An Important Electronic Invoicing Opportunity Missed in Europe
It will take a few months for the true impact of the decisions of the European Ministers to be understood but early observations suggest that an important opportunity to reduce the cost of doing business in Europe has been missed.
As reported by eeiplatform, the proposed changes have failed to streamline cross border invoicing processes and are much stricter than those originally proposed. It had been widely assumed that the original proposals would be adopted.
Purchase to Pay (P2P) Process
Electronic invoicing allow business to collaborate more closely by streamlining their Purchase to Pay (P2P) processes. Opportunities to make significant savings through techniques like dynamic discounting can only be exploited if businesses are able to trade using a common technology platform. The regulatory authorities in Europe are of course obliged to ensure that rules, particularly tax requirements, are met and in a very fast moving world of procurement software and financial supply chain management, the law makers appear not to be able to keep up.