e-Invoicing is becoming an integral advantage to transform the growth potential of any business. The manual processes can no longer keep up, the companies today are increasingly implementing automated invoice processing to scale their financial operations, optimize invoice management and enhance the cash flow. The business and the Government recognize the financial gains of going digital in their invoicing process.
The recent report by Billentis states that the size of the global e-invoicing and adjacent market in 2017 is Euro 3.3 billion that will reach approximately to Euro 16.1 billion in 2024.
Every year 2-3% of the bill/invoice volume increases. The several reasons including:
- – Electronic invoices are cheaper and allow suppliers to send invoices more frequently
- – Some countries mandates suppliers to send bills/invoices within 15-30 days of their performance delivered
- – Increase of population, the number of household and enterprises
- – Suppliers improve their working capital and are no longer willing to give credit to their clients due to low billing/invoicing frequency
What seems to hold the capital controls and increase operational efficiency?
When you’re looking to unlock capital controls, manage working capital and increase operational efficiency, create a single solution to automate payments.
e-invoicing significantly reduces the supply chain friction, maximizes efficiency by eliminating manual processes and much error-prone intervention. The automation of paper-based can cut costs and improve efficiency in the receivable business. The e-invoicing solution manages efficiency, transparency, control, finance and working capital management.
The adoption of e-invoicing solution accelerates global invoice process. e-Invoicing allows to pay its suppliers faster, generate revenue in a way and significant cost reductions.
Here are four tips to let players on all ends of the supply chain to stay afloat.
1) Turn data into actions:
The AP teams end up collecting information about supplier payments, but having just data is not enough. The businesses develop the capabilities and tools to analyze financial data so that actionable insight can be extracted. The direct analysis can set out a plan of action to help streamline and remain competitive.
2) Monitor actual business transformation:
Launching a digital payment system is not required to achieve the success of any business. It is crucially important to track the actual business transformation brought on by e-payments and to monitor ease of improvement. Setting these goals help develop and maintain momemntum and move forward innovation.
3) Ensure a digital process for success:
A successful e-payment solution needs to be able to address the various forms of payment accepted by myriad suppliers, including virtual card, ACH, and check. This holistic method will not isolate suppliers and will ensure a uniform, automated, and digital process.
4) Collaboration with internal stakeholders and departments:
The value that comes from switching to e-payments does not only impact the accounts payable department. This coordination results in higher productivity, smoother data management, and the ability to enact more strategic initiatives. With an automated and fully transparent platform that hosts the information related to purchasing and payments, suppliers have the ability to streamline data management.
GO AHEAD with e-Invoicing
- – Better invoice management helping to reduce tax fraud and giving businesses a better picture of consumer behavior.
- – Ensuring customized services for both suppliers and buyers while helping to bring the prices down.
- – Moving paper based trade documents such as invoices or purchase orders to an electronic model offers significant cost savings and benefits to large, medium and small companies.
- – Establish a multi channel communication network with your business community channels.
- – Easy access to manage invoice communication from anytime anywhere from any device.
- – Go paperless with electronic invoices.
- – Improve visibility into invoice and payment data with upgraded reporting and analytics.
TO SUM UP:
The introduction of e-Invoicing enables for more efficient and transparent processes. The trend is moving towards e-Invoicing among the Government and Public bodies and also effectively minimizing tax leakage.
e-Invoicing helps businesses to seamlessly manage account payable process and improving relationships between buyers and suppliers. It supports businesses to scale their operations further. Also e-Payments allows to accelerate payment when they want, giving more control over the cash flow.
The automation in payment solutions driven by e-invoicing has been proven viable and beneficial between the customers and the suppliers.
Invoicera that automates transactions and tracks the invoice approval and settlement process from initiation to completion. It is the platform that optimises cash flow by allowing businesses to lengthen their payments terms to their suppliers. This generates a win-win situation for both the buyer and supplier, buyer optimises working capital, generates additional operating cash flow, thus minimises the risk across the supply chain.
Select the e-Invoicing solution that best fits your business model, whether be transition from manual processes or web based online in the cloud without disrupting the IT infrastructure.
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