The benefits of e-invoicing is widely spread that made the market growing worldwide. In fact, the sustainable growth of the e-invoicing market is set to reach 10 to 20 percent. Despite these benefits, organizations are still unable to invest in the technology. They believe that their current manual, paper-based processes are still fine. Here are four challenges that keep these companies from investing in electronic invoicing.
1. Switching is time-consuming. Organizations feel that switching to paperless invoicing can be time-consuming. With dozens or hundreds of partners maintaining the project, they are afraid that it could disrupt their processes. However, e-invoicing service providers have the tools to prioritize partners for on-boarding. Others can even help convince a few opponents.
2. E-invoicing compliance can be difficult. It can be difficult to follow legal issues in electronic invoicing. For instance, Europe has various local requirements on the use of EDI and electronic signature, while Mexico requires integration with government servers. This can all be addressed by partnering with an experienced provider that guarantees interoperability with other providers and legal compliance in various countries.
3. Switching means changing internal business processes. Depending on the structure of a company, many departments can be engaged in e-invoicing projects. Some companies are reluctant to change because they are trying to negotiate prices with scanning and printing of traditional invoices. However, e-invoicing brings significant savings and reliable data that enhance the decision process.
4. Companies adapt various e-invoicing strategies. Another reason why organizations postpone the e-invoicing project is the differing strategies of similarly-sized companies. What may be beneficial to the other does not work to another. So typically, they do not switch until their partners force them to do so. As a solution, they should open their minds to see how it can change their business operations.
The e-invoicing market will grow steadily in the next years. It is hard to imagine if companies that already started with the project to abandon it. It is highly likely that e-invoicing will become an effective solution with thousands of new entities joining the community.