E-invoicing Software Solutions

E-invoicing

E-invoicing via online invoicing software alleviates the stress of traditional paper-based invoicing and automates much of the tedious work associated with securing payments from buyers.

Not all AP automation solutions or tools are created equal

When it comes to AP automation, “electronic” is not the same as a digital, as in a cloud-based software solution that is everywhere, all the time.

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E-Invoicing - FAQs

E-invoicing removes paper invoices from the process and eliminates the need to manually receive, scan and upload, organize, and store each invoice.

  • Ensure accounting accuracy across the board. Track invoice validation, approvals, and payment in real-time to significantly reduce errors and issues like overpayments and duplicate payments.
  • Electronic invoices improve cash flow by shortening the turnaround time of billing to payment. So, you can say goodbye to collection delays because the customer receives their bills electronically as soon as the service is provided.
  • E-invoicing makes tax season easier. All your e-invoice details will auto-populate on your tax return forms and e-way bills.

Traditional Invoicing
A traditional invoice is created by manually filling out the form details, printing a copy of the invoice, and then sending it to the customer via fax, mail, or any other physical means. Traditional invoices can increase companies’ costs because they are paper-heavy, prone to errors, and require human involvement.

E-Invoicing
With e-invoicing, an electronic PDF copy of the invoice is generated, saved locally, and sent to the customer via email or uploaded to a portal for future reference. The digital model of issuing and sending invoices is quicker, more efficient, and less error-prone than traditional means.

Suppliers must realize they can reap the rewards and benefits from the changes, especially if the e-invoicing solution includes a supplier portal.
Throughout a growing part of the world, e-invoicing is mandated. So whether suppliers realize it or not, e-invoicing may become a significant part of their business dealings. It’s essential to communicate with your suppliers early on, so you can relieve their concerns, answer their questions, and convince them of the benefits they’ll receive through these changes.

Operating your business in a global market can be challenging to ensure tax compliance across international borders. An online e-invoicing platform ensures automatic compliance with localized regulations. In addition to staying up to date with the latest compliance regulations, e-invoicing software ensures efficiency with all your transactions and results in a streamlined digital system. This means that your invoices are compliant with local tax codes and are processed faster to ensure steady cash flow into your business.
Tradeshift provides Country-Specific compliant Invoice Processing in 50+ countries by helping customers address all requirements needed. The current list of countries that we cover is kept up-to-date and is available here.

E-invoicing streamlines invoice management and simplifies how invoice and compliance documents work together. E-invoicing reduces the risk of invoice errors and exceptions because of the ability to digitize invoice data and match it against contracts, purchase orders, service entry sheets, and goods receipts.

  • Understand and detail your company’s current and desired future state.
  • Set realistic KPIs for your business.
  • Build a logical argument for e-invoicing, recognizing its ability to improve efficiency, streamline data quality, and reduce errors. It also is better for the environment!
  • Communicate the scope and timeline for approval. Stakeholders must have a timeline to follow the progress and ensure that the investment is worth their while.
  • Determine the various stages of your company-wide e-invoicing rollout, when you expect to see results, and when the business should reassess the situation if the ROI isn’t what was expected.
  • If the worst happens, it’s crucial to have a clear plan to pivot and reassure stakeholders should issues arise.

Advance e-invoicing uptake by:

  • Communicating and sticking to your policies
  • Having a clear, easy-to-read, and consistent format
  • Utilizing training tools to ensure everyone is on the same page
  • Using dependable and effective software
  • Keeping accurate records
  • Ask your customer how they would like to pay, and collect payment at the time of the service
  • Send out timely reminders
  • Understand the right contacts
  • Because e-invoicing will benefit your company, share some of those savings with your customers through faster service or sharing the savings as an incentive.
  • Offer customers options of sending invoices by email, third-party, or mail. Customers are empowered when they can choose, especially if they are notified of potential benefits and savings.
  • Create an e-invoicing check in your daily customer contact routine and offer it to customers as a default.
  • Ensure your e-invoices are simple, easy to read, and user-friendly.
  • Explain to your customers why paper invoicing costs more to them and you.
  • Get higher conversion rates by running e-invoicing campaigns to target specific customer groups.
  • Offer customers options of sending invoices by email, third-party, or mail. Customers are empowered when they can choose, especially if they are notified of potential benefits and savings.

We employ our fast-tracked onboarding process to get you on the Tradeshift platform quickly. Our customizable experience is specifically configured to provide the functionality and support you need to succeed. And through that, you’ll notice real value on day one. Our process is geared towards providing you with the tools and platform to remove paper from your processes with minimal effort.

How we set you up for long-term success.

  • Account set up and configuration
  • Connect with sellers on the Tradeshift Network
  • Onboard sellers, not on the Tradeshift Network
  • Provide ongoing support

Click here to learn more.

  • The invoicing process begins when a customer states their intent to purchase your goods or services. During the purchasing process, buyers and sellers agree to terms and conditions regarding products’ cost, delivery, and payment. Once the decision to purchase has been made, a purchasing order is created. The purchasing order is essential to the process, as it clearly states the expectations of both involved parties. When the purchase terms are agreed upon, the purchasing order becomes a legally binding contract.
  • At this stage, the vendor must adhere to the agreed-upon terms of what is purchased, the delivery steps, and the cost of goods. Purchasing orders assist with providing clarity to the transaction and eliminate the possibility of any miscommunications or disputes. Once the vendor has delivered the goods or services, the transaction moves into invoicing. 
  • Invoices are necessary for ensuring you get paid on time. With the consistent changes and rapid speed of business in today’s world, keeping records of transactions will help streamline your business operations. Organizations can refer to previous invoices to find areas that need attention within their supply chain and identify what aspects of their current processes are functioning well. When filing taxes, organizations need a strong record of invoices and payments to ensure compliance. 
  • The time before payment is due on invoices may vary based on the purchase size and the agreed-upon deadline. Usually, invoices are created using Net 30, meaning the buyer must pay for the order within 30 days of receiving the invoice. There are a variety of timelines for invoice deadlines, with the most commonly used deadlines being 10, 30, 60, or 90 days. While Net 30 is the standard practice, remember that this timeline may not work for all situations or all clients. As you and the buyer negotiate the terms of the agreement, ensure both parties are satisfied with the decided-upon deadline.

One quick call can unlock cost savings & business efficiencies to help your business grow.