When considering an e-invoicing project, most businesses are having trouble determining what to begin with. As usual, better planning means more chances to have the best possible results. But, let’s take a closer look at some important aspects you need to consider before starting to implement an e-invoicing project.
Expenses and ROI
You should never overlook the fact that executives are ultimately always interested in one thing: profitability. So, start from there, building a solid foundation based on ROI and payment estimates. If you partner with the right provider, they will offer you reliable financial estimates based on their experience. The most important element, though, when it comes to building a successful business case is ensuring that you have come up with an agreed method for calculating your current invoicing expenses. Without this, you won’t be able to know whether your e-invoicing project will bring the desired financial results.
Look at the big picture
Plan your e-invoicing project based on the number of invoices you’ll be able to automatically process and the countries where these invoices will ultimately be delivered. It would be a good idea to consider global reach from the beginning, even if you later decide to start locally. Consider starting with invoices that rely on specific criteria (e.g. the invoice type, the business partner type etc.). Then, increase the number of invoices that you can handle automatically or with the least possible human intervention.
Safe transition period
It is not rare -for practical reasons- to have a transitional time period during which both printed and electronic invoices are used. This means you need to ensure that public authorities will be able to easily distinguish what is handled electronically and what not. During the initial stages of implementation, you may need to continue using the printed format for certain invoice types, due to the complications that often come up in internal processes.
Some businesses choose to accept and issue printed invoices as well, for the same goods and services, and for a short period of time. This requires caution, since problems are not minimized and the workload can ultimately double, while you may also see that the cost you intended to reduce has actually increased.
In this case, and during the entire preparation period, it would be advisable to have the help of your trusted e-invoicing provider that will guide you safely.