Explore the possibility by reading the U.S. Adoption of Electronic Invoicing: Challenges and Opportunities paper release by the Payment, Standards and Outreach Group of the Federal Reserve Bank of Minneapolis.
In keeping with the desired outcome of end-to-end efficiency detailed in the Strategies for Improving the U.S. Payment System paper, the main goal of U.S. Adoption of Electronic Invoicing: Challenges and Opportunities is to consider the development and implementation of a standard, ubiquitous B2B electronic invoice and processing platform in the U.S. similar to those that have been developed in other countries. The paper also highlights:
- Opportunities for businesses to:
- Gain efficiencies and reduce costs by more broadly adopting e-invoicing
- Expand into other areas of the financial supply chain
- Reduce payment risk and late fees
- Societal benefits from a reduction in paper invoices
- Challenges stemming from a lack of:
- Information technology resources to implement change
- A compelling individual business case among smaller businesses
- Common, unified standards or translation software to facilitate change
- Industry-led coordination, collaboration and leadership to develop a strategy for change
Download the full version of U.S. Adoption of Electronic Invoicing: Challenges and Opportunities paper today!