Ways to Improve the E-invoicing Process
By automating their invoice processes, companies can easily decrease the time required to complete the process, but also the cost required for the process. Hence, companies should adopt e-invoice processes for their procurement needs. However, there are a few things that companies can do to improve their e-invoicing processes.
Norway is considered to be a front runner when it comes to eProcurement in Europe. As early as 1997, Norway started using electronic tender notification. Moreover, from July 2012, the Norwegian Government passed a law stated that all central government agencies should demand e-invoices in a standard format (EHF), for all new agreements. Due to this law, the number of e-invoices received increased by 23.14% in 2013 (Anskaffelser, Norway as a front runner for eProcurement in Europe, 2014).
Hence, it is very important for businesses and companies to know how to make an e-invoice and what tools and methods can help improve the process. Here are a few ways that businesses should consider to improve the e-invoicing process.
Addressing Demands: A statement from Basware Corporation states that, “From cost and efficiency benefits to compliance and control, the priorities for e-invoicing are wide ranging and often highly personalized to an individual country” (pymnts.com, The More Demanding, Global Future Of E-Invoicing, 2015). There are a number of various categories of businesses that make use of e-invoicing. The three main industry players are Government mandates, large corporations and SMEs and each of these players require a different e-invoicing strategy. While SMEs demand faster, earlier and less expensive e-invoicing service platforms, larger corporations have their own demands for procurement services that go beyond sending and receiving an elektronisk faktura. Hence, based on their requirements, companies need to implement different methods of different sectors in their services for improvement in the e-invoicing process.
Data Security: According to the researchers of Billentis, an estimated 500 billion electronic invoices are sent across the globe every year (pymnts.com, The More Demanding, Global Future Of E-Invoicing, 2015). Each of these invoices contains many different data fields that provide private information of various companies. This is one of the reasons why companies refrain from using e-invoicing as company owners aren’t comfortable with revealing data without appropriate security measures. Hence, companies need to make sure that the e-faktura automatisering services that they use not only are capable of analyzing data, but also provide a good quality of security for the data.
Real-Time Economy: While supporting a flow of accurate data is one of the key benefits of adopting automated invoices, there is also a big need for real-time services that enable companies to manage their cash flow, pay invoices on time and take advantage of time-sensitive features like dynamic discounting One of the key tools that can greatly enable real-time economy is mobile adoption. For the accounts payable side of transaction, more and more officials are now seeking mobile apps and services that enable them to manage, approve and review an e-invoice thought their mobile devices. Hence, companies should choose e-invoice service providers that have these features.
The future of e-invoicing includes a more holistic, customized service for buyers and suppliers alike. There are many solutions that are automated, secure and cost-effective services that strengthen economies throughout the globe. One such efaktura software is Basware.