There are many myths regarding e-Invoicing solutions. Many companies believe that they are adopting e-Invoicing practices when they are simply sending invoices by PDF or Word file email attachments, however this could not be further from the truth. True e-Invoicing is far more complex and sophisticated than that; providing exciting opportunities for the digital and commercial transformation of your business. Below are 3 commonly held myths about e-Invoicing solutions in general and the reality of ivi’s industry-leading e-Invoicing and AP Automation Solutions:
Myth #1: e-Invoicing is Sending PDF Documents via Email
When it comes to e-Invoicing, many businesses assume that sending invoices as PDF or Word attachments via email constitutes an e-Invoicing practice. However, true e-Invoicing involves the exchange of structured invoice data between a supplier and a buyer in an integrated electronic format. Invoices may then be automatically matched electronically against various supporting documents including Purchase Orders (PO’s) and Goods Received Notes (GRN’s). The difference is that with e-Invoicing, data is available electronically and therefore can be analyzed, compared, stored, and shared, whereas a PDF attachment is essentially an image of a piece of paper. ivi’s e-Invoicing and AP Automation Solutions with integration to over 350 ERP and Finance and Accounting Systems, allows you to manage your Purchase-to-Pay (P2P) Operations directly from your existing ERP or Finance & Accounting System, which eliminates all time and cost-intensive manual activities.
Myth #2: e-Invoicing is Expensive and Difficult to Implement
Many businesses believe that e-Invoicing is a costly and complex technology to implement. The fact is, ivi’s e-Invoicing and AP Automation Solution achieves massive time and cost-savings of 60 to 80%, by minimizing human-error, eradicating manual data-entry, expediting payment cycles, and guaranteeing compliance; all while also saving the environment, by eliminating old-fashioned paper invoice processing. 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 and Accounting System, allowing you to go paperless and touchless from day 1.
Myth #3: e-Invoicing isn’t Compliant with Tax and VAT Regulations
Governments around the world continue to mandate the compulsory adoption of e-Invoicing technologies not just for Business to Government (B2G) transactions, but also for Business to Business (B2B) transactions. Besides the obvious benefits of establishing a digital economy through e-Invoice adoption; the digitalisation of data also facilitates compliance with Corporate Income Tax, Sales Tax, and International Trade regulations. In Europe and throughout many parts of Asia, e-Invoices have the same legal standing as their paper equivalents. In fact, since 2018, all government bodies within the European Union (EU) have to accept e-Invoices. The ivi AP Automation Solution Compliance Functionality ensures that your business fulfils all local regulatory requirements in the markets where you conduct business while providing you with total internal transparency. Our additional Value-Added Solutions including e-Archive and Digital Signature further enhance the legal and compliance functions of your ERP or Finance & Accounting System.