Switching to eInvoicing will help save the planet and save your organisation money
How big is your carbon footprint? Is your business environmentally sustainable? How green are your business practices? These are all key questions that organisations are being asked to consider as part of their social responsibility mission. Business today is as much about who we are as organisations as it is about what we sell, make or do. Our customers want to know that we are about more than just the top line.
One simple way that your business can have a huge impact is by switching to eInvoicing, where invoices are sent automatically from a supplier’s computer to a buyer’s computer, without the need for human intervention. The UK National e-Invoicing Forum (UKNeF) estimates that by eliminating 1 million paper invoices you will get rid of 3 million sheets of paper, which amounts to 360 trees.
But that is not all. If paper invoices are sent by post, they will need to be delivered to and from sorting offices and on to the recipient in vans and lorries, by train or plane. If 1 million invoices are sent electronically, then it will save enough fuel to run the average car for 26,683 miles and get rid of 1,271 pounds of air pollutants, according to the UKNeF.
But there is still more. All those paper invoices need to be stored somewhere. With eInvoicing, copies of the invoice are automatically archived in a digital file. With paper invoices, you need physical space for them to be filed and kept. By moving to eInvoicing, you can reduce the amount of land taken up by buildings and the resources needed to construct these. But these spaces also need heating and lighting. The UKNeF estimates that those 1 million invoices that are now electronic will save enough energy to run the average home for 10 years and 7 months.
And finally, invoices only need to be kept for a certain amount of time before they can be disposed of. With eInvoicing, this can happen automatically within milliseconds. Paper invoices will need to be shredded and then sent either to be recycled or to landfill. Around 5 cubic metres of landfill is needed for 1 million paper invoices.
Introducing sustainable business practices is not necessarily something that will slow your business down and eat into profits. eInvoicing can actually help your top line by saving you money as well as saving the planet. Your organisation can see very real financial benefits in the reduction of: resources; the cost of postage; the cost of storage space; the costs associated with dispute handling due to errors introduced in manual processing; and the costs of fines and penalties due to late or incorrect payments. It can also help you to take advantage of early payment discounts.
So, going green could really be a golden opportunity for your business.
If you want to learn more about the benefits of eInvoicing for your organisation, read our eBook “6 Key Reasons to Switch to eInvoicing”.