Things to look for in an e -invoice automation partner
Business in the technological era is contrastingly complex than what it was a few years ago. Just as the world gets ‘smarter’ with all the inventions and innovations it becomes equally dense to filter through the technological transition. While demographics vary from country to country, business to business, there is no ambiguity that sooner or later, the conventional methods would hold limited prominence in the business growth. Similar is the case of e-invoicing. Although the invoice automation software is taking over, the acquaintance with the requirement and functionality is still at the marginal level.
Even though, what we can call it just the inception, but the market is already filled with e-invoicing software, and it is pretty much making a buzz out there. In India, e-invoicing is mandatory for the businesses with an annual turnover exceeding 100 crores starting 1 January 2021. Thus, companies can avail the solutions offered by the various e-invoicing software. However, what are the criteria for choosing the right e-invoicing solution?
Yes, how do the businesses pick the right facilitator, with the right solution?
Aren’t all the invoice automation software the same, there are so many popular options?
Or if the businesses have already integrated one solution, and find it inadequate how do they go about switching to the right one?
So let us define the criteria in the following three points.
- They are aware of your industry
The first rule of business is to know the clients, as much as their own product. Therefore, a good software provider must know how the clients’ needs can be tackled.
Let us take for example a CA trying to make a decision whether to let the invoices pile up causing the workflow a delay or keep hustling late, finishing the job beyond the work hours. That’s not all the CAs have even more imperative matters to take care of, in order to keep the enterprise’s requirements flowing in the right direction.
Therefore, one might evaluate whether the software is for chartered accountants. Which mean how far will the e-invoicing solution leverage the workflow for the CA, and will it eliminate the piling up of the work. Is it the right fit? Also, is it helping them to add value to their enterprise’s clients by adding value through the service?
The software for chartered accountants thus should be able to articulate the pain points of the users and implicate the gains as well.
- Ease of use and customization
One size doesn’t fit all! The e-invoicing software might come up with a solution as per the industry standards, but its utility will always depend on the ease it provides. The software is supposed to be users helping hand, and lead them out of the thousands of complicated paperwork and concerning delays.
Thus, if we look at the scope of invoice automation software, it is easy and efficient to use as compared to the traditional setting. The invoice capture or data capture through these methods saves hours and eliminates all the needless delay, which can cost a lot of damage to the business at a certain point.
Above providing a friction-less and streamlined solution to store, and retrieve data related to the invoices, the system needs to be customized to fit the understanding of the user. But how to determine the accessibility and utility of the software to suit the role, do they have a demo? Indeed, a demo about the functionalities of the e-invoicing software can be a good move, to avoid future inconvenience.
- Will it adapt to your future needs
Just like we are transitioning from the traditional to modern approaches in business the future also foresees a lot of evolution. Thus, apart from selecting an invoice automation software that caters to the current requirement of the business, it should also promise an up-gradation to the future requirements.
Ask the following question- is the software provider ready to take the ownership of a long-term partnership? Is the service provider willing to be a partner for your business growth in the first place?
One might think what is there with an e-invoicing software with a bunch of features, and technological support such as AI, Blockchain etc., but the truth is right partnership can take the businesses to places. The due diligence of the right software and its ability to upgrade with time is beneficial for the businesses’ financial flow, cyber risk and safety, reputation to name a few.
Just as for Skyscend India, we don’t just act as a service provider or an Invoice automation software solution alone. We act as the partners to our clients. We envision their business growth and uplift their reputation in maintaining the trade relations.
We don’t just offer an early payment solution and help users to automate their accounts payable (AP) processes, eliminating human invoice processing, and speeding up invoice approval. we try to comprehend the future requirement and delve into a long-term partnership that stands advantageous to the clients.