eInvoices Propelling Real-Time Economy, Blockchain

The market has covered the adoption of automation and electronic invoicing among corporates for several years now, and while eInvoicing is far from achieving full integration, there are new trends emerging in the industry.

According to reports on Wednesday (June 15) by The Huffington Post, in a post that originally appeared on the Due Invoicing Blog, as government initiatives to adopt eInvoicing turn into mandates for the public sector — and encourage the private sector to follow suit — businesses will be adopting digital invoices for more reasons than to save time and money.

Analysts cited the movement towards the real-time economy as a major benefit of digital invoicing. Reports cited Billentis research, which concluded that real-time validation can only be achieved through eInvoicing.

“Invoice issuers immediately receive either rejects in the case of inaccurate invoice data or confirmation if the eInvoice successfully passed the automated validation,” Billentis explained. That means instant receipt, approval, processing and real-time data.

Digital invoicing is also pushing the enterprise to go mobile, reports said. The outlet cited recent efforts by the Chilean government to develop a mobile application to enable businesses to submit tax documents — including invoices — via mobile device.

Smartphones and tablets will also help the enterprise to enter the real-time economy, thanks to anytime access to information and the 24/7 ability to manage business processes.

Finally, the outlet noted, eInvoicing is beginning to play an important role in the adoption of blockchain technology. While initially only used to move digital currency, the blockchain is now considered a way to also transport digital documents to streamline cross-border transactions and do so securely.