Achieving efficiencies in the frictionless optimisation of internal processes is good practice at the best of times whether you are a buyer or supplier.

But it is particularly vital right now as companies do their best to weather the impact of Covid and stay on top of new post-Brexit requirements for international trade. A key area where efficiencies can be realised is eInvoice processing.

Keeping on top of invoices typically involves repetitive administrative duties. Any instance of human error in an accounts team can easily lead to a costly logjam, a dispute with a trading partner or a payment delay. Inaccurate data can affect other departments too, chiefly sales, finance and planning, who routinely seek an accurate cashflow picture for forecasting and ordering.

On the other hand, moving to eInvoice processing through digital transformation can deliver a host of essential benefits to buyers and suppliers. By enabling you to identify blockages and inaccuracies instantly, eInvoice processing helps you avoid hurdles ahead and rectify any disputes straight away.


So what exactly do we mean by eInvoice processing?

How is it defined?

Essentially, we’re talking about a software solution that enables you to replace ‘manual’ with ‘electronic or automatic’.

Your invoices go directly onto a cloud-based platform for automated processing so you no longer have the manual task of capturing data arriving on disparate systems in the post or by email. There is no more re-keying of invoice information into your systems with the attendant risk of human error and missing or mistaken invoices.


Here is a summary of some of the benefits you can gain from eInvoice processing:

Fewer errors

eInvoice processing can help lower your error rate when managing invoices. Resolving an error will tend to require research and negotiation. eInvoice processing eliminates errors by ensuring that the data is correct at the point of origin through digital integration with the suppliers product catalogue and remains unchanged as it populates other business systems.

Improved process

Invoice data can be easily matched to purchase orders and goods received data, highlighting any mismatch or payment tolerance issues. Business rules can easily scan for duplicates or fraudulent invoices, which can be checked and resolved within the business.

Reduced supplier calls and disputes

By improving data quality, eInvoice processing means that suppliers no longer need to spend a significant amount of time chasing payment status or errors. In the same vein, the buyer’s AP department doesn’t need to devote so much time to fielding supplier calls.

Increased staff productivity

Time-consuming paper processes often leave busy accounts staff with very little scope for more strategic activities. These might include identifying opportunities to reduce spend or performing invoice audits that enable procurement organisations to identify billing errors, maverick purchases or off-contract buying. eInvoice processing frees up your internal resources so these tasks become achievable.

Improved visibility

By processing invoices electronically, all commitments become visible to your finance department almost as soon as the invoice is received, improving forecast accuracy.

Audit compliance

Meeting the requirements for European VAT audits entails time-consuming and costly collection of key documents from potentially hundreds or thousands of folders containing paper invoices. eInvoicing allows you to store all related electronic documents together, making retrieval for auditing a much simpler process.

Early payment discount opportunities for buyers

Companies will often try to negotiate various discounts in return for early payment. With eInvoice processing, it’s much easier for prioritised invoices to be approved and settled quickly, so ensuring buyers take advantage of any contractual discounts or supply chain finance initiatives.

Ensuring timely payment

With cash being king, suppliers can easily be burdened by buyers taking too long to pay. Ideally, you want timely payments so that DSO (days sales outstanding) is as low as possible and you can maintain a healthy cashflow. With eInvoice processing, you have a stronger basis to expedite payments. As well as reduced DSO for suppliers, eInvoice processing benefits buyers as it helps them manage accounts payable, reduce DPO (days payable outstanding) and eliminate the risk of late-payment fees.

Cross-border tax compliance

In a recent survey by Transalis on document exchange and processing, a third of company respondents said they were currently reviewing how they manage the paperwork vital for trade with the EU post-Brexit. At the same time, governments globally are increasingly mandating electronic solutions to eliminate tax avoidance and help collect VAT.

Many different organisations are aligning their process models so that structured invoices for AR and AP can be exchanged through a common interface for both cross-border tax compliance and efficiency reasons.


Why choose Transalis?

eInvoice processing solutions from Transalis are used by directors, controllers and managers of AR and AP in sectors including manufacturing, electronics, pharmaceuticals and advanced engineering.

Accredited

You have the reassurance that Transalis is recognised as one of just a few providers in the world to fulfil the EU’s requirement for a common eInvoice standard. Coupled with this, we are a PEPPOL-accredited provider, compliant for European trade with both the private and public sectors.

Customer First

Choose the Transalis eInvoice™ product solutions that best suits your organisational requirements. Our Customer First approach permeates though-out our entire organisation, from helping you choose the right product, implementation set-up, trading partner onboarding and ongoing customer support.

You will immediately be assigned a dedicated product manager who will stay with you throughout the end-to-end onboarding process. Following completion of the onboarding and set-up you will be introduced to your dedicated account manager and support team. Each solution comes with a choice of support package to ensure your enjoy an uninterrupted and hassle-free einvoice processing.

Cost Savings

Digitising your incoming and outgoing invoices will allow you to free up accounts resource, reduce errors improve accuracy by optimising your invoice processing.

The Transalis ROI calculator gives you a good indication of how much your organisation could save by switching to eInvoice processing – turning your accounts department into a profit centre rather than a cost centre.

You can also get in contact with our expert team on 0845 123 3746 or +44 1978 369 343 (for international callers), or contact us via email sales@transalis.com