One should keep into account some of the key features that an e-invoicing solution must have for it to bring the suitable business results and ROI. Here are some fundamental features that must be a part of your electronic invoice software.
There are businesses out there who use the accounting functionality in the enterprise resource planning software.
- An e-invoicing solution that integrates with your accounting solution shall improve the overall efficiency of the business processes related to invoicing and accounting.
- This integration is a must for every business opting for an e-Invoicing solution.
- The existing investment in your legacy software can be utilized properly with such an integration.
Management Of Taxes
The second most important feature of an e-invoicing solution must be management of taxes.
- The solution must be such that it understands the local tax requirements and fulfills them.
- Automated adaptations with respect to the changes in tax laws is another important feature.
- Making the user understand of the changes in the tax laws can make the solution very user-friendly.
Keep a record of invoices is a mandate in most countries.
- One has to keep an archive of invoices for a long time. The data must be easily stored in the e-invoicing solution, you choose.
- The stored invoices and other documents must be easy to access and review.
The Document Exchange Must Be Electronic
Many companies have their own data standards and how they use an accounting system.
The e-invoicing solution must be able to facilitate documents in an electronic format, irrespective of these differences.
- Each company has its own data security policies. These policies must be taken care of by the chosen solution.
- The system must also ensure that the geographical location of any business is not an issue while facilitating such exchange of documents.
- Also, all kinds of document exchange must be enabled – invoices, purchase orders, credit notes, debit notes etc.
This is one of the most important features of an e-invoicing solution.
- It should be able to generate reports pertaining to invoices, purchase orders, payments, invoice ageing and estimates etc.
- Automated reports help in doing financial analysis of the business on a regular basis.
- This helps in ensuring that the financials of the company are maintained according to the desired benchmarks.
There are quite a few regulatory requirements with respect to e-invoicing. These are different for different countries.
- Maintenance of invoice records for a minimum time period
- E-invoicing systems according to government requirements
- Digital signatures
- Electronic exchange
Simplified Invoice and Document Management
One of the key feature of an e-invoicing solution is the need for simplified document management, so that each and every invoice is easily accessible in case of an issue.
- Making sure that purchase orders and estimates are in accordance with the invoices is very important. Tax, Government and Customs rules must be complied with.
- The resolution mechanisms in the invoicing solution must be simplified.
Maintain Auditing Standards
It is important for every e-invoicing solution to have internal and external auditing.
- For auditing purposes, the invoices must be available in a easy to read document format.
- Financial reports must be easily available for internal as well as external auditing.
- The compliance documentation must be in place for ease of audit. Data security laws must be adhered to.
Invoicera is a holistic and integrated invoicing solution for large enterprises that helps with.
- Customized invoicing solutions according to specific business requirements.
- Integration with legacy ERP and CRM solutions.
- Complete data security, access and management.
- Compliance with regulatory requirements and tax management.