Treasury Internet push may speed $532 billion to U.S. vendors
A Treasury Department push for electronic invoicing for federal contractors could speed payments and save the government $450 million a year, the government says.
Treasury, which purchased about $6 billion in goods and services last year, is mandating that by 2013 its offices and bureaus must receive invoices from vendors via its new Internet payment system.
Because most U.S. agencies still rely on paper invoices, government-wide adoption of electronic billing could cut payment processing times in half, accelerate cash flow for vendors, and reduce late-payment interest charges. Those innovations would save the government $450 million a year, according to a Treasury statement issued on July 13. The government paid contractors a total of $532 billion in fiscal 2010.
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Source: http://feeds.washingtonpost.com/click.phdo?i=10dc9154059754f4199dffcb15ca9bd0
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