If you’re onboarding a lot of partners, knowing all parties can send and receive e-invoices is very important. But this is where it gets complicated and time consuming, unless you have an e-invoicing compliance program.
What is an e-invoicing compliance program?
It makes sure ensures suppliers learn how e-invoice 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 e-invoice 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 e-invoice
- 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 e-invoice 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 e-invoicing compliance programs.