Organizations need to get proactive to digitize their procedures – particularly for overseeing invoices. If not, they will rapidly be outpaced by the digitization and market-changing advancements that are as of now, having an impact around the world. Recently a new study was published revealing international developments as anticipated to 2025.
Handling the VAT gap is one of the world’s most significant accelerators for digitizing invoice process. All things considered, tax fraud and insufficient tax systems deny conditions of billions of income that could be put to great use. So as to close this gap, an ever increasing number of nations are going to electronic invoicing, especially for dealings with the public sector industries.
Furthermore, the effect of new advances in blockchain, Production Automation, AI, Machine learning, and data analysis – is unquestionably noticeable seemingly within easy reach. Once more, receipt preparing, with its high extent of dull and principle based work, is a key point.
Thinking holistically about automation
With the new study “The E-invoicing Journey 2019-2025,” Swiss consulting firm Billentis has documented these developments and backed them up with figures. Another key point they make: It isn‘t just a matter of issuing invoices electronically, but all the associated processes that fall within an automation strategy, such as:
- Financial Supply Chain
- Procurement Process
- Tax Processes
- Invoicing at the point of sale and on mobile devices (e.g., for airline tickets)
This English-language study is available free of charge as a PDF Download.
Read more about E-Invoices and Invoice Processing.