Magazine article Global Finance

Enabling Efficiency

Magazine article Global Finance

Enabling Efficiency

Article excerpt

Welcome to the first Technology & Treasury Management Supplement Global Finance has published. We recognize that technology has always been a key enabler of treasury management, with treasury management workstations and enterprise resource planning (ERP) systems facilitating the everyday financing and accounting functions that underpin the running of most companies.

In the wake of the recent financial crisis, more corporate treasurers are focused on eking out even greater efficiencies in their treasury management processes via centralizing and automating key functions. One of the technologies that has received considerate attention in recent years is e-invoicing. It could potentially save companies millions if they are able to automate traditionally manual, paper-based processes and utilize e-invoicing to deliver greater efficiencies as part of a complete re-engineering of the order-to-pay process. As ine invoice triggers payment, automating it can result in further working -capital efficiencies, particularly if it is tied into financial supply-chain offerings such as invoice discounting and supply-chain financing.

Despite the obvious benefits of e-invoicing, only 2% to 10% of total invoices are transmitted electronically. It has been difficult to get a critical mass of users for e-invoicing for a multitude of reasons- including different treatment by European Union tax authorities of electronic invoices and digital signatures and a lack of supplier uptake. …

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