Report: United Kingdom loses $3.2 billion per year for not using electronic invoicing

Report: United Kingdom loses $3.2 billion per year for not using electronic invoicing

Business owners may be resistant to transition from paper-based practices to electronic data processes because they assume it will cause more harm than good, but research found that the United Kingdom could save billions of dollars doing so. 

The most stark result of the study from the Tungsten Corporation is that the report only focuses on electronic invoicing, which means there are likely to be other aspects within the public sector that could benefit from similar database management services.

"There is an annual savings potential of at least 2 [billion Great Britain Pounds] across the U.K. public sector based on conservative assumptions," Luke McKeever, executive director at Tungsten, told CIOL News. "For the public sector, a lack of central direction and policy drivers have resulted in the UK lagging behind countries such as the Nordics, Brazil and Mexico, where government-driven schemes are driving huge savings."

Once this system is fully implemented, government workers can save up to 10 minutes per invoice, which allows staff members to go through a lot more applications than before. Long-term benefits include a 60 percent savings because less workers would be designated to complete the same tasks.

Electronic invoicing would also save citizens money as well because by cutting out the cost of printing, the government would not need to charge residents and local businesses as much for the same process.

Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider.  We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services.  As a SOC2-approved organization, we apply industry-best practices to our approach with clients.