The 2014 Billentis Report into e-invoicing and e-billing commits to an in depth analysis of the electronic billing industry, and features all relevant implications for SMEs. For the first time, the report focuses on the role of three key stakeholders within the market - the public sector, SMEs and solution providers. The public sector is seen by the report as the number one industry ‘game changer’ that is set to drive massive adoption.
Due to their size and reach, public sector organisations are one of the predominant forces for growth within the industry. Estimates have the sector accounting for 10% of the total billing market volume worldwide. 45-65% of all businesses are suppliers to the public sector, and 100% of businesses and homes, receive invoices and receipts from it. With such a share, the public sector is in a significant position to push further adoption of the technology and is primed to do so.
Advantages for the public sector in adopting electronic methodologies are twofold. E-invoicing removes inefficiencies from within their own value chain, resulting in cost savings and productivity increases. By mandating usage, governments have the potential to increase revenue through a reduction in fraud and tax evasion. Electronic billing encourages transaction transparency and commits businesses to a full audit trail.
The report reveals that European invoice/receipt volume has now surpassed 34 billion. According to estimates in the report, the federal administrations of many European countries could save billions of Euros from implementing electronic billing processes. Example savings in billions of Euros: Germany €6.5, France €4.2, Italy €3.0, Poland €1.7, Romania €1.4.
The EU is currently seeking for member states to adopt a directive for e-invoicing standards to bring efficacy to cross border public procurement offerings. The report points at increased global commerce, requiring the facilitation of efficient transaction costs. A single, simplified set of rules will increase certainty within the marketplace, encouraging trade and competition.
“The looming regulatory changes for the EU, make it clear that early adoption of electronic invoicing, is critical for SMEs wanting to remain competitive within the lucrative public procurement sector,” Andrej Glezl, CEO, Datamolino.
The report is researched and authored by leading industry figure Bruno Koch, and your complimentary copy can be downloaded at www.datamolino.com. Datamolino is a SaaS solution, currently in public beta, offering a seamless integration of electronic invoicing and receipt processing for SMEs.