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…
- a supplier sends you an eInvoice
- you review it closely to ensure it meets your criteria
- you ask your supplier to amend any issues
- 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.
With an automated program like Colladium it’s a lot easier.
- You tell us your requirements
- we configure the workflow and business rules
- you invite your suppliers to register on Colladium
- your supplier upload their eInvoice to Colladium, which automatically reviews it and lets suppliers know if there’s any problems
- 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.