UK public sector wasting GBP 2 billion by not adopting e-invoicing-report

Friday 13 December 2013 09:37 CET | News

The UK public sector could be ‘wasting’ up to GBP 2 billion each year through slow take-up of e-invoicing, a recent research has revealed.

According to a report by Tungsten Corporation, an investment firm founded by Edmund and Danny Truell, focused on monetising the e-invoicing network, calculated that buyers and suppliers could save a combined total of GBP 1.93 billion by using e-invoicing to reduce costs, save staff time and cut fraud.

The report revealed that e-invoicing cut costs for buyers by a minimum of 60 % per invoice and saved 10 minutes of staff time, compared to manual processes.

In recent news, Tungsten has completed the acquisition of the UK-based global B2B e-invoicing network operator OB10 after trading it on the AIM market of the London Stock Exchange.

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Keywords: UK, public sector, wasting GBP 2 billion, e-invoicing, slow take-up
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech