Monthly Archives: June 2021

Creating an eInvoicing compliance program to onboard your suppliers

If you’re onboarding a lot of partners, knowing all parties can send and receive eInvoices is very important. But this is where it gets complicated and time consuming, unless you have an eInvoicing compliance program.

What is an eInvoicing compliance program?

It makes sure ensures suppliers learn how eInvoice you complete with the information and format you need. This could be to make sure your two-, three or four-way matching works, or to make sure the data can be input into your software correctly, or even to help with your automated approval processes.

What does a compliance program check for?

Normally they check:
  • each eInvoice features the information you need, like a purchase order number or payment details
  • the invoice only has characters that your software can accept, like no special characters or adherence to character limits
  • all the elements are in the right place.

There are two types of compliance programs…

1. Manual

  1. a supplier sends you an eInvoice
  2. you review it closely to ensure it meets your criteria
  3. you ask your supplier to amend any issues
  4. you manually repeat this via phone/email until they get it right (particularly time consuming if you’re onboarding a lot of suppliers)
As you can see, manual processing takes a lot of time. In fact, you might even need a few temps get you through.

2. Automated

With an automated program like Colladium it’s a lot easier.
  1. You tell us your requirements
  2. we configure the workflow and business rules
  3. you invite your suppliers to register on Colladium
  4. your supplier upload their eInvoice to Colladium, which automatically reviews it and lets suppliers know if there’s any problems
  5. This 100% automated process keeps repeating until everything is perfect. No temps or staff involved. Just maximum productivity and full visibility of each supplier’s progress.

Why an automated program?

  • It’s a lot less hassle, no phoning/emailing to suppliers to fix errors
  • It’s cheaper
  • It’s 100% automated so no extra staff needed
  • Your team’s free to get on with their jobs.

How to work out if you need an automated compliance solution

Ask yourself, do you:
  • have a lot of suppliers to onboard?
  • lack time and resources?
  • have set invoicing rules for suppliers?
  • don’t want valuable staff time wasted running a manual system?
If you answered YES to any of these then the answer is YES! Get in touch with our team today to learn more about eInvoicing compliance programs.

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The benefits of an eInvoicing mandate for software providers

Right now, a lot of software providers are holding back on enabling eInvoicing due to low demand. However, an eInvoicing mandate would completely change this in 3 ways.

1. Demand for eInvoicing enabled software will explode

If there’s a mandate, businesses will be scrambling for eInvoicing solutions. And while existing customers will want to use their current software, businesses without a financial software will want one ASAP.

2. Welcome to your new revenue stream

You could offer eInvoicing as a premium feature for existing customers or as a standalone product for businesses. Lots of options.

3. Your competitive advantage is waiting

Software that allows eInvoicing will be a differentiator. Xero and MYOB are currently offering eInvoicing to their customers.

MessageXchange offers two solutions to help you integrate eInvoicing

eInvoicing Gateway

  1. Choose your protocol and file format and we’ll connect you.
  2. We translate your file into the Peppol eInvoice file format.
  3. When you or a customer sends or receives an eInvoice, we’ll facilitate it through the Peppol network.
  4. We can help you provide additional services for your customers, including:
    • Reporting To allow your customers to get more insights from the eInvoices they receive or even to track the number of eInvoices exchanged.
    • Business process management To allow you customers to add additional checks on eInvoices they receive like dates being in the future or having a PO number on the eInvoice and build escalation processes around them.
    • And more.
  5. There are minimal changes needed on your side.

eInvoicing Connect

Our eInvoicing Connect product makes it easy for your customers to get onboard to eInvoicing. We connect to your cloud-based software so your customers can subscribe to a low cost solution. Contact us to find out more. Get in touch with our team to learn more about how eInvoicing can improve your business.

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Five reasons you should start issuing eInvoices to your government customers

The Australian economy is starting to repair itself after the economic challenges faced from the pandemic. Even before the pandemic hit, the Commonwealth government identified eInvoicing as a key driver to improve the economy and in the latest budget, committed $15.3m to accelerate the adoption of eInvoicing. All federal government agencies will need to have the ability to receive eInvoices by July 1, 2022. State and local government agencies, as well as the business community are also encouraged to follow suit in adopting eInvoicing.While we can see notable benefits for the government, the benefits of eInvoicing for suppliers to government shouldn’t be overlooked.

Here are five reasons you should start issuing eInvoices to your government customers:

Save money

Peppol eInvoicing is completely paperless and suppliers who adopt eInvoicing can reduce processing costs by over one third. The ATO estimates the cost to process a PDF invoice to be $27 and the cost of processing an eInvoice to be less than $10. eInvoicing provides increased accuracy, so suppliers will save costs from reduced errors and requests for re-issues and customer service calls. Your employees can use this time on other important tasks.

Get paid faster

The Commonwealth government has announced a five day payment policy for suppliers who issue peppol eInvoices and have contracts valued under $1m. Government agencies will pay their suppliers within five days or pay interests on late payments.

Fewer Rejected Invoices

An eInvoice is transmitted electronically from the supplier’s software to the buyer’s software, eliminating manual processes and a lot of errors. As a result of the reduced errors, the risk of invoices getting rejected is lowered.

Improve productivity

eInvoicing is almost instant, so suppliers can be confident their customers will receive eInvoices straight away. Suppliers can be kept up-to-date on the status of the invoices through the eInvoice response message to see if their customer has received the eInvoice, whether it’s been approved and submitted for payment, reducing the need for follow up calls and emails. eInvoicing also reduces the number of disputes lodged as a result of its increased accuracy.

Eco- friendly

eInvoicing is environmentally friendly as there is practically no use of paper and energy used in production and transportation of paper invoices is reduced. You also do not have to worry about the physical space used to store the paper invoices or worry about losing them! If you’re a government supplier and are interested in learning more about eInvoicing and it’s benefits for you, request a call from our eInvoicing experts below.

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