The concept of electronic invoicing is broad. This concept can be divided into two parts: sale and purchase invoices. In Finland, electronic invoices are processed in XLM format, and certain operators deliver invoices automatically. Internationally, electronic invoices are also sent via e-mail in PDF format.
The greatest benefits of electronic invoicing are automatic processes based on artificial intelligence and the eco-friendliness of not having printed invoices. Electronic invoices can, for example, be accepted with a smartphone.
From an international perspective, paper and PDF invoices are still popular. Finland is currently significantly ahead of other countries in the use of electronic invoicing. The Federation of Finnish Financial Services, among other parties, has played a significant role in achieving this status.
Internationally, however, it is not unheard of for someone to travel to another country simply for approving invoices.
“The introduction of electronic invoicing can create significant cost savings for companies,” says Matti Lattu, CEO of Heeros, which specialises in financial administration software.
How does electronic invoicing create cost savings?
“Electronic invoicing is highly automated, which means that processing, remittance and archiving of invoices requires less manual labour,” says Lattu.
Electronic invoicing should also be archived electronically. This makes it easier to locate old invoices compared to printed archives that require searching for invoices manually. This also makes the jobs of accountants easier, which helps create cost savings for your company.
Electronic invoicing has also improved the transparency of business.
Heeros offers products that are based on artificial intelligence and automation. Our product range includes the electronic processing of PDF invoices, which, based on pilot programmes, has created significant cost savings for companies.
What other benefits can electronic invoicing offer?
“One significant benefit is having a real-time overview of the status of your invoices. Electronic invoicing means no more lost invoices within the company or between companies,” Lattu says.
Businesses are also increasingly concerned with environmental matters. Electronic invoicing helps reduce traveling and the use of paper. This does not make the approach completely problem free, however; archiving invoices even in a cloud requires electricity.
Electronic invoicing and processing allows companies to allocate their resources more efficiently. Thanks to the solution, financial administration requires less manual labour, which frees up resources for more important tasks.
“Introducing electronic invoicing does not require a change of your current accounting software. Financial administration can be handled with a single application, and integration between software applications is easier than before,” Lattu says.