According to research, only 20% of businesses are using automated processes that allow them to efficiently manage their invoice payments. This is partly due to the fact that the selection criteria for an e-Invoicing solution can be complicated and unclear. Below, we are providing some clarifications concerning these criteria.
Automated dispatch and receipt
Even though, at the moment, most businesses are using 1 out of the 2 two features (usually, that of dispatch), the combined use of both will result in the desired ROI and profitability in general. An integrated system that allows full management of all e-Invoices, both incoming and outgoing, can increase efficiency, reduce expenditure and provide expandability.
Comprehensive standards support
You shouldn’t force your customers to change their way of operation. On the contrary, you should select a solution that will support your customers’ invoices (regardless of the standards they are using -printed, electronic, EDI/XML, PDF etc.),and convert them into e-Invoices with a specifically structured, machine-readable data formatting, without requiring any human intervention.
Support for different currencies and regulations
If your business operates in specific geographical regions or cooperates with international suppliers, you will have to make sure that your invoices are complying with the different tax and regulatory laws in these countries. Your e-Invoicing software should provide a practical and simplified solution to these issues, automatically ensuring compliance.
Integration with existing systems
Integration with an ERP environment is a challenge and some e-Invoicing systems are not built for complex environments. If you want your software to seamlessly integrate with specific business systems, you will have to trust that your provider can live up to that challenge.
Archiving
There are many reasons supporting the transition from a printed invoice archiving system to an electronic one: less space and resources required for invoice storage, maximized data security and integrity, as well as online access to any invoice you might need. Immediately apparent results include efficiency and significant cost reduction.
With an e-Invoicing solution, you can store the appropriate documents for the necessary amount of time and destroy them when this mandatory period has elapsed, while being able to easily access them in order to streamline your processes and facilitate audits.
Analytics
Business Intelligence has become a necessity, especially when it comes to “smart” decision-making, which affects your overall performance. An e-Invoicing solution will offer your business integrated analytics, providing you with actionable insights, supplemented by graphical dashboards for trend analysis and other important features. In short, it is important to select an e-Invoicing solution that can extract important insights from your data.
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