SMEs Advised to Adopt E-invoicing

According to business experts, electronic invoicing (e-invoicing) can greatly benefit companies by providing an avenue to adapt to the changing requirements of both traditional and digital trade internationally.

Luisa Scarcella of the International Chamber of Commerce (ICC) mentioned in a statement issued by the Philippine Exporters Confederation Inc. (Philexport) that e-invoicing has a considerable number of possible benefits specifically for small and medium enterprises (SMEs).

With e-invoicing, this can reduce the processing cycles which encompass the payment of accounts receivable and tax recovery. This could also lessen the costs of transactions, improve enforcement and tax data management, give real-time control over the movement of goods, support economic modernization, and make the process easier for companies to work on a global scale.

E-invoicing can be beneficial for SMEs and multinational companies but more so for SMEs as they “don’t have the capacity and means to adapt to the different requirements around the world,” mentioned Scarcella.

A presentation was given by Scarcella at a forum on accelerating trade digitalization that was held by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in collaboration with the Asian Development Bank and ICC.

For trade, invoices are considered one of the most important documents for trade as they allow a basis for business management, payment, trade control, and regulatory compliance.

“The potential of electronic invoicing in facilitating cross-border commerce will not be unlocked if the implementation of e-invoicing persists with the current level of diversity of approach among jurisdictions and law enforcement,” mentioned Andre, Hoddevik, Secretary General of OpenPeppol AISBL.

Source: Business Mirror