How to save time, money and the environment using e-invoices?

23. November 2020

Monika Seimar

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In autumn, many companies are busy planning the budget for the next year. When planning, we often try to predict what 2021 will be like, what the economic growth or recession will be like, what will happen with COVID-19, etc. This last year was very special; the behavioural patterns of society have shifted and this is visible in professional work culture.

One thing is certain: only those capable of adjusting to the rapidly changing situation will survive. These would be the companies who have used existing resources reasonably while also being ready for surprises and adopting a plan B. One way to reduce budget costs for the coming year is to transfer your company to e-invoicing and thus save time, money and the environment around us.

Did you know that handling a single e-invoice takes nearly 30 minutes less than handling a PDF or a paper invoice?

Time is gained mostly thanks to the fact that the accountant no longer functions as a data entry employee but can now apply their skills and knowledge to more significant tasks. E-invoices help considerably reduce the errors that occur with manual entry because e-invoices are machine readable. Another advantage of e-invoices in critical situations is that the manager has a 24-hour real time overview of the company’s financial situation.

Since many people no longer appear at the office seven days a week from eight to five, it is increasingly relevant that important documents are digitally archived. Documents are stored in digital archives automatically for seven years and looking up a specific one is quick and easy. By implementing a digital archive, office space is freed from paper archives, which may lead to the opportunity to move the entire office to a smaller premises and in turn save from monthly administrative costs.

Head Accountant at Südameapteek pharmacy Kristina-Majbrit Paju says that in addition to the aforementioned, minimising data volumes is very important in terms of saving the environment. In addition to printing and archiving PDF invoices, more attention should be paid to data volumes that move when PDF invoices are sent. “If you link the accounting software with the invoice centre and the invoices move automatically between the systems, the movement of data volumes is minimal,” Paju explained.

For example, if we compare an e-cost report and a paper cost report, it is possible to upload the e-cost report to the platform even using a smartphone, and the report is stored according to requirements and can be reproduced at any time. Submitting and confirming an e-cost report is on average six times faster compared with paper cost report.

Remote working options are also eliminating the phenomenon where printed paper invoices circulate the office from desk to desk. E-confirmation rounds allow an invoice to be confirmed using any smart device while away from the office. If the system receives an invoice that needs confirming, the confirmer receives an e-mail with a link that directs them to the system to confirm the invoice. And again, the accountant can focus on more important tasks.

Could the transfer to e-invoices be a step forwards for your company? The choice is yours. For many companies, it is possible to start sending and receiving e-invoices in a matter of days.

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