KING OF PRUSSIA, PA — New research from Vertex Inc. (NASDAQ: VERX) reveals that e-invoicing is gaining widespread support among global business leaders, with 79% acknowledging its benefits and 80% agreeing it improves data accuracy and financial reporting. These findings reflect a growing commitment by businesses to adapt to evolving e-invoicing mandates, driven by the need for precision and compliance in complex global markets.
The survey, which gathered insights from 1,150 tax and finance professionals worldwide, shows that 80% of businesses plan to enhance e-invoicing integration within the next two years. Respondents cited increased efficiency and cost savings (both around 60%) as key advantages, with many linking the technology to economic growth and competitiveness.
“Today’s tax and finance leaders are operating under increased pressure to drive growth while maintaining tax compliance,” said Chris Hall, Senior Tax Officer at Vertex. “Research shows that e-invoicing offers the accuracy, efficiency, and cost optimization needed for future-ready organizations.”
Benefits and Barriers
While the benefits are clear, implementing e-invoicing has its challenges. Top concerns include maintaining data security and privacy (51%) and integrating new systems with existing software (55% for current adopters, 63% for soon-to-adopt businesses). Additionally, the report highlights the time required for system updates, solution integration, and stakeholder training as hurdles for adoption.
E-invoicing’s influence on sales could grow over time, with businesses in mandated countries reporting that 47% of current sales are impacted. This figure is expected to rise to 57% by 2027 if mandates expand further.
The Role of AI
AI is playing a supportive role in advancing e-invoicing, with 86% of respondents actively using or planning to use AI. Key applications include customer support (53%), cash flow management (51%), and fraud detection (49%), underscoring the technology’s role in improving operational efficiency.
Stakeholders and the Path Forward
Key stakeholders, including accounting and IT professionals, have shown strong support for e-invoicing, with 83% and 81% identifying significant benefits, respectively. Hall emphasized the importance of technology in easing compliance challenges, adding, “Preparing for e-invoicing or aligning with current local mandates should not add to uncertainties.”
Vertex’s findings highlight the global momentum behind e-invoicing adoption, with businesses recognizing its potential to streamline operations while navigating complexities in compliance and reporting.
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