8 Mandatory features of e-invoicing Software:
The process of moving from paper-based invoices to digital invoices is certainly complicated, due to complex tax laws and regulations. However, it offers benefits for both suppliers and buyers. From eliminating human error and reducing illegal/invalid transactions to speeding up the approval process and maintaining compliance.
True e-invoicing software needs to be fully electronic, with all data integrated into the system. Making contract verification, purchase orders, product receipts, and other processes are as seamless as possible.
With the right e-invoice software accounts payables need more than just enter data. If your business is considering implementing an e-invoicing solution, here are eight features to keep in mind.
What features does the e-invoicing software need?
Automatically send and receive invoices:
Companies typically choose to automate only one type of invoice (sending or receiving an invoice). Consider this factor when looking for e-invoicing software Saudi Arabia, and prioritize solutions that can automate both processes. Automating both invoice sending and receiving processes not only shortens payment periods. But also saves business costs, increases scalability, keeps track of payments, and it helps to achieves the highest possible ROI.
Multiple currencies, invoice customization:
Often overlooked, invoices are an important part of branding. Even the simplest invoices contain the company logo. It’s better than software that allows you to choose an invoice design from a template library, create your design, or quickly customize information without having to contact technical support.
If you are purchasing from an international supplier or have customers all over the world, you need to be aware of various regulatory requirements. Proper invoice software should save you from the hassle of dealing with taxes and international law and ensure that you are always in compliance thanks to the built-in multi-currency and international features.
Supports all invoice formats:
This may seem trivial until you are asked to convert the invoice to a different format for each supplier or customer. Whether your business partner needs a document in CSV, XML, EDI, or PDF format, the invoice software supports all formats and keeps you informed without having to save different versions of the same invoice. You need to be able to automatically convert it to structured data for machine-reading.
Integration into the existing system:
If your e-invoice solution isn’t well integrated into your business system, a smooth data flow can not assured. Many billing solutions are not designed to fit into complex production networks. If your business needs an invoice solution to feed your existing systems, make sure your provider can provide secure and seamless integration between your software.
The archiving feature of the invoice issuing solution is essential for easy management by storing all invoices in one place. The Billing software data should be encrypted for added security. In addition to archiving receipts, you can also set expiration dates for documents and delete them at the end of the period to keep everything organized. You can rest comfortably knowing that your valuable financial data is secure, accurate, and easily accessible when you need it.
Accept multiple forms of payments:
Today most consumers are attracted to a wide array of options to purchase anything, and wish to pay for these purchases in their preferred method. Your e-invoice application should be able to process all forms of payments, either virtually via credit cards or via third-party platforms. For instance, several suppliers and consumers today utilize e-wallets as a safer, faster, and more economical fund transfer method.
What`s more, not all transactions are straightforward. Sometimes you want to offer discounts to your patrons. In other cases, terminal costs and oil prices cause shipping fluctuations. Both invoice and system should reflect these numbers, including taxes.
Therefore, prioritize software that can enter discounts or tax rates to generate new totals. In addition, the ability to set up recurring payments and automatically send invoices is important if you want to provide or receive continuous service.
Some invoice solutions have built-in analytics and graphical dashboards to help businesses gain more insights. Business intelligence is undoubtedly a powerful and necessary tool for managers to make intelligent, timely, and informed decisions. Everyone needs to have an insight of their business. Effective billing solutions can collect data, generate reports, and provide such insights.
Security and support:
Enterprises process a huge amount of sensitive data daily. It is important to encrypt this sensitive data at all costs. To be secure, take the time to fully understand the value of your data and carefully compare and evaluate vendors who have made data protection one of their business goals.
Another success factor is how well vendors can support the entire implementation project. When looking for the right solution, you should carefully consider whether you have consistent, high-quality support online and offline. You should also receive the customer support after software installation.
The purpose of digitization is to increase productivity by increasing day-to-day operations, saving physical space and resources, and providing instant access to invoices at all times. Software that eliminates your daily hassles is the solution for you. Looking for a trusted billing service provider? I won’t look any further! Talk to the Absolute Solutions (an IT Company in Riyadh) team today to explore different ways to help transform your business.