The UK Public sector could be wasting not only time, but upwards of two billion euros in one year as a result of switching to paperless invoices and economic growth in the UK business market. Driving productivity could also make a major change in the sector, allowing greater output of goods and services for lower factor inputs.
Electronic invoicing allows the capture of a minimum of 60 percent savings per invoice over manual processes for a buying and selling organization. The two billion in GBP savings across the sector, based on conservative assumptions, and there is the potential to significantly increase benefits for businesses.
Denmark has already implemented a public sector e-invoicing and has estimated that they have saved closed to 150 million euros a year, but when scaled up the UK, it equates to over 1.25 billion GBP a year.
The general view for the public sector buyers is that there exists a savings potential from e-invoicing of up to 11 euros per invoice for buyers, and saving of around 6 euros for suppliers, which is where analysts get the 60 percent savings.
The findings of PwC’s latest working capital study suggests that if all companies, both public and private in the sector, deployed e-invoice strategies, a staggering 3.7 trillion euros of excess working capital could be released around the world, averaging out at a 10 to 12 percent of company turnover.
About Fetchflow.com
Fetchflow (http://www.fetchflow.com) offers paperless billing solutions for businesses. Paperless billing not only saves the company money, but it also saves the time employees spend creating a manual invoice for your company. Visit the website today to learn more about invoice template and how e-invoicing works and how you can implement an electronic invoice for your business.
Distributed by Iterate LLC
Company Name:FetchFlow.com
Contact Person: Benjamin Wrights
Email:media@vytalnet.com
Phone: 4157669098
City: San Francisco
State: CA
Country: United States
Website: http://www.fetchflow.com
