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…

1. Manual

  1. a supplier sends you an e-invoice
  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 e-invoice 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 e-invoicing compliance programs.

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