Technology readiness
A recent research report from Paystream highlighted that the third biggest barrier to successful e-invoicing was system integration. Your e-invoicing solution will need to integrate with accounts payable and accounts receivable systems but also other business systems, including your ERP system.
At a minimum, your e-invoicing solution is required to:
- Facilitate the exchange of documents between buyers and suppliers, regardless of the data standards used by the respective accounting systems
- Enable buyers and suppliers to make independent communications and technology decisions by providing multiple, secure networking options to accommodate each company’s security policies and IT infrastructures
- Support any or all of the invoice-related documents, such as purchase orders, debit notes, credit notes and remittance advices, that you may need to store together for audit purposes
- Be globally available regardless of the location of buyers or suppliers
- Enable all type and size of trading partner to participate, regardless of their technical capabilities
- Be capable of structured data exchange with other business systems for accurate forecasting and planning
The goal here is to achieve automatic end-to-end processing of your invoices between buyers and suppliers where the documents are immediately routed for approval and settlement. The e-invoicing solution you adopt must integrate seamlessly with your existing business systems and infrastructure as well as provide a platform for future development and business needs.
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