Digitization of invoices can help businesses become more efficient

KV Lakshmana

Consulting Editor / [email protected]

Do you find the way you are handling invoices tedious and tiring? Keeping track of traditional printed invoices in the current day fast-paced business environment can become bit of a challenge.

Electronic invoicing could be the saviour that businesses are looking for, to keep track of invoices and lead to efficiencies and a reduction in overall costs across the entire supply chain ecosystem.

For the business entities, the Covid 19 pandemic has forced the need to improve efficiencies for overall cost reductions and steps to ensure continuous operations.

Digitisation can help businesses work out efficiencies in processes, and help reduce administration and error management costs.

“Digitally transmitting and storing data directly into business systems eliminates the need for manual data handling and costs associated with storing paper documents,” said Karan Shankar, Sales Director, Pagero India.

Transacting digitally, and utilising tools such as validation and enrichment, eliminates errors in key transactional documents. Often such errors lead to delays in the supply chain. Digitisation also provides full financial control and visibility across all business documents.

Ensuring business continuity is critical for any organisation, especially in the light of the current pandemic. Digital initiatives once considered a low priority have since been recognised as a top priority, and the move to digitising processes through e-invoicing is a step in the right direction, the company said in a press release.

From an internal perspective, business systems are updated with the necessary information required for your business. E-invoicing maintains accuracy of data by eliminating the need for manual validation, providing financial visibility and control which therefore frees up staff capacity for budgeting, forecasting and decision-making.

From an external perspective, business-to-business communication is fully digital and continuous. Compliance of all business documents exchanged with trading partners is achieved and thus reducing the risk of error arising from incorrect/missing information or buyer requirements. The combination of e-invoicing and e-delivery networks allows you to connect and communicate digitally with all trading partners which, in turn, ensures faster payments and avoids delays in the order process.

Governments across the EU and APAC region are already adopting initiatives for e-invoicing. With India’s mandate upcoming, ensuring compliance of your documents to all these trading partners is key in maintaining the validity of all transactions. Meeting government requirements across the world ensures that your business is following all local legal guidelines, therefore avoiding non-compliance costs and facilitating the audit process, Mr Karan Shankar said.

Connecting to Pagero’s open, global, cloud-based business network allows your organisation to transact business documents digitally and directly to all trading partners, he said and added it will also ensure continuity of transactions.

Pagero is system agnostic meaning you can connect to any ERP, accounting system or workflow engine seamlessly, digitising the entire document flow. Automating the inbound flow of orders and invoices means eliminating the tedious, error prone steps of manual data entry into your systems.

The official said Pagero’s e-invoicing solution has the capacity to analyse the documents being sent via the network and ensure the documents are locally compliant and to the relevant business requirements of the recipient. This fully digital process means 100% data accuracy and minimising scope of errors in your system.

Pagero is a global e-invoicing service provider backed by the power of an open business network. It provides a single service that lets businesses not only become and remain compliant but also connects to a worldwide network of private companies, governmental hubs and other service providers and networks.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: