Automated accounts payable and receivable is by no means a new trend in business management, but it is one that is beginning to gain a bit more traction across industries, regions and markets given the ways in which it can streamline a wealth of management demands. In fact, some nations in South America and Europe have already started to demand that all payments to the government be filed through an e-invoicing platform.
Surprisingly, the United States, which is often at the cutting edge of technological advancement as evidenced by the Cloud First Policy released in 2009 and a wealth of others, has thus far lagged on rolling out an e-invoicing strategy or requirement. This has become a common topic of discussion in certain circles, with more individuals beginning to demand that the government take a stance on e-invoicing that will mandate the use of the electronic, automated AP/AR procedures.
Waiting for the word
Spend Matters recently argued that the U.S. government must take measures to mandate e-invoicing between itself and the companies with which it does business, affirming that electronic payments are already widespread in the public sector and ought to be expanded. According to the news provider, such a policy would by no means be wholly aesthetic, but rather an intelligent step in the right direction that will lead to significant cost savings and smoother payment procedures.
Obviously, if those benefits did indeed manifest into reality, taxpayers would enjoy some savings, or at least the ability to watch national debt drop slightly. Perhaps more importantly, though, the source suggested that the government would be giving e-invoicing a more significant push among businesses – even those that have nothing to do with the public sector – and convincing them to overhaul their AP/AR procedures in hopes of becoming more efficient.
Furthermore, Spend Matters pointed out that fraud and lost taxes, which are two major economic issues, could likely be slowed by a mandate in Washington.
No need to stall
Businesses can often enjoy a wealth of advantages by switching from traditional invoices to electronic and automated platforms, such as speedier recovery of outstanding debts, less strain in the accounting department and greater control when balancing the books. These platforms are likely to become more of a necessity than an option in the coming years, so getting on board early might represent a competitively intelligent move for many organizations.