Even though companies need to cover more ground when it comes to electronic invoicing, the good news is that it’s on an upward trend.  For example, according to Basware-sponsored research, CFOs worldwide reported that 73% of businesses conducted e-invoicing to some degree in 2012, compared to 59% in 2011.

One of the reasons for the rise in e-invoicing is that companies recognize the benefits that it offers, including speeding up invoicing cycles and reducing costs.  With scan and capture capabilities, virtual printers and other related technologies, it is easy for companies to receive e-invoices, no matter the format that their suppliers use.

Supplier resistance to e-invoicing is decreasing.  Supplier on-boarding and supplier portals make it easy for suppliers to register and send invoices electronically, and the benefit of potentially faster payment makes it an attractive option.

Legislative regulations that encourage or mandate e-invoicing in countries around the world are also spurring e-invoicing growth.  Governments are initiating these regulations for many reasons, such as to gain efficiencies, decrease waste and reduce fraud.

Additionally, there is also an ecosystem effect contributing to the growth of e-invoicing. Usage is passed down the value chain as buyers encourage their suppliers to adopt e-invoicing, who in turn encourage their suppliers to send e-invoices and so on.

We expect this trend to continue as all companies – buyers and suppliers alike – get on-board and experience the benefits that e-invoicing offers.

Bob Cohen is Vice President, North America for Basware, a leading provider of cloud-based purchase-to-pay and e-invoicing solutions that enable better buying, better selling and connected commerce for organizations around the world. For more information, contact , or call 203-487-7900.