By fiscal 2013, the all commercial vendors to submit invoices via their Internet Payment Platform. The IPP itself will be implemented by fiscal year 2012 to get a jumpstart on the mandate.
Treasury is pushing the move to e-invoicing as part of President Obama's "Campaign to Cut Waste," and believes it will slash invoice processing costs in half, or by $7 million annually.
a Stamford, Conn.-based e-invoicing platform provider, finds in a soon-to-be-released survey that a third of respondents do not in any way use e-invoicing. As hard to believe as that might seem, the number on non-users is significantly lower than in last year's survey, which reported 58% of respondents rely on manual invoicing processes.
Among the top reasons to do e-invoicing, according to the new survey: operational efficiency (72%) and optimization of cash flow/management of working capital (55.7%).
Treasury itself expects that the move to electronic interactions will result in quicker payment for services, greater accuracy for invoice receiving and processing, and immediate online access to payment status.