 |  In support of President Obama’s “Campaign to Cut Waste” across the federal government, the U.S. Department of the Treasury has announced that it is mandating that all Treasury Bureaus implement the Internet Payment Platform (IPP), an electronic invoice processing solution, by the end of fiscal year 2012. Additionally, in fiscal year 2013, Treasury will require that its commercial vendors submit their invoices using IPP. This initiative will both improve government efficiency and cut costs for taxpayers. Moreover, vendors who use IPP will collect quicker payments for their services, receive greater assurances that their invoices are received and processed accurately, and have immediate online access to their invoice status for all agencies using IPP.
Treasury estimates that adopting IPP across the federal government would reduce the cost of entering invoices and responding to invoice inquiries by as much as 50 percent or $450 million annually. These government-wide savings equal roughly one quarter of the $2.1 billion of the efficiency savings that the President’s 2012 Budget called upon agencies to identify.
“Electronic invoicing will mean lower costs for taxpayers and faster payments for private sector companies doing business with the federal government,” said Deputy Secretary of the Treasury Neal Wolin. “Treasury is continuing to move forward to identify innovative ways to use technology to cut waste and improve efficiency.”
ReadSoft welcomes the US Treasury move to mandate e-invoicing, which follows an announcement from the EU earlier this year.
"It is great to see large governmental organisations recognizing the benefits of e-invoicing.
"We believe that the move will provide a further boost to the industry by encouraging more public and private organisations to adopt e-invoicing. And we hope many of these people consider a market-leading ReadSoft solution," ReadSoft CEO Jan Andersson said.
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