With the start of the new decade, e-invoicing has seen an impressive surge in demand, especially in the context of rapid technological development.
E-invoicing or electronic invoicing is the growing digitised technique of interchanging an invoice document between a buyer and supplier in an integrated automated format. The increasing global demand for E-invoicing comes at a time of rapid globalisation and growing demand for internet-based centralised systems for invoicing and billing operations in organisations.
The introduction of E-invoicing will also mean mobile payment systems will be more frequently applied in banking, commercial transactions and bill payments. Telecommunication services will also greatly benefit in terms of efficiency from E-invoicing.
As part of E-invoicing initiatives, governments around the world are also encouraging the digitalised method of recording transactions to be extended to mobile banking services in rural areas in order to provide significant growth and business opportunities for such areas.
Businesses have already started to plan for the rise of e-invoicing in the upcoming years, with the “Global E-Invoicing Market Analysis to 2027” report revealing expectations of high growth in the usage of e-invoicing around the globe as well as how it will be integrated organically into existing business growth strategies. E-invoicing will improve convenience in current business systems and will also provide organisations and workers with easy access to mobile payment systems.
Although the E-invoicing method is currently led by Europe, it is sure to reach Australian and New Zealand businesses soon. To accommodate for the international forecast period of the next few years, government policies regarding regulations for E-invoicing practices in its implementation in businesses are expected to be introduced relatively soon so stay up to date with the up and coming industry!