Electronic invoicing: Good for the environment, good for business

Money doesn’t only make the world go round … it makes the big headlines too. The Libor rate scandal, involving the banks, dominated the news this week – following on from the last big money-related story … celebrities who avoid paying tax.  

It’s probably true to say that environmental issues don’t command the same news coverage since the world’s economic problems took centre stage. But there were two stories relevant to the green agenda that caught our eye this week.

Firstly, a group of people dressed as giant pandas invaded the London Underground to raise awareness about their plight. Great photos of course. (In those warm, furry suits, it was just as well we’re having some rotten summer weather. Also, good to avoid the Olympics when the tube will be even busier.)

The other story gleaned fewer column inches, as far as we can see. But it was significant.

A new report found that the number of single-use carrier bags handed out by UK supermarkets rose last year by 5.4% to almost eight billion. That’s an average of almost 11 a month for each person … and despite a whole stack of measures to encourage people to change habits. One theory is that more cash-strapped families are doing several small shops a week instead of one big trip – and using public transport too.

Whatever the reasons, it’s a blow for those focused on reducing waste and pollution to help the environment.

On a more positive note, there’s an ongoing environmental good news story about electronic invoicing that's heading firmly in the opposite direction.

Last year, Accountingweb reported the view that a complete conversion to e-invoicing across Europe would save 12 million trees a year. There’s some way to go in take-up of course, but more recent reports estimate the growth in electronic invoice (e-invoice) processing at 20-30% in the next few years, with over 4 billion e-invoices coming from Europe this year.

It’s not just the trees. There’s the energy saved on turning them into paper, the handling of waste paper at the other end – and the postage/travel costs of delivering invoices. (And that's without mentioning all the time-related, business efficiency savings, which are huge.)

So, despite not grabbing the headlines, e-invoicing is a big money story after all.