Benefits of E-Invoices for Managers
European Countries are leaders in innovation and implementation where E-Invoicing is concerned. With international projects like PEPPOL (Pan-European Public Procurement Online), market transactions have become smoother, safer and more transparent. Organizations in Norway, especially, have been proactive where E-invoicing and E-procurements are concerned. There are many reasons for this such as market requirements, ease of legal proceedings, and recordkeeping (Carmen Ciciriello, PEPPOL, “ELECTRONIC INVOICING IN NORWAY, STORY OF SUCCESS”, 2014). There are various benefits of e-invoices for buyers and suppliers, but it is equally beneficial to managers as well. Mentioned below are a few benefits of e-invoices for managers:
E-invoicing, is a system of electronically logging, presenting and monitoring billings and transactions. This system facilitates suppliers to send invoices via the web, which are then received and processed by buyers. This transfer of invoices takes place over what is called an aksesspunkt. These points are used to access the registry of addresses, send and receive data and cross-reference bills. Suppliers and buyers are connected through and Efaktura aksesspunkt. This provides managers the ability to see the invoice as soon as it is issued which provides a much greater level of certainty and control.
For many companies the ability to optimise their working capital is essential. It improves business agility and can minimise the need for external financing. By shrinking the order-to-pay and order-to-cash cycles, e-Invoicing allows businesses to receive payments in a timely manner and take advantage of any discount schemes that may be available.
By working with a third party e-Invoicing provider, organisations can take advantage of systems where the regulatory compliance issues for different countries have already been accommodated. This means that the company does not need to have the tax expertise for every region in the world, removing one of the significant barriers from entering a new market or new territory.
Improved Supplier/Customer Relationships
Making the invoicing process as effective as possible reduces the amount of disputes that arise and ensures that the organisation can deliver a high level of service. Moreover, by integrating with the systems of your customer or supplier both parties are making a significant investment in the longer term nature of the relationship.
Enhanced IT System Optimisation
In most cases, e-Invoicing does not demand a large technology overhead. Most IT departments can implement the secure connectivity and data transmission necessary through optimising their existing IT infrastructure or using a third party provider. IT managers are able to minimise the resources required to support e-Invoicing functionality.
One company that provides Efaktura i Norge is Basware. More information can be found on their website.