It’s recently been announced that as part of President Obama’s “Campaign to Cut Waste” across the entire federal government, all Treasury Bureaus must implement an e-invoice processing solution by the end of next year, and starting in 2013 commercial vendors must submit their invoices electronically.
To help with fast roll-out, the US Treasury is working together with the Department of Defense to identify a single-entry point for all vendors to go paperless and follow one set of government standards for invoice submission instead of unique requirements for each agency. The Department of Defense’s solution e-invoicing solution is already used by more than 92,000 vendors to submit more than 7 million invoices a year and is claimed to be saving taxpayers $250 million annually.
The wider Federal initiative is expected to cut costs for the taxpayer by nearly half a billion dollars per year. Additional advantages are expected to be quicker payments for vendors and greater visibility of invoice statuses through use of online portals.