The latest Billentis report estimates there are nearly 550 billion invoices globally, with this number set to quadruple by 2035. Invoicing volume can be seen as a proxy for global trade, showing that the global economy is also set to grow as more companies in Latin America, Africa and Asia continue to expand their cross-border trade.
But the real number to consider within the report is 55 billion. That’s the estimated number of electronic invoices (e-invoices), which is set to grow 10-20% annually. The growth in e-invoices shows how quickly companies and governments around the world are beginning to digitally transform their operations.
“The digital transformation is no longer an option, it’s an imperative” - 2019 Billentis Report
For companies, this means lower costs, with e-invoices costing up to 60% less than paper, as well as easier VAT and Tax compliance globally. In addition, paper invoices produce 3x more CO2 than e-invoices, making it one of the easiest ways for companies and governments to contribute to their sustainability goals.
For governments, e-invoicing means better VAT and Tax compliance, adding billions to government coffers and enabling them to more easily pay down debt or increase social spending.
While the first phase of e-invoicing was led by the private sector, this next phase is being led by Governments. In Europe, new EU directives obligate over 100 000 public agencies to support certain e-invoicing standards, to develop the automated processing of electronic invoices and to migrate certain procurement processes towards electronic procedures by the end of 2019. Similar initiatives have also taken place in Latin America, making it one of the global leaders in e-invoicing rates.
At OpusCapita, we’ve been supporting companies and governments in their e-transition for over 30 years. Last year, we processed over 220 million e-transactions, helping both companies and governments create the digital supply chain of the future.
OpusCapita enables organizations to sell, buy and pay quickly and securely, with a real-time view of their business. Over 3,000 customers in over 100 countries use our source-to-pay, cash management and product information management solutions to connect, transact and grow. OpusCapita processes over 220 million electronic transactions annually on its Business Network, which includes almost 1 million organizations and over 11,000 financial institutions worldwide. More information: www.opuscapita.com