Why You Should Force Invoice Digitization | Blog | ELN

• Why You Should Force Invoice Digitization
• Fireside Chat (Virtual Event)
• 25 July 2023
• 10am - 11am ET / 3pm - 4pm BST
• Register here

Why You Should Force Invoice Digitization

Invoice digitization is not a new concept, but it has quickly become a business requirement. As the global adoption of e-invoicing grows, so does the number of regulations, mandates, and compliance requirements. The Business Payments Coalition (BPC) in the United States promotes automated invoice ingestion, highlighting the numerous benefits of adopting digital invoice processing. But when is the best time to make this switch, why should you, and what are the expected business benefits?

Kevin Permenter, Research Director at IDC, will explore the landscape of invoice digitalization and its benefits for optimising your business in this upcoming fireside chat. They'll share stories about how best-in-class companies have successfully implemented this shift with Perttu Nihti, Chief Product Officer at Basware. This webinar is designed for CFOs and finance leaders in the United States and around the world who want to learn more about invoice digitization and its benefits.

The Importance of Invoice Digitization

Digital invoicing is about more than just digitising a paper process; it is about changing the way businesses manage their finances. One of the primary advantages is time efficiency; digital invoices are typically processed much faster than paper invoices. This reduces the time spent on manual data entry, resulting in more productive employees and more resources available for more strategic tasks.

Aside from efficiency, digital invoices provide increased accuracy, lowering the possibility of human error. They also provide a complete audit trail, making compliance with regulations and financial audits easier.

Making Invoice Digitization a Reality

The transition to digital invoicing does not have to be difficult. The process can be simple if you have a thorough understanding of your current process, a clear vision for your digital goals, and the right tools and partners. Choosing an appropriate digital invoicing platform, integrating it with your existing systems, training your staff, and gradually phase out paper invoices are all important steps.

The Importance of Good Data Quality In, Quality Out

The quality of your data is critical in digital invoicing. If your data is inaccurate or incomplete, you won't be able to reap the full benefits of digital invoicing. As a result, mastering invoice ingestion (the process of transferring data from invoices into your system) is critical. A trustworthy digital invoicing platform will automate data capture, reducing manual entry and potential errors.

The BPC's Function

The BPC is critical in promoting digital invoicing in the United States. They're educating businesses about the benefits of invoice digitization and providing resources to help them transition smoothly. The BPC also offers advice on meeting compliance requirements, which is an important aspect of digital invoicing that can be difficult for many businesses.

More Than Just Invoice Process Optimisation

While invoice digitization is a significant game changer for business efficiency, its impact extends beyond invoices. Digital invoicing can provide information about your company's financial health, cash flow, and payment cycles. This priceless information can aid in the optimisation of other business operations, contribute to strategic decision making, and ultimately improve your bottom line.

With the BPC's help, advice from experts such as Kevin Permenter and Perttu Nihti, and the right tools, invoice digitization can truly transform your business. This fireside chat is an excellent opportunity to gain a thorough understanding of the digital invoicing landscape and learn how to make this transition as painless as possible for your company.