Have you considered introducing e-invoicing solutions to save time, money and grow your business, but don’t know where to start? Here are 6 questions that will help you choose the best smart billing solution for your business.
1.Do you already use an accounting or business software?
Many accounting and business software programs have automatic interfaces with various e-invoicing operators. This means that the introduction of e-invoicing and other digital invoicing solutions is just a few clicks away. Finbite interfaces with all common software in Estonia, Latvia and Lithuania. You can find the list of our partners and possible solutions here.
2. Do you want to send e-invoices? What’s the expected volume? Do you also want to send e-invoices to banks?
In Estonia, the main reason for companies to start using smart invoicing solutions is the possibility to send e-invoices. That’s because public sector doesn’t accept PDF and paper invoices. When choosing a package, it is worth considering the potential volume of sales invoices and whether they will also be submitted to banks. If the volume of sales invoices is initially small, then the easiest and cheapest solution for adopting smart billing solutions is free Starter package. It allows you to send and receive up to 5 e-invoices per month. You can change the initially selected package any time.
Take into account that in order to send an e-invoice with Starter package, you must create the invoice manually, because there aren’t interfaces available with business softwares. If the volume of the company’s e-invoices starts to grow or the invoices have complex content (for example, several rows, different product codes, etc.), it is worth considering the Lite package. With this option, there are interfaces available with your accounting or business software, so the invoices are created and automatically sent to your customer’s system.
3. Want to get started with e-invoicing?
Although the main reason for implementing smart invoicing solutions is sales invoices, we always recommend opening the channel for receiving them. This maximizes the benefits of adopting smarter solutions. Several studies have shown that it’s 2-5 euros cheaper for a company to receive one e-invoice than a pdf or paper invoice. That’s because e-invoice get’s sent directly to the accounting system and your accountant saves valuable time, since there’s no need for entering information, tracking and archiving confirmations. The Lite package is well suited for sending and receiving e-invoices.
4. What is the total volume of purchase invoices in one month?
While e-invoicing is already mandatory in Estonian public sector, it is still a voluntary option for the private sector, adopted by the most innovative and progressive companies. As some companies still use PDFs and paper invoices, we offer our customers the opportunity to digitize purchase invoices. In the process, invoices are automatically digitized and transferred directly to the accounting software. This eliminates the need to enter invoices manually, reduces the number of errors and frees up the company’s most important resource – time. This solution is available to all Lite, Standard and Premium customers.
5. Are expense reports used in the company?
There is a smarter and more sustainable way to submit receipts for expense reports than collecting checks and filling out complicated forms. With the mobile e-expense report, you can take a picture of the check with your smartphone and automatically upload the expense report to your accounting system. It is properly preserved and can be presented again at any time. In addition, submitting and approving an e-expense report is on average 6x faster. This solution is available to all Finbite Lite, Standard and Premium customers.
6. What kind of confirmation processes are in place for purchase invoices? How many people are involved in the confirmation process?
If your company has already implemented an invoice approval process, smart invoicing solutions can make it even more secure. For example, adding contract numbers to invoices can be made mandatory and confirmation limits can be set for certain employees. For simpler confirmation circles of up to 10 people, the Finbite Standard package is a great solution. If the invoice approval process is more complicated, there are more than 10 approvers and confirmation limits are used, then it is worth considering the the Premium package. If your company is still working on secure invoice confirmation process, then we’re here to help. We offer a free two-hour training for those who subscribe to the Premium package.
If you can answer all these questions and map out your business needs, you will find the best smart billing solution for your business here. If you need more advice on choosing the right package, please contact us at email@example.com.