Companies are increasingly exchanging invoices via automated software platforms as they realise how electronic invoice processing can reduce costs compared with paper or digital image-based systems.
If your company processes hundreds or even thousands of invoices every month, you inevitably have a resource issue to manage. Here are some reasons why you should switch to electronic invoice processing…
According to Swiss global market analyst Billentis*, businesses and organisations across the world exchange around 550 billion bills and invoices annually, with a roughly equal split between goods and services.
Billentis also forecasts the volume of invoices managed through electronic transmission and automated processing to quadruple by 2035.
Whether the need is driven by government or businesses themselves, there are many benefits of switching to electronic invoice processing…
Growing need for compliance
Business innovation has traditionally been the main catalyst for the market growth of electronic invoice processing.
However, it is now being increasingly mandated by governments too. in an effort to close the so-called VAT gap; the difference between VAT revenue forecasts and what is actually collected ‘on the ground’ governments are pushing for electronic invoice processing to combat the problem.
In Europe, Billentis* estimates the annual VAT gap to be a massive €140 billion or 11% of expected revenue.
Avoiding the risk of error
Everyday frustrations will include dealing with invoices that contain mistakes in financial information such as missing out essential VAT numbers. These are a natural and inevitable consequence of manual input.
To rectify this, staff need to be involved hands-on, but further manual input and re-keying to iron out the issue simply brings with it a similar risk of human error. Manual input is also not cost-effective when staff could be reallocated to higher-value tasks.
According to Billentis*, switching to electronic invoice processing can, in some cases, reduce costs by up to 80%.
Savings are generated through faster processing, fewer errors, healthier cashflow and more scope for compliance with the requirements of governments and regulators.
With electronic invoice processing, you can efficiently process invoices from point of entry across all back-office systems to achieve smoother, more cost-efficient data flows and you can digitise invoice storage for auditing and reporting.
Transparency and choice
Here at digital supply chain technology provider Transalis, we have developed an electronic invoice processing platform, Transalis eInvoice™, that offers a host of benefits for both Accounts Receivable (AR) and Accounts Payable (AP) teams.
Unlike other providers, we offer you flexibility on service input and complete transparency on cost with our range of eInvoice product bundles.
The choice is yours and depends on the exact functionalities you require for your electronic invoice processing.
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.
Larger companies with international partners, need to comply digitally with complex tax regulations can benefit specifically from configuring to their own requirements using Transalis eInvoice™ Freedom.
This includes a dedicated Success Manager to help with the onboarding of trading partners and ensure all is working well with your digital transformation.
Like the other bundles, Transalis eInvoice™ Freedom helps you increase efficiency through easy integration with your ERP and financial systems. It provides automated validation of invoice data along with a deep-store archive to reduce auditing time and costs.
If you want to improve your business prospects through electronic invoice processing, why not look at our eInvoice product bundles to see which is best for you? Call our knowledgeable team on 0845 123 3746 (calling from UK) or +44 1978 369 343 (for international callers), or contact us via email sales@transalis.com to discuss your requirements.
* Billentis Report: The development and future of eInvoicing from 2019 to 2025
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