The Irish business sector can save up to €246m annually by ditching paper invoices for electronic invoices, a new report suggests.
‘E-Invoicing/E-Billing in Europe and Abroad’ reports that Irish businesses can save up to 2pc of their turnover by cutting out paper invoices and optimising related supply chain processes. The translates to €246m in potential savings, based on Irish GDP of €1.23bn in 2010.
“Electronic and automated invoice processes can result in savings of 60-80pc compared to traditional paper-based processing. Thus the payback time on investments in e-invoicing projects can be as short as six months," said Bruno Koch, the report’s author.
Michael O’Brien, head of marketing at Celtrino, said the Irish economy faces many challenges but for Irish businesses, the capability to embrace and master continued supply chain change will be key.
“By embracing business process change, such as e-invoicing, Irish businesses can make real-time decisions based on access to key supply chain data, establish long-term competitive advantages and drive out excess costs.”
The report points out that traditionally, e-invoicing projects were the preserve of large corporations, but cloud-based solutions now make e-invoicing an affordable option for the SME sector.