How eInvoice solutions support AR and AP functions

eInvoice solutions facilitate automated invoice processing to replace manual effort. They offer a host of benefits to help your entire accounts team.

In fact, finance directors, controllers, procurement managers as well as AP (Accounts Payable) and AR (Accounts Receivable) departments use our eInvoicing software to eliminate inefficiencies and cut costs.

Overall, a tailored eInvoice solution can transform Accounts Payable and Accounts Receivable processing.

In this article, we discuss how eInvoice solutions support your AP and AR teams to become more productive and efficient by:

As mentioned above, using eInvoice software is far more effective than a labour-intensive, paper-based approach.

When businesses rely on manual invoicing, invoice data has to be rekeyed into their financial systems. Unsurprisingly, this process is prone to human error. Even small mistakes can cause significant problems, such as delayed payments or disputes.

Additionally, the manual keying process requires significant time and resources, extending its level of inefficiency. The sheer volume of invoice data that needs to be processed on a daily, weekly or monthly basis often results in a backlog. This then leads to delays in payment – negatively impacting relationships with suppliers and customers and missing any early payment discounts.

eInvoice software improves accuracy and efficiency and significantly cuts costs, eliminating these problems. In fact, compared with manual invoice processing, eInvoicing can reduce costs by up to 80%. Therefore, a robust eInvoice solution expedites payments while the finance team can concentrate on higher-value tasks, such as interacting with the trading network.

Atradius UK published a report in 2018 that found two-thirds of suppliers achieved faster payments after implementing an eInvoice solution. Their cashflows were healthier because they could minimise the costs of managing their distribution networks.

Companies looking to optimise their AP processing, especially in terms of data entry, will find Transalis AP Automation particularly helpful.

In addition to improving accuracy and cost, Transalis can offer Real-Time Reporting (RTR) to support Accounts Receivable processing. This feature is especially important for businesses that need to comply with international tax regulations.

RTR allows businesses to easily monitor financial activities, including; invoices, payments, and other transactions. This helps track performance, provides greater control, and increases the visibility of business operations. It also enables businesses to respond quickly to potential issues, such as discrepancies or delays in payment. Businesses can take corrective action promptly and prevent further issues from arising in future.

Furthermore, RTR helps businesses identify growth opportunities. This is because it can provide data to analyse customer behaviour, payment patterns, and other important metrics. This can be used to make better strategic decisions to improve business operations and increase profitability.

Overall, the RTR feature of our AR Automation solution provides businesses with eInvoice compliance across their international trading connections. You can also be reassured as Transalis played a key role in the EU’s project (EURINV19) to implement a common eInvoice standard.

Coupled with this, we are a PEPPOL-accredited provider. This means we comply with the highest EU standards for European trade with the private and public sectors.

If you are interested in RTR, Transalis AR Automation is the right eInvoice solution for you.

Transalis’ AP and AR solutions are designed to help businesses automate their financial processes. Integrating these solutions with an ERP (Enterprise Resource Planning) or other financial systems enhances this efficiency further.

AR Automation and AP Automation offer specific tools which tackle different challenges in the accounts department, as stated below…

AR Automation simplifies compliance across international trading networks.

This eInvoicing solution connects businesses as specific endpoints. The role of AR Automation is to ensure invoice documents are issued in the required formats and follow the correct protocols. This includes PEPPOL connections for organisations with customers in the public sector, such as the NHS. AR Automation can be tailored to also include RTR, paper-to-digital/digital-to-paper, and system integrations, for truly effortless AR processing.

The key feature of AP Automation is the automated validation of all inbound invoice data.

This means the software can automatically check invoice data, flag discrepancies or errors, and offer suggested corrections. This is all thanks to the enhancement of the system with AI technology. The AP Automation solution is in a constant state of learning to ensure different invoice formats are recognised and can be reformatted without any manual input. There is also no need to set up specific connections, all inbound invoices, in all formats, are routed through the Transalis AP Automation system for validation. This invoice data is then automatically reformatted and fed into the chosen accounts system for payment.

We know that transitioning from manual invoicing to eInvoicing significantly improves partner relationships and productivity. However, onboarding new technologies can be a challenge if not managed correctly with a coherent plan.

At Transalis, we understand the necessity for frictionless deployment. We include a fully-supported onboarding process to complement all our solutions. Following the stages below ensures an efficient set-up;

Additionally, all our customers have a dedicated Transalis account manager and our technical support team are also on hand as and when required.