According to a new SME-focused report, only one in every four businesses is aware of eInvoicing as a means of improving cash flow, increasing cybersecurity, and simplifying business operations.
Only 5% of businesses are aware of the Government-sponsored eInvoicing platform, PEPPOL, according to the ‘Business to Business Barometer’ report by Behaviours & Attitudes and commissioned by technology company Celtrino.
The PEPPOL (Pan-European Public Procurement On-Line) eInvoicing system automates and secures transactions between government bodies and their suppliers, such as eInvoicing, while also allowing businesses to improve cash flow, get paid on time, and reduce the risk of cyber fraud. The Irish government implemented the PEPPOL network in 2019-2020 as part of a European-wide economic competitiveness strategy that requires all government departments and public service bodies to become eInvoice compliant.
The Celtrino ‘Business to Business Barometer’ report went on to highlight the appeal of eInvoicing once explained to SMEs, indicating a strong appetite in the market, with 88% of all respondents expressing an interest in getting paid faster, 85% concerned about reducing the risk of fraud because all users are on a secure network, and 81% interested in efficiency because they would spend less time following up on payments under the new system.
PEPPOL eInvoicing is now mandated by an increasing number of countries in Europe and across the globe, making it imperative that any Irish business looking to export and trade cross-border, is PEPPOL compliant. Earlier this year, the European Parliament proposed a directive calling for PEPPOL eInvoicing to be mandated on all suppliers in member states by the end of 2023.
Celtrino is Ireland’s leading provider of digital eInvoicing and a PEPPOL Access Point Certified Provider. It is one of several indigenous companies that have helped many public service bodies to implement the required digital infrastructure.
According to Ken Halpin, CEO of Celtrino, businesses are losing out by not adopting the PEPPOL eInvoicing network: “Digital business practices such as PEPPOL eInvoicing are used widely in other countries to help businesses to improve cash flow and reduce cyber attacks. PEPPOL is becoming a mandatory requirement for Irish companies tendering for export contracts overseas, while e-tendering contracts in Ireland have started seeking suppliers to be PEPPOL compliant. Secure eInvoicing is not a PDF file. The PEPPOL eInvoicing network ensures the use of a trusted digital network for the exchange of confidential information. With the findings from B&A Report indicating that 25% were unaware of eInvoicing, businesses are losing out on significant cost savings and the exchequer may be losing out on hundreds of millions annually .”
Celtrino will offer all Irish suppliers free use of their Peppol Connect Application to send eInvoices to any government or public sector body. The PEPPOL Connect Application is an ideal solution for any SME that wants to start eInvoicing promptly. The free offer will have a limitation period of 12 months.