Business Advisors eInvoicing is here! Be the first in the know and get ahead of the game
Tue, 01 Nov 2020
The big news in business of late is that a whole of economy approach to B2B eInvoicing is here. In today’s technologically advanced world, inefficient processes can bring a business to its knees. “But in the last 40 years, tangible assets have declined to 15% of business value, while intangible assets now generate 85% of value. These are the job activities, or ‘tasks,’ performed by knowledge workers.” – CFO Magazine July 2016.
B2B eInvoicing is different to emailing a pdf. By emailing a pdf, you are simply sending a picture of structured data, which still requires a significant amount of manual work to process. eInvoicing means exchanging the actual invoice data between the supplier’s and buyer’s business management systems, which results in a more efficient transfer and processing of information.
Whilst electronic invoicing isn’t new to some large software developers and businesses, the Digital Business Council’s (Council) recently published approach is new because it is standardised. Its development has been led by industry and uses open international standards, making eInvoicing broadly available to business of all sizes. With the broad availability of eInvoicing solutions any business should be able to send or receive eInvoices with any of its trading partners.
eInvoicing is a first step towards digitalising the full procurement cycle. As your clients automate their commercial processes the volume of data entry and re-entry work they need to do should reduce, freeing them up to focus on growing their businesses. By the same token, they will not expect you to enter data on their behalf meaning that you can offer higher value advice and support to them.
The Council, supported by its Working Groups, is a multi-stakeholder forum, drawing on a wealth of industry knowledge and expertise to collaboratively progress eInvoicing and other digital initiatives in the future. Further information on the Council and its initiative can be found on this website. Advisors and their clients are encouraged to visit the site to learn more about eInvoicing.