Tuesday 8th September, 2015
The United States will be moving towards e-invoicing after the country’s Office of Management and budget (OMB) issued a deadline by the end of 2018.
Currently, 40% of the 19 million invoices the federal government receives annually are processed and managed electronically.
Agencies will be required to use a shared service provider for e-invoicing, as part of the agreement a Shared services governance model. This follows a successful four year pilot at the Department of Treasury.
Contractors may be required to submit invoices electronically, if they are not already doing so. But e-invoicing on the government side should speed up accounting approvals and the payment process for federal contractors.