There is a common misconception that an electronic invoice, or an e-invoice, is simply the sending or receiving of an invoice as a PDF or Word attachment via an email. However, a true e-invoice is much more complex and sophisticated than that; providing exciting opportunities for digitalisation, automation, and actionable insights into 100% of your financial data, that has a dramatic impact on the success of your company. A true e- invoice contains structured data from a Supplier in a document and data format, and sent via a transmission channel, that is automatically propagated into the Buyer’s ERP or Finance & Accounting System, without requiring any manual data input from the Buyer’s Finance Department.
This is how ivi resolves the pain points of over 15,000 (and growing!) Clients worldwide, by providing Accounts Payable and Receivable Operations with a seamless, frictionless, end-to-end, and anticipatory “Accounting Services 4.0” e-Invoicing & AP Automation Solutions, where the manual input of data is 100% eradicated, resulting in massive time and cost-savings! Here are just 4 reasons why your company should start adopting e-Invoicing & AP Automation Solutions with ivi now:
- The Perfect First Step Towards Digital Transformation
The implementation of ivi’s e-Invoicing & AP Automation Solutions is the perfect way to take the first step to digitalizing and automating all your company’s labour and cost-intensive financial and administration processes. Whether your Suppliers send you their invoices via PDF and Word file email attachments, paper, fax, or even hand-written in Mandarin on carbon-copy paper (!); ivi will automatically deliver the structured data with industry-leading 100% accuracy, automatically imported into your ERP or Finance & Accounting System, allowing you to go paperless and touchless from day 1! From Purchase Order (PO) submission and Advanced Shipping Notice (ASN) processing, through to delivery of goods and invoices, as well as payment; ivi will digitalise, automate, and optimize your entire supply chain operation.
- Automatic Invoice Verification and Processing
For greater control over your Financial Administration, the ivi e-Invoicing & AP Automation Solutions implement Data Authentication functionality ensuring the accuracy of Supplier Invoices before the data is propagated into your ERP or Finance & Accounting System for processing. This means only Supplier Invoices with 100% accurate data are processed, minimizing error and exception-handling, ensuring fraud-detection, and saving you both time and money. Whether processing invoices from Suppliers with various technological capabilities or operating across countries with diverse and changing data requirements, the Data Enhancement and Processing Rules functionality eliminates unnecessary manual data correction and entry, while automated Business Rules and Settings can be established to standardise data and create approval procedures for specific users, which dramatically reduces invoice processing times and errors.
- Supplier Self-Service
Even though the extensive integration capabilities of ivi’s e-Invoicing & AP Automation Solutions allow you to manage your Purchase-to-Pay (P2P) Operations directly from your existing ERP or Finance & Accounting System, a key element of an effective AP Automation Solution is to provide a Supplier Portal which allows them to check the status of invoice approval processing and payment. Buyers incur significant costs when Finance Department resources are distracted from focusing on strategic, high-level activities that positively impact the company’s growth, due to the constant and tedious addressing of Supplier enquiries regarding invoice approval and payment status. The ivi e-Invoicing & AP Automation Solutions Portal provides Suppliers with the ability to submit invoices, upload supporting documentation, check invoice approval processing and payment status, and easily collaborate with Buyers online.
- Digital Supply Chains and the Largest B2B Network in the World
Adopting ivi’s e-Invoicing & AP Automation Solutions not only digitalises and automates the internal financial processes of your company, but also digitally transforms how you conduct business with your Partners, Suppliers, Customers, and Subsidiary Companies across all global markets. The ivi B2B Network is connected with hundreds of global partner networks and over a million Buyers and Suppliers from around the world, making it easy to exchange invoices and financial documents, transact electronically, and access digital solutions and data to accelerate your business growth. This makes it easy to send and receive Purchase Orders (PO’s) electronically; manage your Supplier Database; send, receive, and process Business Partner Invoices; and participate in discount programs such as ivi’s Dynamic Discounting to obtain massive savings.