THE PUSH FOR INVOICE AUTOMATION IN THE US
Despite massive changes in invoicing technology, U.S. businesses are still improving as far as global adoption rates are concerned. According to a study by The Accounts Payable Network, at least 56 countries have taken on the advantages of invoice automation with e-invoicing mandates. So what has the U.S. done to jump onboard? The U.S. mandate will help America catch up A study by Ardent Partners mentioned that invoice automation reduces what would be a 17-day process to just under four days. The 56 other countries that have begun to use invoice automation have seen changes in their economies, and the U.S. Dept. of Treasury has put a mandate in place for 2014 to catch up with those governments. The European Union is expected to save $3.1 million each year due to a mandate that is to be put in place by 2016, as noted by The Accounts Payable Network. The sanction would cut invoice processing to $1.50, while it is currently between $46 and $78. The U.S. Treasury put its mandate into place for 2014, and the effort is expected to save $450 million in taxpayer money. "Electronic invoicing will mean lower costs for taxpayers and faster payments for private sector companies doing business with the federal government," said Deputy Secretary of the Treasury Neal Wolin. "Treasury is continuing to move forward to identify innovative ways to use technology to cut waste and improve efficiency."
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This mandate is in response to President Obama's "Campaign to Cut Waste" in the federal government. The invoice automation sanction also requires vendors to submit their invoices using the Internet Payment Platform that was put into place to make e-invoicing transactions smoother. Challenges of making the switch Changing an entire infrastructure to invoice automation is difficult, especially when it typically requires a large overhaul. The Accounts Payable Network study recommended governments planning to make the switch to all e-invoicing should develop an invoice workflow solution. Additionally, the source suggested the government work with an einvoicing network that has already put rules and standards in place so e-invoicing in the U.S. has a direction to go in. Suppliers and business owners might have to alter their practices within the standards put in place - and change can be difficult. Despite the technological advances einvoicing has made, paper invoices are still prominent in the workplace. The overall advantages of invoice automation and electronic document management is making the change worth it, as evidenced by the countries that have already done so. _________________________________ Ready to kick your paper habit? Register for an upcoming webcast! Learn More about PaperSave: Case Studies | Demo | News and Events | WhitePapers | Webinars | Videos | Contact Us Tags: electronic workflow, Industry News, paperless office, document management software
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