An electronic invoice is a structured document that is created by the user on its accounting system or ERP. From here the data is extracted and delivered in the recipient's ERP. The e-Invoice Service Provider manages the extraction and conversion of the data between the various ERP systems and ensures compliance with the issuer's tax authorities.
facevalue and its e-Invoice partners have standardised integration protocol for most systems, which is implemented remotely usually within two weeks.
Users that do not have the service integrated into their systems, can use a web portal to issue and receive e-invoices, which manages any-to-any delivery to all e-Invoice platforms we maintain interoperability with.
Sales invoices are generated by Suppliers and posted directly into their Buyer's ERP without the need for any manual processing by the recipient. Similarly, purchase invoices are generated by the Buyer and posted directly into their Supplier's ERP without the need for any manual processing, which greatly increases the time to invoice approval and reduces incorrect data capturing.
facevalue's e-Invoice service collaborators maintain interoperability between major e-invoice platforms to ensure that you can send and receive invoices from your trading partners without the need to force them to adopt the use of the particular e-Invoice service you use.
Invoice data is extracted and rendered in accounts receivable and accounts payable ledgers within your secure facevalue domain, where you can use our liquidity and risk management tools to better manage your business.
e-Invoice Service Providers estimate a cost reduction of up to 1 % of the company net sales, depending on industry compared to conventional invoice handling. Gartner estimates that a company receiving 5,000 invoices a month could save over €600,000 in process costs per year.
Efficiencies and savings:
- Incorrect information (Typing error / wrong descriptions of purchases, wrong prices)
- Invoice sent to incorrect person
- Missing information as required by VAT law and/or customer
- Convert fixed costs to variable costs (CAPEX to OPEX)
- Improve time-to-market and reduce investment
- Reduce the number of own resources, IT systems and partners
- Free resources for more strategic business initiatives
- Share costs with other organisations
facevalue utilises e-Invoice architecture to render invoice data in ledgers within our users' secure domains. The principle reason we have gone to great lengths to render invoice data on a granular basis in your online banking environment is to permit you to borrow against outstanding accounts receivables.
It allows facevalue to track, manage and route payments against encumbered invoices, which makes it possible to offer loans priced to reflect the credit risk and as little unknown operational risks as possible.
It also means that users can view individual invoices and use the underlying data for risk, treasury and reconciliation analysis in facevalue.
By combining e-Invoice, supply chain finance and digital banking, facevalue reduces costs, drives efficiencies and gives more control over critical information and cash management to businesses.