SoftCo Survey Reveals Accelerating Demand for Electronic Invoicing

Survey findings from SoftCo’s recent International User Conference have revealed a growing demand for E-Invoicing by leading organisations across Europe.

Dublin, Ireland, May 02, 2013 --( Over 70% of responders across an array of industry sectors and sizes recognised E-Invoicing as a key component in the transformation of finance departments from a cost centre to an efficient department that adds value to the business.

Invoice processing represents a significant overhead for many organisations. Aberdeen Research shows that 75% of business’s still manually process invoices, for these organisations invoice costs can range as high as €1.29 per invoice and when processing a high volume of invoices this translates into a significant annual cost. E-Invoicing eliminates the direct costs and process inefficiencies associated with the manual handling of paper invoices. For an organisation that sends 6,000 paper-based customer invoices per month, making the switch to E-Invoicing can deliver savings of up to €76,000 a year.

The European Union is also at the forefront of driving the widespread adoption of eInvoicing. The introduction of EU Directive 2001/115/EC (2006/112/EC means all EU members must afford the same legal status to electronic invoice processes as they do for paper invoices. The Directive promotes the efficient cross-border creation, validation, transmission, acceptance, storage and retrieval of invoices.

In addition, E-Invoicing provides an organisation with full visibility and control throughout its accounts receivable process. By providing customers with electronic invoice delivery and an online customer service portal, invoice queries are resolved faster and customer loyalty is improved. This provides a powerful platform from which an organisation can reduce its debtor days and improve its cash management.

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SoftCo Ltd
Deirdre Pluck
353 1 294 2420