Only one in four Waterford businesses are aware of an EU-wide eInvoicing network for secure payment transactions.
eInvoicing network, PEPPOL, reduces the risk of cyber-attacks and assists companies to get paid on time - yet only 5% of Irish businesses are aware of it
A new report, focused on the SME sector, has found that only one in four businesses are aware of eInvoicing as a means of improving cash flow, increasing cyber security and simplifying business operations.
The ‘Business to Business Barometer’ report by Behaviours & Attitudes and commissioned by technology company Celtrino, also found that only 5% of businesses are aware of the Government sponsored eInvoicing platform, PEPPOL.
The PEPPOL (Pan-European Public Procurement On-Line) eInvoicing system automates and secures transactions, such as eInvoicing, between government bodies and their suppliers, while also allowing businesses to improve cash flow, get paid on time and to reduce the risk of cyber fraud.
The PEPPOL network was introduced by the Irish government over 2019-2020 as part of a European wide economic competitiveness strategy mandating all government departments and public service bodies to become eInvoice compliant.
The use of this trusted digital network allows for the exchange of confidential information and greatly reduces the risks of email based cyber-attacks similar to the HSE cyber attack of last year which has to date cost the taxpayer €51 million euro.
In May of this year, Gardai issued a warning to business owners about fraudulent email payment requests as almost €6 million was stolen from companies in Ireland in 2021.
The ‘Business to Business Barometer' report for Celtrino went on to point out the appeal of eInvoicing once explained to SMEs, indicating there is strong appetite in the market, where 88% of all respondents expressed interest in getting paid quicker, while 85% were concerned about reducing the risk of fraud as all users are on a secure network, and 81% had an appetite for efficiency as they would spend less time following up on payments under the new system.
PEPPOL eInvoicing is now mandated by an increasing number of countries in Europe and across the globe making it imperative that any Irish business looking to export and trade cross-border, is PEPPOL compliant. Earlier this year, the European Parliament proposed a directive calling for PEPPOL eInvoicing to be mandated on all suppliers in member states by the end of 2023.
Celtrino is Ireland’s leading provider of digital eInvoicing and a PEPPOL Access Point Certified Provider. It is one of several indigenous companies that have helped many public service bodies to implement the required digital infrastructure.
According to Ken Halpin, CEO of Celtrino, businesses are losing out by not adopting the PEPPOL eInvoicing network:
“Digital business practices such as PEPPOL eInvoicing are used widely in other countries to help businesses to improve cash flow and reduce cyber attacks. PEPPOL is becoming a mandatory requirement for Irish companies tendering for export contracts overseas while e-tendering contracts in Ireland have started seeking suppliers to be PEPPOL compliant. Secure eInvoicing is not a PDF file. The PEPPOL eInvoicing network ensures the use of a trusted digital network for the exchange of confidential information.
With the findings from B&A Report indicating that 25% were unaware of eInvoicing, businesses are losing out on significant cost savings and the exchequer may be losing out on hundreds of millions annually.”
Celtrino will offer all Irish suppliers free use of their Peppol Connect Application to send eInvoices to any government or public sector body. The PEPPOL Connect Application is an ideal solution for any SME that wants to start eInvoicing promptly. The free offer will have a limitation period of 12 months.
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