Monthly Archives: March 2021

23/03/2021

Three reasons to act now for eInvoicing

eInvoicing is growing in popularity around the world but particularly in Australia and New Zealand. Now is the time to get started with eInvoicing. Not just because of the benefits eInvoicing brings, but also because of the financial incentives. Many businesses are also looking to improve their reporting and analytics through the use of eInvoicing. So, here are three reasons to act now for eInvoicing.

Faster payments

We’ve seen organisations promote discounts or faster payments for eInvoices. A prime example is the Australian federal government announcing 5 day payments to suppliers who send eInvoices for contracts less than $1 million. For businesses with poor cash flow, particularly small businesses, this can make a huge difference. And even if you’re not able to secure guaranteed discounts or shorter payment terms, the average eInvoice is processed in 5 days (compared with 23 days for a regular invoice).

Real-time insights

Another reason to jump on eInvoicing is that it makes it really easy to get financial data for more accurate decision making. eInvoicing significantly improves the accuracy of your data because of the automation and reduced manual inputting. With eInvoicing, you can generate reports and analytics in an instant. eInvoicing can capture data such as:
  • the number of invoices sent and received
  • the value of invoices sent and received
  • the number of invoices rejected and accepted.
It allows you to monitor everything from the convenience of one platform. And because it’s digital, you can access your financial data from anywhere with internet.

Efficiencies to your business

The benefits eInvoicing brings to both buyers and sellers is also a reason to act now and implement. These include:
  • Cost savings Studies have found that it costs $30.87 to process a paper invoice, $27.67 a PDF invoice, and only $9.18 to process an eInvoice.
  • Easier invoice processing Removes the need for unnecessary data entry - the invoice just appears in your software.
  • Fewer errors Because much of the data entry is removed.
  • Exchange of invoices directly to and from software To reduce the risk of invoices going astray, reduce the time to receive them and reducing data entry errors.
  • Secure Security measures, like encryption at rest and in transit, are implemented throughout the eInvoicing network so your data remains secure along the way.
If you’re interested in learning more about getting your teams ready for eInvoicing, request a call from our eInvoicing experts below.

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E-invoicinggovernment

16/03/2021

Getting your IT department ready for eInvoicing

Preparation is key when implementing eInvoicing, especially with your internal teams. Your IT team will be a particularly important cog in your journey. Here’s how we suggest getting your IT team ready for eInvoicing.

Introduce them to eInvoicing

eInvoicing is a pretty new thing, so not everyone is going to know about it. It can helpful to go over the basics including:
  • what eInvoicing is
  • how it works
  • an introduction to Peppol
  • an introduction into Access Points.

Let them know how it will impact them

It’s a good idea to review the changes your IT team will need to make before you implement eInvoicing. These could include asking your team:
  • what eInvoicing is
  • will new hardware or software need to be purchased?
  • will additional resources be needed to implement eInvoicing?
  • does your eInvoicing service provider or Access Point adhere to your security policy?
They’ll also be able to tell you if your software is eInvoicing enabled, allowing you to start sending and receiving eInvoices. If it isn’t eInvoicing enabled, your IT team will need to work with an Access Point. Your IT team should be able to answer questions from you Access Point, including:
  • Can your software produce the Peppol file (this is the file type that’s used through the eInvoicing network)?
  • Is your software cloud based or on-premise?
  • What connection protocol can your software work with? E.g. API, sFTP, AS2, etc.

Create progress meetings

Keeping track of progress is important in any project. A good way to go is to organise meetings with your internal departments, including your IT team, to set actions and monitor progress. Having these meetings in place will ensure deadlines are met and your project doesn’t go over deadline.

Start testing

This stage of eInvoicing is critical as it determines whether everything is working correctly. Your IT team will need to work with your Access Point in order to ensure the connection between them and your software is working. This normally involves sending a file and ensuring it is correctly received, and receiving a file to make sure it’s processed correctly on your end.

