Electronic invoicing (e-Invoicing) can give businesses the means to adapt to the different requirements of traditional and digital trade globally. Providing several benefits for businesses, including several potential benefits specifically for small and medium enterprises (SMEs).
With e-Invoicing, SMEs are able to shorten processing cycles, including payments of accounts receivable. It can also cut transaction costs, improve data management and provide real-time control over movement of goods. In turn, this can help make it easier for businesses to operate on a global scale.
E-Invoicing can help both multinational companies and SMEs alike, especially for the latter, who don’t have the means to adapt to the different requirements around the world. Invoices are one of the most important documents for small and medium enterprises, providing a basis for payment.
Future of e-Invoicing
E-Invoicing is crucial for the future of the global trading system. Over the last decade businesses and governments have embraced it to deliver increased efficiency, reliability and accuracy in cross-border payments. However, connecting isolated systems still remains a challenge for all involved. As more countries create their own e-Invoicing frameworks, there’s the risk of country-specific and technical standards, which ultimately act as a barrier to digital trade.
These constraints make it harder and more expensive for SMEs to operate in.
How are SMEs adopting e-Invoicing?
Frameworks are being created with common rules, technical standards and processes to enable interoperable interpretation of the invoice in digital form. As of November 2022, there were 18 countries with PEPPOL authorities, and 42 countries with OpenPeppol members.
PEPPOL is a way to exchange business-critical electronic documents in a secure international network. Businesses are now able to connect via third party organisations providing immediate access to the PEPPOL e-delivery network, and all the trading partners within the network. Saving the time and cost to not only join the network, but the time and cost to set up cross-border e-Invoicing.
Find out more about B2BE’s Peppol Access Point.
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