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With proper I mean structured e-invoicing - not e-mailing PDFs (as bad as paper mail - or even worse due to spam filters..).
So why?
Your customer
1. gains convenience - especially with simple mobile payment approval
2. saves cost in the region of 15-30€ per invoice as payment approval and payments can be automated
3. saves much more when accounting, cash flow estimates, VAT-reporting etc is automated by automatically extracting needed data from received (and sent) e-invoices
4. can start moving to real time financial administration - huge additional benefits
5. contributes to lower CO2
You:
1. gain convenience - especially fast by reusing bank file transfer and e-banking
2. save costs - in the region of 2-9€ per invoice
3. save much more when accounting, cash flow estimates and especially VAT-reporting can be automated by extracting needed data from sent and received e-invoicing
5. contribute to lower CO2
6. your employees can move from routines to more interesting, more productive and better paid jobs
Society at Large:
1. Large cost savings in public sector from adopting e-invoicing and automated reporting processes and accounting > lower tax pressure (cost for you and your customer).
2. Efficient and cost efficient grey economy counter measures. Just and wider tax collection > lower tax pressure and better rule of law
3. Better productivity as scarcer workforce can move in higher value tasks.
4. Lower CO2 (10m tonnes on EU-level)
Productivity leap! Anything else coming even close?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ritesh Jain Founder at Infynit / Former COO HSBC
08 January
Steve Haley Director of Market Development and Partnerships at Mojaloop Foundation
07 January
Nkahiseng Ralepeli VP of Product: Digital Assets at Absa Bank, CIB.
Sergiy Fitsak Managing Director, Fintech Expert at Softjourn
06 January
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