e-Invoicing software is key at helping organizations jump from paper based to electronic invoices.There are still many companies using paper-based invoices, but e-invoicing is growing at approximately 20% a year. The change is happening for many different reasons. In some cases, rules in countries, especially developing countries, where they are enforcing the use of e-invoicing. This is often being done for tax compliance reasons. There are many benefits for organizations to use e-invoicing software to make the change including reducing costs, improving productivity, getting paid faster, and many more things. Making a switch to e-invoicing software is an important decision for an organization. Here are a few things that organizations should consider when selecting e-invoicing software.
AR, AP, or Both?
Where is the biggest area of need? What are the volumes of invoices and effort needed to process them? This can help you determine the type of e-invoicing software you should be exploring.
Integration with financial systems: Your financial system or ERP may have e-invoicing modules and they should be explored. Your systems may not have those capabilities, but they may be able to accept CSV files or work with an API. As an example OnePosting is able to handle PDFs and CSV files as the simplest form of integration. This is a very significant item as your financial system is driving your business.
How does it affect customers and/or suppliers: One of the major items to consider is how your move to e-invoicing will affect your customers and/or suppliers. We have heard examples of companies putting onerous systems in place and suppliers walking away from the business. Making the e-invoicing software as frictionless as possible is important to keeping good relationships with suppliers and customers.
Flexibility: Your organization should have some flexibility in how you implement the e-invoicing software. We find that many organizations have good processes but have bad technology to automate those processes. This could include many things like supporting documents, approval flows, exceptions, and many other possible items.
Security: There is a rise in phoney invoices and payment fraud. Your e-invoicing should have security built in for things for like new emails and even IP addresses.
If you would like to understand how OnePosting e-invoicing software can help your organization please connect with us for a meeting.
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