In the past several years, a wealth of private and public sector organizations have made the switch away from traditional accounts payable and receivable, moving instead toward e-invoicing solutions that help to drive the efficiency and speed of payments. Studies have indicated that a wealth of problems that were apparent in the traditional ebb and flow of corporate and government payments, such as poor tracking and a lack of speedy returns on bills, have been countered thanks to e-invoicing solutions.
Entire countries are beginning to make the switch now, with Mexico and several others located in Latin America grabbing up a wealth of headlines given their significant success with these programs. Automation software such as e-invoicing can help any business stay relevant and competitive, and the digitization of accounts payable and receivable is an excellent place to start when working to overhaul certain core corporate processes.
The growth question
Finextra recently argued that e-invoicing has not had any negative economic impacts in Latin America, and that a new study released by the World Economic Forum showed just how powerful these emerging markets have become. According to the news provider, one of the ways in which experts and advocates believe Latin American nations can begin to more effectively compete on the global stage is through the use of advanced structural refinements and infrastructure upgrades, which will undoubtedly demand investment.
Luckily, the source pointed out that investments are streaming into Latin America at a greater speed than ever before, but that businesses are already beginning to feel the strain when it comes to keeping up with regulatory compliance and other matters. Because automation bolsters the efficiency of many relevant procedures such as accounts payable and receivable or reporting, Finextra suggested that e-invoicing is an excellent option available to businesses in the region.
The same changes and shifts are certainly occurring here in the United States, simply on a smaller, less radical scale. Still, business owners who step into the modern era of organizational management with the help of effective tools such as e-invoicing, content management, reporting and analytics automation will enjoy similarly positive experiences when moving through ever-changing regulatory compliance environments.
As public and private sector agencies continue to make this transition, getting aboard before the boat pulls out of the harbor will ensure the company does not fall behind the competition.