In fact, the U.S. government has become a proponent of e-invoicing. Just last year, the U.S. Department of the Treasury announced that by the end of this fiscal year, all Treasury Bureaus will implement an electronic invoice processing solution as part of President Obama’s “Campaign to Cut Waste,” to improve government efficiency and cut costs for taxpayers.
The U.S. government and many businesses recognize that by being more closely integrated with trading partners (e.g., customers and suppliers) through the adoption of e-invoicing and business-to-business networks, they can add a further layer of visibility into cash flow and more accurately forecast shorter-term cash flow.
While it’s true that within an organization—and even government—cash is king, the obstruction of cash flow can cause significant problems that ripple throughout the supply chain. Making cash flow visibility a priority and automating key financial processes are critical to helping companies maintain healthy cash flow and access to their funds, which are vital in both tough and prosperous economic times.
Bob Cohen is Vice President, North America for Basware, a provider of software solutions that automate the purchase-to-pay process for enterprises around the world.