E-invoicing adoption to increase with 55% by 2016 - report

Tuesday 17 June 2014 10:25 CET | News

55 % of organisations are planning to implement e-invoicing within the next two years, recent findings indicate.

According to a study by research and advisory firm Ardent Partners and e-invoicing software company Basware entitled “e-Payables: The Quest”, while 29 % of companies are currently using e-invoicing, adoption is expected to increase with 55 % of organisations planning to implement it within the next two years. Similarly, the 19 % of companies currently using business networks to submit e-invoices and e-payments is expected to grow to 41 % within the next two years.

The report also revealed that there is a big discrepancy between best-in-class organisations and their peers in Accounts Payable (AP) performance. Best-in-class organisations can process an invoice in 3.7 days compared to 17.1 days for other organisations. The average processing cost is USD 2.42 per invoice for best-in-class organisations, which is more than seven times lower than other organisations.

Additionally, the report revealed that the average best-in-class company processes half (50.3%) of its invoices without human intervention, compared to slightly more than 10 % for other organisations.

For more information about Basware, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: e-invoicing adoption, e-invoicing, report, AP, e-payments, e-invoices, Basware, Ardent Partners
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech