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Many organisations are missing a trick by not leveraging invoice automation in their day-to-day Accounts Payable (AP) processing.
Invoice processing can be an arduous task, especially when all this processing is done manually. The time-consuming rekeying of data and the subsequent delays due to errors have almost become factored-in components of the task. By leveraging invoice automation, businesses have the benefits of significantly reducing time spent on manual data input, therefore increasing accuracy and reducing AP overheads.
Transforming your invoice processes
Our recent report demonstrates how automating invoice processes can transform business efficiency
Invoice automation benefits
Some of the benefits of adopting invoice automation are already well established.
As stated earlier, the automation of invoice processes significantly reduces the time that AP teams spend on manual rekeying data. This allows them to focus on higher value projects and increases the accuracy of invoice data, due to minimal manual intervention.
As a result, organisations are adopting invoice automation at pace. In fact, Billentis* reports that the volume of eInvoice exchanges is expected to quadruple by 2035.
Our recent report: Transforming Your Invoice Processes, highlights that switching to automated invoice processing can save businesses 60% on average over manual processing.
We were also able to demonstrate this cost saving benefit in the report, by using our client case study of AG Barr. AG Barr were able to realise savings totalling £200,000 in the first year of going live with AP Automation.
There’s another equally compelling reason for businesses to automate invoice processing, beyond commercial savings…
International eInvoice requirements
This increase in the implementation of eInvoice solutions is also being seen internationally.
Governments worldwide are turning to eInvoicing to close their respective VAT gaps. Many countries are now mandating eInvoice capabilities when trading with businesses and/or governmental bodies in the country.
For example in 2021, France announced that by 2023 all French businesses will need to submit digital invoices via a central platform. This system allows for the amount of VAT to be correctly calculated for collection by the tax authority.
France is just one of many European countries planning to mandate digital invoice submission. This is commonly referred to as Real Time Reporting (RTR), which helps to close the VAT gap.
One of the early adopters of RTR was Turkey.
RTR: A client case study
Our client in the Health & Beauty industry leveraged one of our eInvoice solutions for this purpose.
This particular client required a customisable solution that could automate invoice processing and ensure compliance with the cross-border regulations in Turkey.
We implemented a solution for the client which focused on providing their suppliers with a simple and frictionless way to submit invoices via an online platform.
Once an invoice is uploaded, an automated process begins by routing the einvoice to the Turkish tax authority for approval.
The approved eInvoice is then configured to the correct format and transferred directly into the client’s AP application.
The client ensured compliance with local tax requirements and removed manual processing thanks to our solution, which ultimately delivered significant savings on AP overheads.
Transalis eInvoice solutions
We offer two different solutions tailored for the Accounts Payable (AP) and Accounts Receivable (AR) functions in the finance department.
These solutions offer finance teams the opportunity to increase productivity, create greater efficiency, and deliver significant ROI. Each solution can be tailored to the specific business need, for example: system integrations, PEPPOL connections, specific message volumes, and enhanced support etc.
eInvoice Software
AR Automation
Scalable digital compliance for outbound invoice processes. Build the ideal solution for your AR team.
AP Automation
Convert & integrate inbound files with 60-80% ROI. Ideal for AP teams manually processing 2,000+ invoices per month.
To talk about your invoice automation requirements contact our team on 0845 123 3746 (calling from the UK) or +44 1978 369 343 (for international callers), or via email sales@transalis.com.
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References:
*Billentis: The development and future of eInvoicing from 2019 to 2025