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News: Electronic Invoicing Could Help the European Union Control Finances


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A number of professionals have acknowledged that some of the financial woes of the EU could be solved if the group would embrace electronic invoicing.

Electronic invoicing could help the European Union control finances

Electronic invoicing could help the European Union control finances

The Great Recession threw many people for a loop for a number of years across the globe. While some individuals might think that the only institutions that were affected were American banks and other financial organizations, that's certainly not the case. As the U.S. dollar fell, so did the currencies of many nations around the world.

Take the European Union (EU), for example. When the global economy started slipping, this consortium of European nations started slipping too. And even though many countries and businesses are experiencing re-growth after the tough time, many economies still aren't up to snuff.

As such, some fiscal experts are suggesting that leaders at the EU should implement a system of electronic invoicing to help remedy the situation. Turning to electronic workflow is something that companies across the world have been able to profit from, and professionals think that the union can see the same returns.

New reports think e-invoicing could be invaluable
According to E-Invoicing Platform, two reports - one from the European Commission and another from A.T. Kearney, Vida and Dr. Friedrich Schneider - acknowledged that some of the financial woes of the EU could be solved if the group would embrace e-invoicing. Namely, the technology would help contain instances of tax evasion and the shadow economy, which are legal business tasks being pursued in a way that EU authorities have no say about.

The news source explained that within the governmental organization, there is a lot of revenue slipping through the cracks that could properly be siloed if electronic invoicing were practiced. This is present not just because of fraud but also error and delayed payments - things that would likely not be issues with the presence of an e-invoice system.

What can business leaders learn from this?
The long and short of it is that businesses in any industry would benefit from electronic invoicing. Digitizing can clean up so much clutter around the office. Workers wouldn't have to spend time manually filling out forms and throwing them out if they make even the slightest mistake, because making changes just requires a few keystrokes.

Plus, saving financial information in this manner would make audits go by so much faster and cost the business a lot less time and money. E-invoicing can help ensure the EU remains compliant with regulations - something companies across the globe could also benefit from.

by PaperSave

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