Thu, Jul 17, 2008
The Business Times
"Going paperless with electronic invoicing
...Cost savings and convenience
Research has shown that it costs about $2.65 to issue one paper invoice (including the cost of printing, envelope and postage).
By submitting invoices electronically, SMEs can now save as much as 90 per cent of the cost for each invoice. In addition, the e-Invoice system brings about greater convenience for suppliers.....
E-invoicing also eliminates the risk of misplaced hard-copy invoices.
'E-invoicing is definitely the way to go. It shortens the payment cycle. It helps us get paid faster, and eliminates much of the hassle of generating more paper work,' said Chung Kek Yoong, managing director of PacificArena.
'With e-invoicing, our accounts people can also keep track of receivables more efficiently. It's a big plus for us.'
...SMEs can also potentially save on office rental costs for accounts staff who will be able to work from home.
Government e-services like the e-Invoice system also open the door for SMEs to provide part-time or flexible working arrangements, enabling them to tap a new potential source of employees.
A recent International Enterprise Singapore survey showed that about 40 per cent of the unemployed females were not rejoining the workforce due to a lack of part-time working arrangements. ..
E-invoicing also enables suppliers to cut down on paper use.
Currently, the government receives over 600,000 invoices from suppliers a year, which is equivalent to 1.35 million sheets of paper annually....
This article is contributed by the Accountant-General's Department of the Ministry of Finance