coalition government, now is the time.

Source: Accountis


Related Posts


Comments are closed.