Revolutionizing Your Order To Cash Processes With E-Invoicing
WHAT IS E INVOICING
As modern enterprises grow larger, the traditional methods of completing the order-to-cash process become increasingly more complex. Manual handling slows down the speed to market, requires expensive storage solutions and significantly raises the risk of errors and fraud. Automation of the order-to-cash through e-invoicing solutions can streamline these processes and revolutionize the way enterprises access their accounts receivables.
For any executive operating within the finance department of an enterprise, comprehensive understanding of the importance of e-invoicing solutions and the ability to harness their use within the enterprise system will be beneficial. For finance executives specifically, deploying successful, modernized system of e-invoicing solutions can lead to reduced company costs, increased tax compliance and minimized cycle times.
What Does An E-Invoicing Solution Entail?
Implementing an efficient and effective e-invoicing solution within an enterprise system can significantly revolutionize the order-to-cash process. An e-invoicing solution provides an automated platform, through which contracts and invoices can be created, exchanged, updated and managed throughout the entire order-to-cash lifecycle. In addition, many solutions provide an integrated view of customer accounts, allow for on-line dispute resolution and offer automated post sales activities for invoice payments and process compliance, such as tax and audit compliance.
Step-By-Step Guide For Implementing An E-Invoicing Solution
Step 1: Assess Your Business Needs
The first step in implementing an e-invoicing solution within the order-to-cash process is to assess the specific needs of your enterprise and develop comprehensive list of features that must be incorporated in the e-invoicing solution platform. Identifying the specifics of what you will require from the e-invoicing solution and tracking these requirements throughout the implementation process can ensure that the solution you choose meets your businesses needs and objectives.
Step 2: Research Platforms Available
Once you have established the needs and objectives of your business, the next step is to begin researching e-invoicing solution platforms that will be able to meet those needs. Research your choices thoroughly and review the features of each platform, ensuring that each of your needs has been addressed by the provider you choose. Research and compare the customer service and technical support options available from each, as well as any available integration and security features offered, in order to make an informed choice for your enterprise.
Step 3: Choose An E-Invoicing Solution Provider
Once you have narrowed down the list of e-invoicing solution providers available to your business, it is time to make selection. Selecting the right provider is paramount to unlocking the value of the e-invoicing solution once it is implemented, so it is important to make an informed decision. When making decision, take into consideration the cost and the level of customer service available, as well as the reputation of the company in the industry. Additionally, you will want to review the comparison of features available with each of the providers to ensure that the platform selected best meets the needs of your enterprise.
Step 4: Implement The Solution
After selecting an e-invoicing solution provider and platform, the next step is to implement the solution. This step involves integrating the platform with the enterprise system and any applicable third-party systems. During the process of implementation, ensure to review the contract and provisions of the provider?s solution periodically to ensure compliance and satisfaction with their requirements. Depending on the complexity of the integration, you may need to hire experienced experts to assist with the implementation.
Step 5: Test The Solution
Testing the e-invoicing solution prior to official launch is essential to discovering any potential issues or bugs within the system. Testing the solution should begin in development environment and then move into production environment. During the process of testing, it is important to address any discrepancies as they occur. The ultimate goal should be to have the system running at optimal performance prior to launch.
Step 6: Launch The Solution
Once testing is complete, your e-invoicing solution is ready for launch. This step involves setting up the user roles and permissions for interacting with the e-invoicing solution. It is important to ensure that your users are properly trained and aware of the platform prior to launch, so that they are confident in their ability to utilize the features of the solution to maximize the returns gained from implementation.
Conclusion
E-invoicing solutions can revolutionize the order-to-cash process of an enterprise, streamlining the various processes and significantly reducing the manual labor associated with traditional methods. As an executive working in the finance department of an enterprise, implementing an e-invoicing solution can lead to immediate cost-savings, increased tax compliance and minimized cycle times. By following this step-by-step guide to successfully implementing an e-invoicing solution, you will be able to maximize the returns of this new system and revolutionize the order-to-cash process of your enterprise.
