Abandon of the PPF: 5 Major Impacts on France’s Tax Reform
On October 15, the French tax administration officially announced the partial abandonment of the PPF (Public Billing Portal), a decision…
Simultaneous implementation of the SOLOCHAIN Warehouse Management System (WMS) in 5 distribution centers View the press release
How does the processing of an incoming invoice usually work in the company?
If there is a discrepancy with the data indicated in the order or delivery, after investigation, the invoice will certainly have to be sent back by mail to the sender before starting a new round. If, on the other hand, no irregularities are found, the invoice can then be sent to the decision-makers, who may have to be reminded several times by the accounting department to obtain the “Good to Pay”. They will then validate the payment and the invoice will be archived. Beware, these reminders not only require a sometimes repetitive action on the part of the employee, but may also lead to a delay in payment which may deteriorate relations with suppliers, or even result in the payment of penalties.
You think this description is exaggerated? Yet this is what is still happening in many companies that are slow to consider a total and automated dematerialization of the processing of their incoming invoices. According to the Global Digitization Barometer unveiled in June 2021, only 20% of companies believe they are ready to take the plunge. Yet the benefits are obvious. According to a 2018 Eway study, an accountant can process 6,000 paper invoices per year compared to 90,000 if assisted by a digital solution. The invoice processing cycle goes from 15 days to 3 days on average.
As soon as the invoices are received, they must be transformed into a compatible digital format to allow automatic handling. The AP automation module of the Invoice Services offer provides these functionalities thanks to a software called OCR, which locates and captures the data in the image. This data is then automatically controlled by the tool:
If everything is in order, a digital original is created which will be archived by the solution for 10 years.
The data is then tested by an automatic reconciliation system that compares it to the order and goods receipt data. If no major problems are found, payment is made automatically on the scheduled date. On the other hand, if discrepancies are detected or if reconciliations cannot be made (partial deliveries, invoices without orders, etc.), the tool triggers approval workflows. These workflows can be customized since it is possible to designate the decision-maker in charge of intervening, as well as the tasks that he or she is authorized to carry out, in order to quickly lead to either a rejection or a settlement with its accounting recording. A process that combines efficiency and security!
On October 15, the French tax administration officially announced the partial abandonment of the PPF (Public Billing Portal), a decision…
For several months now, uncertainty has surrounded the pilot phase of the e-invoicing reform. Initially planned for early 2024, it…
During the opening conference at the Solutions trade show, which focused on AI & dematerialization, the discussions were sparked with…
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