e-Invoicing step-by-step
Vendor selection
Conducting an independent review of e-invoicing solutions on the market, both regional and global players as well as accounting and billing software is essential. Elements such as functionality, scalability, integration capabilities, and cost-effectiveness should be considered.
Key steps:
- Listing providers
- Selecting a set of representative invoices and transactions
- Creating requirements list, incl. requirements for internal invoicing process and legal requirements
- Summarise into a vendor scorecard
Implementation
After identifying the right solution that fits your e-invoicing footprint, safeguard the objectives layed out and safeguard against pitfalls.
Key steps:
- Data quality assessment report of supplier and customer data, product data and invoicing process
- Data cleanup assistance
- Review of VAT treatment, tax code setup, invoice layout, invoice references etc.
- Communication with business partners
- Internal training and thought-shift towards rule-based rather than document based processes
Testing and automation
Ready, test, go. Following up on the degree of automation and onboarding of business partners.
Key steps:
- Testing incl. invoices test set
- Reviewing supplier invoice data, incl. PO numbers/cost codes etc.
- Digitalisation of other documents e.g. orders, transport documentation, payment confirmations etc.
Complete or limited review
Wondering whether
- your solution conforms with authenticity, legibility and integrity requirements
- your efficiency or automation levels could increase
- your solution fits your e-invoicing strategy or supports internal processes to the fullest
- …
Let’s talk as sparing partners
The advantages of structured e-invoicing
Efficiency Boost: Structured e-invoices streamline the entire invoicing process by ensuring that data is presented in a standardized format. This means less time spent manually entering information or correcting errors, allowing for faster processing and payment.
Cost-Effective: With structured e-invoices, businesses can save on costs associated with manual data entry, printing, and postage. Plus, the reduced likelihood of errors means fewer resources spent on resolving discrepancies or re-issuing invoices.
Improved Cash Flow Management: Structured e-invoices provide clear and consistent data, allowing businesses to better track their invoices and manage cash flow. With timely payments and accurate financial data, organizations can make more informed decisions about budgeting and investments.
Enhanced Visibility and Control: Structured e-invoices offer greater visibility into the invoicing process, enabling businesses to track the status of invoices and identify any bottlenecks or delays. This transparency allows for proactive intervention and better control over the invoicing workflow.
Compliance Ready: Structured e-invoices adhere to standardized formats and regulations, ensuring compliance with industry standards and government requirements. This reduces the risk of penalties or fines associated with non-compliance, providing peace of mind for businesses operating in regulated environments.
