The automotive industry constantly strives to improve both quality and efficiency in invoice processing. E-invoicing networks like Peppol are gaining significant traction, with organisations signing up to streamline their invoicing process, automate their workflows and boost efficiency.
E-invoicing in the Automotive industry
E-invoices contain all of the same information as traditional invoices, but in a digital format.
Electronic invoicing, or e-invoicing, is the digital exchange of invoice data between a supplier and a buyer in a structured format. The structured format of e-invoices allows accounts payable systems to automatically process each invoice field quickly and efficiently, starting the invoice processing cycle immediately.
Here is an overview of the e-invoicing process:
- The Automotive Supplier creates the invoice in their accounting system as per usual and pushes send.
- The invoice travels through the Peppol eInvoicing Network.
- The Automotive Customer’s accounting system automatically receives the invoice data, populated right where it needs to be, moments after the invoice was created.
- The Customer reviews the invoice and approves (or denies) it without any manual entry.
The entire e-invoicing process, whether you are a supplier or a customer, can be completed in a matter of minutes which can free up the finance team to focus on other tasks.
E-invoicing adoption results
eInvoicing offers a number of benefits to automotive companies, including:
- Security: E-invoicing is much more safer than paper invoices or the existing email system.
- Cost-effective: According to research, paper-based invoices and PDF invoices are more expensive to process than an e-invoice.
- Rapid payments: As a supplier, you can gain accelerated payment cycles of up to 3x faster payments. As a customer, you can improve your supplier relationships.
- Scalability: Ability to handle large volumes of invoices with no delays.
- Enhanced supplier and customer experiences: Easy accessing, reviewing and tracking invoice and payment status.
How to implement e-invoicing in your business?
To ensure a smooth transition to e-invoicing, it is important to consider some key elements:
- Identify your invoicing goals.
- Choose your e-invoicing provider based on experience and skills.
- Integrate your existing accounting system with e-invoicing.
How can LinkFor help?
At LinkFor, we offer e-invoicing solutions for businesses of all sizes, helping them send and receive invoices easily and improve supplier-customer relationships.
Our team of experts is here to support you every step of the way and ensure all your invoicing goals are met. Discover more about LinkFor e-invoicing at www.linkfor.asia/my.
