E-invoices could save businesses €246m annually

IRISH business is missing out on potential yearly savings of €246 million, according to a report.

Irish businesses can save 2% of their turnover by cutting out paper invoices and optimising related supply chain processes.

Based on Irish GDP of €1.23 billion in 2010, this equates to €246m in untapped potential savings. In 2011, more than 5m European companies are expected to exchange more than 3bn e-invoices, but the majority of businesses in Ireland continue to send and receive paper invoices.