IT and business services company Logica has extended its partnership with electronic invoicing network OB10. The new interoperation agreement is expected to unite the scale, geographic spread and full tax compliance of two large e-invoicing networks with nearly 50,000 corporate users across more than 90 countries. Via this strategic move, the companies say they will enable their customers to accelerate cost savings from e-invoicing worth millions of Euros every year.
Both e-invoice networks feed invoice data directly into ERP and accounting systems. OB10 service aims to manage the deployment of electronic invoicing, including accurate line item detail, legal compliance, archiving and leveraging existing ERP functionality. In addition, the service includes a programme to recruit a client's supplier-base backed by volume assurances.
Logica reports that, currently, over 10,000 organisations send around 30 million electronic invoices a year via the company's network. According to Logica, the company's total invoice management service allows organisations to achieve cost efficiencies of up to 70 per cent per invoice.
Garry Young, director invoice management practice at Logica, explains the situation: "Inbound paper invoices are expensive to process with an average direct cost alone, of between EUR 5 and EUR 15 per invoice. For an enterprise processing 250,000 paper invoices a year that represents potentially EUR 3,750,000 every year in direct costs".
"One key factor in achieving cost savings from e-invoicing is to ensure that your supplier base agree to send invoices electronically. Logica's TIM service provides customers with 100 per cent electronic data from day one, via a combination of scanning and optical character recognition of paper invoices and e-invoicing provided both by OB10 and Logica's own network. In addition, OB10 manage the company's supplier enrolment to the e-invoicing service [...]. All existing customers will benefit as we work to move them away from paper scanning and OCR to 'true' e-invoices. OB10 customers will benefit from Logica's large number of Nordic based corporate users, whilst Logica customers will benefit from OB10's broad spread in Europe, North America and the Asia-pacific region", he added.