The first step is always challenging, probably that’s why experts often advise starting with baby steps and then taking bolder jumps. It’s not to hold you back or anything, but sometimes the reason why such great decisions go unnoticed is because they’re made in a rush and with not enough planning. Want to kill a great plan? Plan it poorly!
But, we’re not here to discuss killing plans, of course! We’re here to give you our two cents on how to get started with E-invoicing so you can build these plans and visions as you wish, and by understanding what to watch out for.
We know we’re all about paperless invoicing but today you can grab your paper and pen to write down your notes.
E-Invoicing in A Nutshell
E-invoicing refers to the process of transitioning from paper-based invoices to electronic systems to manage all invoices in E-formats. This in turn helps organizations keep a complete record of all transactions with vendors and clients with increased accuracy levels. It plays a vital role in solving common issues usually faced in traditional invoicing solutions, where invoices are lost, data is poorly calculated, and real-time updates are not reflected.
However, hopping on such a decision without meticulous preparations can bring counter-back results. Thus, following the tips we’re about to share with you should give you the glimpse you need to start a revolutionary E-invoicing experience with your team.
Recognize The Holes You Need to Fill
Before attempting the move of transitioning to an E-invoicing system, you should conduct an in-depth study of the pitfalls you’re facing with the current invoice management process you’re using. This means listing down the risk factors, points of improvement, and common challenges that hinder work progress such as:
- Inaccurate financial records due to manual data entry.
- Increased costs as organizations must use paper to print more invoices.
- Negative environmental impact associated with using higher numbers or papers.
- Struggle to detect fraud attempts or suspicious invoices due to unreliable auditing methods.
- Unclear workflow structure and approval distribution.
- Difficulty managing a higher number of invoices as your business grows bigger.
- Maintaining compliance with regulations and tax laws.
After identifying the drawbacks of traditional invoicing, you can now move to the next step. Which is choosing the E-invoicing system for your organization. But choosing isn’t an easy task, or is it?
Choosing The Right E-Invoicing System for You
Choosing the ideal system can get hectic, but it’s not impossible to do. You’ll have to consider some points before making your final decision, and we’re about to give you pro tips on what to look for.
1- What Other Systems Are You Using?
While you may not think big of this, it’s essential that you know this one first. Why? While some businesses are looking to purchase a whole invoicing system, some have other internal ERP systems in use and are only looking to integrate this extra part without sacrificing the data or the system they have.
This means you have to look out for the integration options the system offers and what works for your organizational goals. For example, at InvoiceQ, we offer versatile integration options. This allows clients to use it independently or by utilizing our API integration feature to avoid data loss.
2- Does The System Offer a Free Trial First?
When it comes to choosing an E-invoicing system there is no time to take risks purchasing systems that you have no clue how to run. Hence, choosing a service provider who’s willing to offer a free trial, demo sessions, or one-to-one guides is a big Green flag. On the contrary, service providers who don’t are often a Red flag to stay away from.
At InvoiceQ, we offer adverse options for our clients “to-be” to choose from. This includes free demos, one-to-one sessions, or further options that may be needed according to the organization’s size and requirements to assist them in making the right call.
Why Does This Matter?
Considering that this is a decision for the whole organization, it matters. You will need to consider your employees, your accounting and finance teams, your IT teams, stakeholders, and more who will be responsible for using the system once it’s implemented. That said, it’s important to include them during the testing and trying phase to catch more details about the organization’s demands. Communicating a change so big as shifting from paper invoices to E-invoices requires presenting it first and then adopting it after it’s become clear for everyone’s understanding.
3- What Does The System Have to Offer?
It’s the most essential part, at the end of the day all E-invoicing systems offer the same basic service; E-invoicing. But it lies in the “How they do it?” that customers buy from one service provider and not from another. This is usually found in the features, user experience, customer care follow-up, support team, maintenance, real-time updates, and more of what makes a system one worth using and paying for.
The deal gets better if the E-invoicing system supports all of the above, and you know what we always say and continue to do? At InvoiceQ, we have all of that and more! Not only do we show the road before starting but we also have a dedicated team who’s always on guard to check up on your requests or any updates you’ll find yourself needing.
On top of that, we have real-time updates that present features, reports, analytics, metrics, insights, and invoices according to the latest standards and regulations set by ZATCA in Saudi Arabia and ISTD in Jordan.
Careful planning is the key to any new system that you’re willing to take advantage of, whether it’s an E-invoicing system or any internal system that serves the organizational goals. However, the choice gets harder when it comes to intricate systems that have to do with financial matters.
Hence, to make sure you don’t make a decision that you’ll regret, consider the points of enhancements you need, does the system cover them? If you need further updates and flexible integration options, does the system support such features? If you need constant support, backup, and real-time updates to manage your invoices, does the service provider promise such privileges or they’ll force you to handle these matters on your own?
You see, even great systems fail if no great support is available to give clients the experience they deserve, especially when they’re only starting out. A vendor will only care about selling you their product, but a service provider will provide utmost care to teach you how to use their service so keep that in mind while you make the choice.