The talks around switching from PDF and paper to e-invoices have created some myths that need to be dispelled.
Myth 1: PDF invoice is e-invoice
PDF invoices that are sent via e-mail are not actually electronic invoices. Data from PDF invoices must be entered or copied to the business software manually. Electronic invoice is issued by supplier in a structured electronic format which allows for its automatic transfer and receival into buyers business software without human intervention.
Myth 2: In order to adopt e-invoices, all suppliers must send e-invoices
In case all of your suppliers would start sending e-invoices, the benefit would be the biggest. Unfortunately it is a bit unrealistic and will take time. Many e-invoicing solution providers have created interim solutions that enable processing paper invoices, PDF invoices and electronic invoices in one environment.
Myth 3: E-invoicing creates value only for large enterprises
E-invoicing is beneficial also for small companies. More efficient invoice processing allows to save time, minimizes mistakes and assures better cost control. For the companies with several locations, there is an extra saving on the time that was spent on physically moving the documents from one location to another.
Myth 4: E-invoicing increases costs
There are certain implementation costs and service providers charge monthly fees for e-invoicing. However, considering the efficiencies gained, the net effect of e-invoicing is costs decrease. The time saved can be used for more value-adding activities, such as sales or financial analysis.
Myth 5: Implementing e-invoices is an IT-project
Actually it is much more than just a regular IT initiative. Implementation of e-invoices will alter several business processes and all the stakeholders must be involved in the project, including top management. Adjusting IT-systems is just one part of the project.
We can help you to find e-invoicing solution that best suits your company’s needs.