Open Business Exchange Launches Electronic Invoice Service
In Europe and United States, over 15 billion invoices are manually processed each year at an estimated cost of nearly US$14 per invoice to the supply chain. OB10 automates the back office functions of both buyers and suppliers resulting in a potential reduction in costs of over 80% for large buying organisations. Transactions undertaken during the course of an extensive testing programme to prove the VAT capabilities of the OB10 service were successfully conducted at pilot customer Fisher Scientific in June 2001. Following the testing phase, Fisher Scientific now becomes the first full launch customer for the service. OBE worked closely with the UK Tax Authorities to ensure that users of its paperless invoice delivery service continue to meet UK tax standards. Significantly, this means that companies using OB10 will no longer be required to process and retain paper invoices to satisfy HMCE’s (Her Majesty’s Customs and Excise) requirements. In addition, the OB10 central data warehouse will enable audits of the supplier and buyer tax accounting records to be carried out remotely, subject to the approval of the parties.