Automating the way you process invoices can transform your business by minimising the risk of human data entry errors that can prove costly to resolve.
While mistakes are an inevitable drawback of paper-based invoice management, invoice automation enables immediate data validation even where invoices are presented in different formats. The earlier mistakes are corrected, the quicker a correct invoice can be approved and processed.
How much could you save?
Use the eInvoicing savings calculator to find out how much you could save by automating your invoices.
How much could you save?
Use the eInvoicing savings calculator to find out how much you could save by automating your invoices.
So what exactly do we mean by invoice automation and how can it help your business?
Keeping on top of invoices has traditionally been a repetitive task requiring a close eye on detail from accounts team members. A single error can easily lead to a costly logjam, a dispute with a trading partner or a payment delay. Inaccuracy affects other departments too, chiefly sales, finance and planning, who rely on a true, up-to-date cashflow assessment for forecasting and ordering.
On the other hand, switching to invoice automation enables you to identify blockages and inaccuracies early, helping you to avoid hurdles ahead and rectify any queries before they escalate into disputes.
Find out more about the benefits of eInvoicing
Switching on automation
When we talk about invoice automation, we are referring to a software solution that enables you to replace ‘manual’ with ‘electronic’ or ‘automatic’.
Your invoices go directly onto a cloud-based platform for automated processing so you no longer have the manual task of capturing data arriving on disparate systems in the post or by email. There is no more re-keying of invoice information into your systems with the attendant risk of human error and missing or mistaken invoices.
Invoice automation ensures that the data being processed is correct at the point of origin through digital integration with the product catalogue and remains unchanged as it populates other business systems.
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.
Better data quality
Invoice data can be easily matched to purchase orders and goods received data, highlighting any mismatch or payment tolerance issues. Business rules can easily scan for duplicates or potentially fraudulent invoices so they can be checked and resolved.
By improving data quality, invoice automation means that suppliers no longer need to spend a significant amount of time chasing payment status or errors. In the same vein, a buyer’s AP department can avoid the time and effort of fielding supplier calls.
Time-consuming paper processes often leave busy accounts staff with very little scope for more strategic activities that can help to reduce spend. Examples include performing invoice audits that enable procurement organisations to identify billing errors, maverick purchases or off-contract buying. Invoice automation frees up your internal resource so these tasks become achievable.
Greater visibility
By processing invoices electronically, all commitments become visible to your finance department almost as soon as the invoice is received, improving forecast accuracy.
Companies will often try to negotiate various discounts in return for early payment. With invoice automation, it is much easier for prioritised invoices to be approved and settled quickly, so ensuring buyers take advantage of any contractual discounts or supply chain finance initiatives.
With cash being king, suppliers can easily be burdened by buyers taking too long to pay. Ideally, you want timely payments so that DSO (days sales outstanding) is as low as possible and you can maintain a healthy cashflow. With invoice automation, you have a stronger basis to expedite payments. As well as reduced DSO for suppliers, invoice automation benefits buyers as it helps them manage accounts payable, reduce DPO (days payable outstanding) and eliminate the risk of late-payment fees.
Transalis eInvoicing solutions
Transalis’ invoice automation solutions are widely used by directors, controllers and managers of AR and AP in sectors including manufacturing, electronics, pharmaceuticals, food and beverage, and advanced engineering.
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.
Why choose Transalis?
Accredited provider
Transalis is a digital supply chain technology provider with extensive knowledge and insight about invoice automation.
We are one of just 12 solutions providers across Europe, and one of only four in the UK, to have passed a rigorous new EU eInvoicing 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.
We are also one of the few UK tech firms to have been certified as an AS4 Peppol provider, reflecting our compliance with the highest level of international public procurement standards.
Both EURINV19 and AS4 Peppol support the goal of enabling safe and secure trade through greater supply chain transparency, visibility and efficiency.
Customer first
Under our Customer First approach we help you choose the right product, implementation set-up and ongoing customer support.
You will have a dedicated product manager who will stay with you throughout the end-to-end partner onboarding process. After that, a dedicated account manager and support team help you with any queries on day-to-day operations.
Each solution comes with a choice of support package to ensure you enjoy uninterrupted and hassle-free invoice automation.
To talk about your requirements with one of our invoice automation specialists, contact us on 0845 123 3746 (calling from UK) or +44 1978 369 343 (for international callers), or via email sales@transalis.com
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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