The future of accounting
A new study by SIX and the Lucerne University of Applied Sciences and Arts highlights the key trends and technical innovations driving the evolution of accounting. An upheaval is on the horizon and companies are looking for new and more efficient ways to manage the growing volume of invoices.
Manual and paper-based forms of invoicing are increasingly being replaced by electronic and digital methods. These enable processes to be simpler, more accurate and more sustainable. This is the conclusion of a joint study by SIX and the Lucerne University of Applied Sciences and Arts, which examined the future of accounting.
Invoices worth over 8 trillion Swiss francs
In Switzerland, 1.27 billion payment transactions with a total volume of CHF 8.09 trillion were processed in 2021. This is more than ten times the country's gross domestic product. This number will continue to grow in the coming years, as all common forms of billing in the country have shown increasing transaction numbers in recent years, according to the study. As a result, the need for automated, digital and sustainable forms of invoicing is also increasing, it added.
The future of accounting lies in eBill
The use of eBill clearly shows this trend, the study authors continue. At present, eBill is the only end-to-end digital form of invoicing in Switzerland. Between 2020 and 2021, transactions via eBill increased by around 27% to over 50 million. Thus, in 2021, 83% of all payments were triggered electronically and already over 4000 companies use eBill for invoicing. At the end of 2022, over 2.7 million users were registered with eBill and, according to a representative survey, seven out of ten study participants use the solution to pay bills.
Sustainability as a driver
In addition to automation and digitization, the issue of sustainability is another important driver of development. The use of eBill allows a reduction in CO2 emissions of around 82% compared to paper-based invoices, the study calculates. According to the forecast, by 2028, 80% of all invoices in Switzerland are expected to be processed with eBill. According to an analysis by carbon-connect AG, an emissions reduction of up to 66% can be achieved as a result. In the context of this change, the QR bill ensures that previous manual and analog forms as well as needs in invoicing will continue to be covered.
Source: SIX
