The move towards obligatory and regulated electronic invoicing is in full swing. Businesses are looking for a seamless way to move from paper to electronic within the timeframe and specifications necessary for them. There are many benefits to a 100% paperless process—the huge reduction in costs being the most attractive—but transition also comes with its own set of client challenges.
Integrating suppliers into a new system
The biggest challenge for a client is to confirm that their suppliers are able to follow and adhere to such a new system. Currently, companies tend to receive all types of invoice formats via their ecosystem, which can often delay the process. This is especially true when invoices go missing. Huge savings in cost and time, as well as a reduction in inter-company credit, can be made by standardizing the procedure, but the solution needs to be flexible enough to absorb an entire company’s ecosystem.
Choosing the right solution
There are now many electronic invoicing solutions available to clients, though it is another challenge to find the one that works best for a specific company. Clients need to look into the different factors that are affected by the change and see what is the most important to them in terms of speed of deployment, cost, and data quality. This is where a consulting firm will come in handy, as they will be able to provide solid advice based on client requirements, as well as a list of solutions that have proven to be successful with other clients.
The benefits of an updated system
With a fully functional end-to-end electronic invoicing solution in place, clients can estimate a very significant reduction in costs (up to 80% in some cases), a decrease in their carbon footprint, and a much more efficient way to ensure transparency and trackability, internally and fiscally. A collaborative e-billing system is also an excellent way of keeping track of collections and making sure that invoices are paid on time.