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Paper cuts save cash

COMPANIES in Ireland could save up to €246m each year by cutting out paper invoices, a new study has found. Overall, businesses can save 2pc of their turnover.

Ireland is falling behind its European counterparts who are moving towards electronic trading across all public sector organisations, said Bruno Koch, author of E-Billing In Europe and Abroad. "Electronic and automated invoice processes can result in savings of 60-80pc compared to traditional paper-based processing," he said. Based on Irish GDP of €1.23bn in 2010, this equates to €246m in untapped potential savings.