April 2024 | MessageXchange

For businesses in Australia and New Zealand who take advantage of electronic invoicing (eInvoicing), they can nor automate the approval and payment processes to save a significant amount of time, money and resources.

Automating approvals of eInvoices for payment

Traditional invoicing processes often involve manual approval workflows, which can be time-consuming and prone to delays. With eInvoicing data, businesses can automate the approval process by setting predefined rules and workflows. For example, invoices can be automatically crossed check with predetermined criteria for approval such as invoice amount, purchase order number, quantities on the order, quantities received and prices on invoice match those on the order. This streamlines the approval process, reduces bottlenecks, and ensures invoices are processed in a timely manner.

Streamlining payments with payment gateways

MessageXchange allows you to set criteria to automate the payment of an eInvoice through our Payment Gateways. Once the approval criteria is deemed to be met, your Gateway can then create the payment and send it onto your bank. MessageXchange is even smart enough to look at things like your company’s cash position, to determine the best payment method. This saves teams time from having to check how payment should be completed. Conversely, if the approval criteria is not met, an escalation workflow can be invoked for further review. This saves teams time and reduces the risk of paying fraudulent invoices, or even overpaying legitimate invoices.

Benefits of integration

Automating approvals of eInvoices for payment offers numerous benefits for businesses:

Improved efficiency: Automation reduces the time and effort required to manage invoices, approve them and process payments, freeing up valuable resources for other tasks.
Faster payments: Automated payment processing ensures invoices are paid promptly, improving customer relationships.
Reduced errors: Automation of eInvoicing and payment approvals minimises the risk of human error, ensuring accurate invoicing processing.

Want to learn more about automating the approval and payment of eInvoices? Get in touch with our team by completing the form below.

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For small and medium-sized suppliers, staying competitive means finding innovative ways to streamline operations while maximising profitability. One such solution is electronic data interchange (EDI). But before diving headfirst into this technology, it's essential for businesses to conduct a thorough cost-benefit analysis to determine if the investment aligns with their strategic goals.

Things to think about when putting together a cost-benefit analysis

Before you put your cost-benefit analysis together there are a few things to consider:

Get your internal departments involved
Like all business projects, it’s important to keep the relevant departments who will be impacted by the change in the loop. This allows them to present any things that they want from the project and make sure all departments are happy. It also could impact what requirements you need in your EDI solution.
Think about integration and web portal EDI solutions
For most small to medium businesses, you’ll normally have two choices to comply with EDI requirements. Integrated EDI solutions like our Gateway solution connect directly into your software. This allows you to use your own software to send and receive EDI messages. The other option is a web portal solution like Colladium.

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Consider EDI webforms if…

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Consider an EDI gateway if…

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You trade with a small number of retailers