Helping businesses to recognise the benefits of e-invoicing
Tungsten believes in the potential for technology to enhance the way everyone does business. Technology has transformed our personal lives, so why shouldn’t it transform business too?
With electronic invoicing technology in place, businesses of any size can adopt faster, smoother practices which save valuable time and resource, as well as paper. Rarely does a product or service benefit a businesses’ bottom line and the environment as effectively as e-invoicing.
The number of businesses using e-invoicing to improve their accounting procedures is rapidly approaching a critical mass. The technology is no longer a secret weapon for the more tech savvy businesses, but a must have for any company looking to stay competitive. Without it, each invoice requires a person to open, scan, and send it to the correct department, before it is filed and archived. And even then it can get lost along the way.
However, while many of the world’s largest organisations use e-invoicing to transact with their suppliers (Tungsten alone serves 56% of the Fortune 500 and 67% of the FTSE 100), there are also too many businesses that are still somewhat stuck in the past and have yet to reap the benefits of financial automation.
To make it easier for businesses to find out why they – quite literally – can’t afford to miss out on the innovation that e-invoicing brings, Tungsten has launched a new Benefits of E-invoicing microsite.
The interactive site enables users to quickly view the ways in which e-invoicing helps their business overcome accounts payable and receivable challenges, such as reducing invoice errors and exceptions, increasing visibility of the full invoice cycle from receipt through to payment, and meeting regulatory and compliance requirements (international trade can be a legislative minefield without the guidance of experts like Tungsten).
The site also features a tool based on the savings calculator in the 2015 Billentis E-invoicing Market Report, which allows users to instantly calculate how much e-invoicing could save their business depending on the number of invoices sent or received per year.
So, for example, a business that typically receives around 100,000 invoices per year (which is not at all uncommon for a large organisation) stands to save over one million euros by moving from paper invoicing to electronic. That’s the equivalent of almost £800,000 or over $1,200,000 USD, which is a lot of money in any currency.
On the flipside, an organisation that sends 100,000 invoices per year could save over €660,000, which is equivalent to around £500,000 or $700,000.
The microsite even has a ‘green calculator’ to show buyer organisations how much e-invoicing helps the environment. A company that receives 100,000 invoices a year can save 300,000 sheets of paper (that’s 36 whole trees), 127 pounds of air pollutants, five cubic metres of landfill, enough fuel to run the average car for 2,668 miles, and enough energy to run a home for 13 months! It doesn’t get much greener than that.
And finally, the microsite links to the interactive Tungsten Readiness Assessment, which asks users a series of questions to help them determine whether they are ready to embark on an e-invoicing programme, and also benchmarks their business against a typical Tungsten customer.