Welcome to the latest edition of our E-Invoicing Express series.

Reflecting on our experience with the rollout of VAT in the region, it’s clear many businesses left it late to get ready. This led to, at best: a last-minute rush, and at worst: persistent issues with processes, data, and technology. As a result, companies missed out on valuable time and resources that could have been better spent optimising their operations.

With this in mind, we aim to share compelling statistics on the benefits of early e-invoicing adoption. By preparing well in advance, businesses can streamline their invoicing workflows, improve data accuracy, and enhance overall efficiency.

Early adopters also gain a competitive edge, positioning themselves as forward-thinking and adaptable in the face of evolving regulatory requirements.

SATISFACTION

Are businesses happy with their e-invoicing implementations?

• 88% are satisfied with their experience with einvoicing after 9 months.
• 92% report significant benefits.
• 89% would recommend e-invoicing to other businesses.

Approaching e-invoicing as an opportunity to transform broader procurement, finance and tax processes allows you to unlock a breadth of value not achieved by those who see it purely as a regulatory requirement.

MASTERY

How long does it take time to get it right?

• INITIAL COMPLEXITY – For first-time implementers, einvoicing can present a steep learning curve.
• MASTERY – 35% of adopters report that they have achieved confidence in their e-invoicing processes within an average of 9 months.
  Initial usage can be challenging, but proficiency is attainable within a relatively short period.
• SHIFT IN FOCUS – Initially, businesses focus on compliance, but soon shift towards broader opportunities, such as improved reporting, customer/supplier integrations, and enhanced business planning.

ADOPTION

What do the rates of adoption of e-invoicing globally tell us?

Notwithstanding the value of adoption, penalties and fines are yet another compelling reason to engage with e-invoicing early.

Despite this, full adoption has never been achieved in any e-invoicing reform wave anywhere, even after deadlines.

COMPLEXITY OF TRANSITION
The transition to e-invoicing often requires substantial administrative, procedural, and technological changes.

CHALLENGES IN MEETING DEADLINES
Many businesses are unable or unwilling to meet deadlines, with preparing systems and data being a key difficulty.

VALUE

Considering all this, sort of value does it unlock?

49% INVOICING SAVINGS

Approximately halving the cost of invoice processing, achievable through the implementation of e-invoicing.
This huge saving underscores e-invoicing’s effectiveness in streamlining operations and justifies the investment in new technology.

12% SPEND EFFICIENCIES

Third party spending can be reduced between 7%-12%.
Faster, richer and dependable data gives rise to opportunities for effective procurement management, including maverick spending, vendor consolidation, anomaly detection and procurement process automation.

63% CARBON FOOTPRINT REDUCTION

The carbon footprint of one invoice across its lifecycle is decreased by moving from paper-based invoicing to electronic invoicing.
This significant reduction, through elimination of production, transport and storage of paper artefacts demonstrates how digitalisation supports environmental sustainability.

30% RESPONSIVITY IMPROVEMENT

Invoice automation saves accounting professionals from having to perform manual data entry, freeing them to focus on higher value tasks which contributes to overall job satisfaction.

SUMMARY

As you get started on this journey of meeting the new UAE e-invoicing mandate, it’s important to keep in mind that this is not just a regulatory requirement, but an investment in your business. By embracing the change and maximising the potential of e-invoicing, you can unlock a wealth of benefits.

In the coming editions of this E-Invoicing Express series, we’ll delve deeper into the practical aspects of leveraging e-invoicing effectively. This will include guidance on building the necessary technical expertise within your organisation, as well as exploring the best strategies for using the rich data generated by your e-invoicing processes.

By taking a proactive and forward-thinking approach, you can position your business for long-term success.

SOURCES