Automated eInvoicing replaces expensive paper-based invoice management
If you do business in a market increasingly relying on eInvoicing, you will need to stay up to date to maintain competitive advantage. Invoice digital transformation from Transalis can help you.
Keeping on top of incoming invoices is a thankless task for already overstretched accounts departments. Much of it involves mundane administrative duties prone to human error at every step. This leads to costly blockages, disputes and payment delays as issues are unravelled.
The task is made even more complex if the business is trading across borders as different countries will have different approaches to compliance and regulation.
Transalis is just one of just 12 eInvoice solution providers across Europe to pass a rigorous new electronic invoicing standard, EURINV19.
Under EURINV19 protocols, companies can signal to other traders that they operate invoice automation to a recognised common standard, so making the exchange of invoices within and between markets much easier.
Security and compliance
Think how easy it would be if all invoices arrived directly onto an eInvoicing platform for digital processing. No more capturing invoices arriving on disparate systems such as post, fax or email. No more re-keying into your systems. No more human errors or missing invoices.
Compared with paper-based systems, the electronic exchange of invoices can reduce costs by up to 80% and improve security, regulatory compliance and auditing time.
The need to improve efficiency in invoicing has been especially heightened by Brexit with companies facing a deluge of new documentation requirements for cross-border trading and customs checks.
UK meat and fish exporters, the Road Haulage Association and Marks & Spencer are among the industry players warning of serious disruption to freight movements in and out of the country because of the new red tape.
Some retailers, including the department store chain John Lewis and luxury food brand Fortnum & Masons, even took the step of suspending overseas delivery services until arrangements improved.
To prepare customers for trading post-Brexit, the Transalis team spent much of 2020 adding new document categories to its suite of eInvoicing options.
We wanted to give those manufacturers, retailers and suppliers who use our solutions the best chance of ready compliance with customs rules and required document formats as they seek to continue seamless trading of goods between the UK and EU.
Minimising errors
We aim to take pain out of the process. That includes minimising the risk of human error in invoice data entry so customers can avoid having to spend time carrying out corrections and delaying despatch.
Adopting eInvoicing is a common sense decision as it complements the requirement for customs declarations where exports or imports are a key element of the business mix.
We aim to take pain out of the process. That includes minimising the risk of human error in invoice data entry so customers can avoid having to spend time carrying out corrections and delaying despatch.
Our solutions enable customers to streamline and reduce the post-Brexit burden being placed on their in-house teams or external agents or brokers.
Adopting eInvoicing is a common-sense decision as it complements the requirement for customs declarations where exports or imports are a key element of the business mix.
eInvoicing helps make it simpler to stay up to date with the changing landscape of trading partners, tax compliance and eInvoicing mandates around the world.
Accuracy and speed
eInvoicing enables you to identify blockages and inaccuracies instantly so disputes can be rectified immediately.
You benefit from a full audit-trail of invoice processing and automatic validation of correct invoices with no requirement for human intervention.
Transalis’ eInvoicing platform provides you with instant real-time-reporting to receive an accurate in-the-moment view.
You also have a deep-store digital archive of invoices to reduce your retrieval and auditing costs.
The benefits of invoice digital transformation are many. Making the switch to digital saves you time on unnecessary administrative tasks and saves you money on resource. It also improves your overall cashflow by avoiding invoice process blockages.
Supply chain benefits
Suppliers, customers and partners have varying degrees of IT expertise. By making improvements, individual companies can together boost the interoperability of their supply chains.
This is because multiple formats for invoice processing exist in different countries and customs regimes. Being able to format and pre-validate invoices helps with tax and contract compliance and makes overall trading arrangements smoother.
If you are interested in digitally automating your invoice processing, why not talk to us on 0845 123 3476 or +44 1978 369 343 (for international callers), or email us on sales@transalis.com.
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The contents of this publication are the sole responsibility of Transalis and do not necessarily reflect the opinion of the European Union.
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