Electronic invoicing is designed to overcome many of the friction points encountered in traditional, paper-based invoicing systems. But not all e-invoicing providers are the same, and choosing the right e-invoicing platform and service provider requires some careful consideration. Here are three prerequisites for investing in an e-invoicing provider.
62 percent of CFOs at best-in-class organisations identify compliance and risk mitigation among their top priorities, according to the Hackett Group. Paper-based invoices have traditionally made compliance a difficult task, one that e-invoicing is well suited to streamline. Additionally, many countries already require e-invoicing as part of their tax collection processes.
Listen to Tungsten Network’s SVP Country Compliance, Ruud van Hilten discuss the importance of tax compliance inside and across borders
Your e-invoicing provider should be conversant in the laws and any electronic invoicing features that may be mandated by local regulations and provide invoices that are legally compliant in the countries in which you operate. Providers that offer compliance in a larger number of countries are better positioned to handle the needs of a wide range of international businesses, a must in today’s global economy.
It’s imperative that your e-invoicing vendor has the scope of experience to deal with your current needs as well as your future growth. Ask your vendor for a client list and/or a list of third-party references who can vouch for the integrity of their work. E-invoicing providers should be able to provide relevant case studies that will help you to get acquainted with the services and benefits of the provider, as well as the typical process and timeframe.
Success in e-invoicing is not a solo pursuit. While your AP department may need help in learning the new system, suppliers may also be reluctant to sign on and may need to be sold on the new system as well as educated in how to use it. An e-invoicing provider that eases this friction by helping with supplier onboarding can help to guarantee the success of your solution. Ask potential e-invoicing providers about their capabilities and track record in providing onboarding support. Effective providers should be able to provide case studies and statistics that give you insight into past onboarding campaigns.