Why go 100% digital in finance?
Posted by Eva-Maria Fahrer on 30/09/2019 16:51
Pagero supports businesses as they transition into the digital future towards huge savings and data transparency never seen before
Fredrik Rosenqvist explains how Pagero helps business with ERP systems as they attempt the jump from working locally and manually, to digitally and globally.
There is so much to gain by going digital.
Going to digital can turn into a nightmare of incomprehensible tech, mind-twisting legislation and a large bill at the end. For some businesses, the digital transition leaves them asking themselves, is this really working for us and are we really any more efficient than before? This is very sad because true e-invoicing promises transparency and savings that were previously nowhere near possible to attain.
One of the fastest digital growth areas lies in e-invoicing. According to the Billentis Report 2017, the total global bill/invoice volume B2C/G2C B2B/B2G/G2B for 2017 was in the region of 400 billion documents.
Statistics have shown that in Europe, roughly 12.3 per cent of all VAT revenue goes missing every year-roughly Euro 150 billion. Governments in Latin America have introduced not only business-to-government but also business-to-business e-invoicing mandates. As a result, there have been considerable gap reductions. In Mexico, the tax gap was reduced by about 50 percent, and the tax revenue in Brazil has increased by Euro 60 billion.
As more and more countries begin to legislate to enforce the use of true e-invoicing to increase transparency and simplify their interaction with suppliers, they are also turning to data-driven paperless invoices. In this area there are large cost savings and benefits of powerful data use combined with automation when it comes to overall efficiency.
The changes in the law in each country, following the development of the technologies and staying aware of which systems your customers are using all takes precious time away from your core business. All businesses working internationally have to appraise the best use of their time and resources. Digital financial transactions can prove complicated and time-consuming. Cross-border interactions bring with them differing legal requirements because international customers often use differing systems.
Pagero is an experienced facilitator for e-business transactions. Pagero recognises that compliance is one of the keystones in effectively digitising your financial transactions internationally. It can be difficult to follow a country or market rules. If a business doesn't adequately follow the rules the business will be lost. Pagero offers clients our best practice and interpretation of each market.
"We take the pain out of the process by efficiently processing your data transparently and in real-time." says Fredrik Rosenqvist
Pagero has roaming agreements with many networks, including PEPPOL, to ensure maximum business reach. Importantly, Pagero works transparently to ensure each business fully understands how to communicate with each other. Once partnered with Pagero's knowledge of compliance, interoperability and global reach, and its emphasis on data accuracy will ensure that you will be able to operate confidently in an ever more interconnected and digitised business landscape.
This article is first published as blog on Pagero web. The text is copied and modified by me.
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They will be at the SBN Conference.
Contact them directly or send me an e-mail or call and I will organize a meeting. Link to conference is found below.
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Call me or send me an e-mail +47 922 52 539 and +46 (0)70 569 78 08 or em(@)sbn.no
Eva-Maria Fahrer, CEO, SBN-Adfahrer