Online invoicing is rapidly becoming the standard for businesses worldwide, driven by increasing regulatory mandates and the need for greater efficiency and accuracy in financial transactions. More and more businesses are realising the importance of e-invoicing. Therefore, the push towards online invoicing is becoming more compelling.
Poll results
In our most recent LinkedIn poll, we asked our followers if they have fully switched to electronic invoicing.
With e-invoicing mandates growing, has your business fully switched to online (electronic) invoicing?
- Yes – 40%
- Partly – 60%
- No – 0%
Full adoption of online invoicing
According to our poll, 40% of respondents have fully switched to online invoicing. These businesses are reaping the full benefits of a streamlined, efficient, and compliant invoicing process. Full adoption means that these companies have successfully integrated e-invoicing solutions across all their invoicing activities. This ensures that all invoices are generated, sent, received, and processed electronically. This comprehensive implementation helps in achieving maximum efficiency, reducing costs associated with paper invoicing, and improving the speed of transactions. Businesses that have fully embraced e-invoicing also find it easier to comply with regulatory requirements, as their systems are already aligned with mandated standards.
Partial adoption of online invoicing
The majority of our poll respondents, 60%, have partly transitioned to online invoicing. These businesses are in the process of integrating e-invoicing solutions but have not yet fully replaced their paper-based systems. Partial adoption of online invoicing can occur for several reasons. This can include the complexity of integrating new systems with existing infrastructure, the need for employee training, and the time required to onboard all suppliers and buyers to the new system. Despite these challenges, businesses in this phase are already experiencing some benefits of e-invoicing, such as improved accuracy and reduced processing times. However, to maximise the advantages, these companies must continue to work towards full integration, overcoming any hurdles and ensuring all stakeholders are on board.
No adoption of online invoicing
0% of respondents indicated that their business has not started the transition to online invoicing. This result underscores the widespread recognition of the importance and inevitability of moving towards electronic invoicing. However, for businesses that may still be hesitating, it’s worth examining the potential barriers that could be preventing this transition. Common obstacles might include concerns about the initial costs of implementation, the perceived complexity of overhauling existing systems, and apprehension about data security. Despite these concerns, the overwhelming trend towards online invoicing suggests that remaining reliant on paper-based processes may put businesses at a competitive disadvantage, both in terms of operational efficiency and regulatory compliance.
Learn more about B2BE’s Customer Invoicing and Supplier Invoicing solutions.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.