E-invoicing has many benefits for every business by simplifying and automating the exchange and processing of invoices.
Benefits of E-invoicing include:
- Reduced payment times
- Less time and errors
- Reliable and secure
- Cost savings
- Connect once, trade with many
- Environmentally friendly
Steps to help you prepare for e-invoicing in your business
1. Review your business processes and requirements to understand your current state of invoicing, including:
- how many invoices you send and receive, and how often
- how you send, receive and process invoices and if you use purchase orders
- identifying your top suppliers and buyers (by number of invoices)
- if you use software and scanning tools to manage your accounts payable and receivable.
2.How you could implement e-invoicing
- Talk to your software providers to understand your existing software and tools, and whether they are or will be e-invoicing enabled.
- Talk to different e-invoicing service providers.
- Establish your return on investment (ROI) and other considerations to support your investment decision.
3. How to get ready for e-invoicing
- Understand and manage changes in business processes within your organisation.
- Get your trading partners ready for the upcoming change.
4. How to onboard your suppliers
- Test your solution with your trading partners.
- Progressively onboard your trading partners focussing on those with most benefit to your organisation, for example, high volume suppliers or high error rate invoices
5. How to get the most out of e-invoicing
- Transition as many of your trade partners to the e-invoicing channel to maximise your benefits.
For further information CLICK HERE or contact the team at Sutherland Tse