Spurred by globalization, the physical supply chain benefits from multiple efficiency gains such as ERP, EDI, or vendor managed inventory, all impacting the bottom line. The financial supply chain, the processing of invoices leading to payment, has been left behind and in the main, has remained a paper-based, manual process.
While e-invoicing technology has been available for many years this lack of focus on the financial supply chain has hindered widespread adoption. Now things are changing Ė B2B is on the wider business agenda, more strategically, as CEOs, CFOs, CPOs and treasurers alike are scrutinizing their supply chains to reduce risk, increase stability, make cost savings, optimize working capital and gain competitive advantage. Today, e-invoicing is a frequently discussed topic in the media and in many boardrooms.
The e-invoicing process requires a little more than B2B integration. Electronic invoices must be processed and stored in a way that is recognized on an equivalent audit basis as paper invoices, for VAT purposes. With VAT being the predominant indirect taxation method globally there are a multitude of rules and regulations that vary across countries and this complexity, combined with the dotcom bubble and the credit crunch, resulting in slow e-invoicing adoption.
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Keywords: Cloud Computing, Cloud Logistics, Cloud Logistics Management, Supply Chain Information Systems, B2B, Finance Supply Chain, Finance Management, Finance Technology, Retail Finance Solutions, Supply Chain Management, ERP Solutions