|
Imagine a world without paper invoices. Nice thought, and Falys not only had it but acted on it.
He quit Visa International last year to help start Open Business Exchange, which delivers invoices electronically. In Europe and the U.S. more than 15 billion invoices are processed each year at an estimated cost of nearly $14 each because 95% of bills are processed manually.
The company is working with tax authorities across Europe to make sure that its system can legally replace paper invoices, which companies are required by law to keep for up to 10 years. Britain’s Customs and Excise office has already approved the paperless system.
The Vision Thing: “We are not using the Internet to change fundamental business processes but to automate existing ones.”
Forward Spin: OBE’s next step: expansion to the U.S.
|
