VIENNA, AUSTRIA--(Marketwire - September 16, 2008) - SIBOS 2008 Conference -- At SIBOS, Sterling Commerce, an AT&T Inc
(NYSE: T) company, today unveiled research revealing that European
businesses are struggling to fully exploit the benefits of
electronic invoicing and are held back by a fear of complexity in
addressing regulatory compliance requirements and legislation.
At a time when achieving cost efficiencies and effective resource
utilization is crucial to maintaining competitive differentiation, the move
from paper-based to electronic invoicing (e-invoicing) comes as a key
opportunity for businesses today. In spite of this, the research found that
40 percent of European companies have yet to make a decision to implement
an automated e-invoicing solution.
The survey, conducted by independent research company Vanson Bourne across
400 IT managers in the UK, France, Germany and Italy, found that the most
pressing e-invoicing concern for European businesses is compliance with
national e-invoicing legislation. In addition, with 72 percent of European
companies currently conducting business in more than six countries around
the world, more than half admitted they were concerned about supporting
disparate e-invoicing solutions across multiple geographies. A quarter of
responses also negatively highlighted the complexities associated with
implementing multiple solutions to handle value added tax (VAT) compliance
and audit requirements across the countries in which they operate.
"Knowing that more than half of the correspondents are doing business in
the U.S. as well, the results are staggering that more than half of
European businesses are struggling to effectively conduct business across
global barriers," said Chris Johnson, vice president, global management and
marketing, B2B Integration for Sterling Commerce. "The benefits of moving
from paper-based to e-invoicing are widely known and accepted, yet the
reality for many businesses is that even for e-invoicing projects that do
receive budget approval, a dependence on multiple solutions to handle
compliance with multiple VAT and tax regulations across different
territories, is ultimately undermining project success."
The research also discovered that 80 percent of respondents believed that
their finance department could not quantify the amount of VAT at risk if
the company was found to be non-compliant.
"One of the problems with any paper-based process is that it is often hard
to track the costs and inefficiencies involved -- the inefficient nature of
the manual process itself prevents easy quantification of the potential
savings," continued Johnson. "If just from a commercial and competitive
perspective, companies must move away from these highly inefficient
processes. The costs and issues associated with paper-based invoicing,
coupled with the associated lack of visibility into a company's cash
management do impact the bottom line, a risk that should be avoided
particularly at a time when cost saving and effective resource utilization
are so important."
Sterling Commerce recently launched the first solution to market that
enables multi-national organizations to automate electronic invoicing
processes worldwide, while maintaining conformity with the tax regulations
mandated by each of the particular regions.
Sterling e-Invoice Gateway eliminates the need to support separate
solutions for each geography; reduces risk and exposure by enabling
compliance with ever-changing electronic invoicing tax regulations; and
improves operational efficiencies and contains costs by automating both
buyer and seller electronic invoice processes in accordance with
country-specific tax regulations.
Sterling Commerce is exhibiting Sterling e-Invoice Gateway and its broad
portfolio of Financial Services solutions at stand C617, hall C at SIBOS
2008, from Sept. 15-19, in Vienna. To find out more about Sterling Commerce
activities, visit http://www.sterlingcommerce.com/About/Events/.
About Sterling Commerce
Sterling Commerce, an AT&T Inc (NYSE: T) company, helps customers thrive in
a global economy by connecting their business communities, processes,
people, and technology. More than 30,000 customers worldwide -- including
82 percent of the Fortune 500 -- use Sterling Commerce solutions for
business process integration, multi-channel selling, and supply chain
fulfillment to improve profitability inside and outside their company
walls. Headquartered in Columbus, Ohio, Sterling Commerce has offices in
19 countries and most major cities around the world. More information on
the company can be found at www.sterlingcommerce.com.
Contact Information: For more information, contact:
Emily Hall
Sterling Commerce
614-790-8607
Jamie Leicht
Fleishman-Hillard
619-237-7711