Tesco is to introduce electronic invoicing to improve efficiencies in the purchase of goods and services that are not for resale.
The grocer is working with e-invoicing provider OB10, whose network will work for all Tesco suppliers in all its territories. It already uses electronic trading with its grocery and non-food product suppliers.
Removing paper-based invoicing will improve Tesco’s ability to make payments that are accurate and on time, according to its service centre finance manager Ryan Harvey.
He added that the platform can be scaled across the group in the future without needing Tesco’s accounts payable team to take on significant extra staff.