For those of us concerned with streamlining back-office financial processes for organizations around the world, Earth Day is a great time to stop and celebrate one of the most underrated benefits of automation technology – it greatly reduces the need for paper. Electronic invoicing technology now eliminates many of the traditional manual payables processes including printing, filling envelopes, mailing, scanning, keying in invoice data, matching of invoices to orders, and archiving.

Basware reminded us of this when they published their annual Green Guidelines for Finance today. They recommend eliminating paper in the following three ways:

 

Send and receive invoices electronically.

By using online business commerce networks to send and receive invoices globally, companies can realize up to 80 percent cost savings, gain accuracy, and eliminate time-consuming and manual processes.

Toss the large paper catalog.

Companies can eliminate large paper catalogs for employee purchasing by providing e-catalogs over business commerce networks.

Cut out the paper in payments.

By implementing electronic payment practices, companies can forgo the need for checks and cash in B2B financial transactions. It’s not only good for the environment, but it’s also a more efficient and effective way to conduct business.
The elimination of paper in an invoicing process can not only reduce a company’s environmental footprint, it can also prepare it for the possibility of future ecological compliance mandates. Moreover, as eInvoicing picks up speed globally, organizations are able to connect with more suppliers in developing nations, enabling new investment in these emerging economies. You can view the full press release here.

Does your organization make paperless a priority? Leave a comment and let us know!

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