Create a process for issues

If any issues arise, you need to have a process in place to deal with them. It’s important to plan ahead to make it clear what each of your internal teams, including IT, need to deal with. There are a few scenarios that IT may need to assist with when using eInvoicing, including:
  • if a supplier says they’ve sent an invoice but you can’t see it in your software
  • if your team are contacted by a supplier who’s received a notification to say their invoice has been rejected.
Having a clear plan for these types of issues is important to reduce delay of payment for your partners. If you’re interested in learning more about getting your teams ready for eInvoicing, request a call from our eInvoicing experts below.

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E-invoicinggovernment

04/03/2021

Three common challenges onboarding suppliers to eInvoicing and how to overcome them

Three of the most common challenges we hear about when customers have onboarded their suppliers to eInvoicing are:
  • lack of knowledge from those you’re onboarding
  • getting buy-in from those you’re onboarding, and
  • sticking to your timeline.
But luckily we’ve got some suggestions for these challenges.

Lack of knowledge

Because it’s still in its infancy here in Australia and New Zealand, you might find that the partners you’re onboarding to eInvoicing only have a very basic understanding of what it is and how it works. This can make it hard for them to feel comfortable enough to make the move. The best way to overcome this is to give them the information they need. Start with the basics like:
  • how eInvoicing works
  • Introduce Peppol
  • what’s in it for them
  • explaining Access Points and what they do
  • where and how to find an Access Point.
It’s also important to make sure your partners don’t fall for any myths about eInvoicing, like it being costly or that it takes a long time to implement. There are free eInvoicing solutions out there that are easy to get setup and use (like colladium.com – it takes minutes to get started), and even paid services can cost as much as a phone plan and take less than a day to set up. Promoting the opportunities and savings of eInvoicing is also a really great way to diminish concerns. Another thing you should pass on to your partners is any business requirements you might have. Things like having due dates in the future or having invoice numbers with no symbols.

Getting buy-in from those you’re onboarding

Another commonly-reported challenge is getting buy-in from your partners. The lack of knowledge (like we’ve spoken about above) doesn’t help to start with, but often the concept needs to be sold to them and some may need to be hand-held. Firstly, be clear on why your organisation has chosen to use eInvoicing. It could be to enable faster payments, improve processes or something else. The next thing is to promote the benefits eInvoicing can have on your suppliers’ businesses. This is the sell. Think about things like:
  • Cost savings Studies have found that it costs $30.87 to process a paper invoice, $27.67 a PDF invoice, and only $9.18 to process an eInvoice.
  • Easier invoice processing Removes the need for unnecessary data entry - the invoice just appears in your software.
  • Faster invoice payments The average eInvoice is processed in 5 days (compared with 23 days for a regular invoice). Or if you’re promising so pay eInvoices in a certain time, mention that here.
  • Fewer errors Because much of the data entry is removed.
  • Security Security measures, like encryption at rest and in transit, are implemented throughout the eInvoicing network so your data remains secure along the way.
I mentioned above that some of your partners might need some hand-holding. So keeping regular contact during the onboarding process can be useful too. Have a think about:
  • Holding information sessions and webinars to educate your partners This can also be a great indication of who might be interested in onboarding and prioritise them first.
  • Listing eInvoicing providers This makes it easier for your partners to get onboard. Having low or no cost solutions are always more likely to entice your partners. MessageXchange provides a free tool, Colladium, for customers to get their partners started.
  • Making direct contact Pick up then phone and chat them through it. They might just need someone to talk them through it one-on-one.

Keeping to your timeline

If this is your first rodeo, you mightn’t know what to expect. After all, how long is a piece of string? Firstly, be realistic about the timelines you set for yourself. And call on the expertise of your Access Point provider. The likelihood is that if you’ve chosen a reputable, experienced company, they’ve seen this done many times over. Putting together a comprehensive communication and implementation plan puts you in the best position. Make sure you put together a timeline of your communications and the groups you’ll be sending it to. This will help you stay organised and ensure you don’t miss any communications to your suppliers. Another thing you can do is plan ahead for the changes at your end. Break down what each department will need to do in preparation, and when you’ve gone live to send and receive eInvoices. Don’t forget we’ve got this whitepaper, A guide to successfully onboarding trading partners to eInvoicing. Check it out if you’re new to this all. There might be some things in there you haven’t thought about before. If you’re interested in learning more about onboarding partners to eInvoicing, request a call from our eInvoicing team below.

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E-invoicingRetailers