Tips for Selecting an E-Invoicing Solutions Provider

Tuesday, August 13, 2013

The selection of e-invoicing technology is a critical milestone on the road to improved financial supply chain management and operational efficiency. When choosing an e-invoicing solutions provider, there are several capabilities and characteristics that global enterprises need to look for:

  • Compatibility: e-invoicing solutions must be fully capable of seamless integration with existing enterprise resource planning (ERP) and financial systems.
  • Purchase Order (PO) Automation: E-invoicing solutions need the ability to effectively manage the electronic delivery of POs, as well as functionality that allows suppliers to "flip" POs into invoices.
  • Invoice Scan and Capture: The best e-invoicing solutions integrate with leading invoice scanning and data capture technology, and support third-party service bureaus.
  • Support for all Electronic Invoice Formats: E-invoicing solutions must have the ability to support the electronic receipt of invoices in any format, from any source. This includes: web form entry, spreadsheet upload, image upload, PO flip, XML, EDI and flat files.
  • Payments support: As paper check volumes for business-to-business transactions continue to decline, organizations should look for e-invoicing solutions with integrated payments capabilities. PCI compliance is a critical consideration for organizations in this area.
  • Matching and Line-Item Detail: AP organizations should look for solutions providers that offer drill-down capabilities for line-item detail and line-item invoice matching.
  • Vendor Management: Top-tier e-invoicing applications enable vendors and suppliers to manage their profiles and update tax documents or other vital information.
  • Configuration: Without exception, an e-invoicing solution must be configurable to workflows, approval routing processes and business rules for validation and compliance.
  • Dispute Management: An e-invoicing solution must have capabilities for streamlining this otherwise labor-intensive and time-consuming task.
  • Reporting: Visibility into financials is increasingly important. That's why an e-invoicing solution should have drag and drop reporting with insights into cash accruals, discounts, AP processing, and vendor adoption statistics.
  • Enterprise Customers: Organizations need to understand a potential vendor's track record in working with global enterprises with shared services environments.

The implementation of Direct Insite's PAYBOX® platform is the logical next step for most Global 3000 enterprises. PAYBOX® offers components for company profile management, scan and capture, e-invoicing processing, dispute management, payments, and dynamic discount management.

For more information, contact us at (631)873-2000 to learn how Direct Insite can improve the efficiency, return on investment, and performance of your company's financial supply chain.