New research from Neopost UK has found that – even though invoices make up nearly a third (31%) of all SMEs outgoing communications – the majority of the UK’s smaller firms are struggling to manage their invoicing processes in an efficient and automated way.
The survey of 280 UK SMEs, conducted by OpinionWay, found that more than half (54%) of companies still produce and dispatch their invoices one by one – an extremely time-consuming and costly approach. In addition, more than three quarters (77%) stated that they need to manually add information to their invoices, while nearly a quarter (22%) admitted they did not know whether or definitely did not tracked their invoices, hampering their ability to identify and chase late payers.
While electronic invoicing is increasingly praised for the efficiency savings it brings, the research also revealed that many businesses are still unsure of the compliance regulations associated with e-invoicing. For example, half of respondents did not know whether their invoices needed electronic certification, while nearly two thirds (63%) were unaware of the compliance issues related to sending these documents electronically.
Erwan Kernevez, digital solutions director at Neopost, has made the following comments:
“These statistics clearly indicate that too many small businesses still rely on inefficient, unsustainable invoicing procedures. While it’s true that invoice recipients have a duty to pay them on time, SMEs need to do everything they possibly can to get paid on time – and this means optimising their entire invoicing process. In such a fast-paced business environment, where time is of the essence, firms simply cannot afford to take time and resources away from their key business activities in order to support mundane tasks, such as manually amending or tracking invoices.
“Electronic invoicing, which is gaining popularity throughout Europe, can help UK SMEs become more efficient, reduce their costs and ensure regulatory compliance. In essence, it removes the time challenges associated with paper invoicing by automatically generating tailored invoices which are stamped with an easily traceable electronic pathway that allows the sender to check they’ve been received. With some recent reports suggesting that UK small businesses are struggling to grow – or even survive – because of late payments, it is now absolutely vital that they have these kinds of tools and processes in place.”
Neopost has launched a new cloud-based application, NeoPreference, which enable SMEs to streamline their multi-channel invoicing process and ultimately reduce their exposure to late payers. You can also view an infographic detailing the challenges SMEs face when managing their communications here: http://d20tdhwx2i89n1.cloudfront.net/image/upload/t_next_gen_article_large_767/l4hlxfgiw0bigyaitqib.jpg
About Neopost
Neopost is a world leading supplier of mailing solutions. It has a direct presence in 31 countries, with 6,200 employees and annual sales of €1.1 billion in 2013. Its products and services are sold in more than 90 countries, and the Group has become a key player in the markets for mailroom equipment and logistics solutions. Neopost supplies the most technologically advanced solutions for franking, folding and inserting and addressing as well as logistics management and traceability. Neopost also offers a full range of services, including consultancy, maintenance and financing solutions. Neopost is also progressively building a portfolio of new activities to enhance its offering and support its clients’ needs in the fields of Customer Communications Management, Data Quality and Shipping Solutions. Neopost is listed in the A compartment of Euronext Paris and belongs notably to the SBF 120 Index.
Press contacts:
Hannah Townsend or Astor Sonnen
Johnson King
T: +44 (0)20 7401 7968
E: Neopost@johnsonking.co.uk
Source: RealWire
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