SoftCo E-invoicing
Making the switch Easy
Making the switch Easy
E-invoicing, or electronic invoicing, refers to the exchange of procurement related documents, such as PO’s and invoices, between a supplier and a buyer in a digital format. PO’s are issued via an e-Invoicing platform or network, which acts as an intermediary to ensure secure and reliable transmission. Examples of such platforms include PEPPOL. Meanwhile, invoices are issued, transmitted, and received in a structured data format, allowing for automatic and electronic processing without manual intervention.
This structure enables the data from the supplier’s invoice to be automatically imported into the SoftCoAI+ platform, removing the need for capture technology, further streamlining the process and reducing costs.
SoftCoAP receives E-invoices that are transmitted via specialized networks (VAN and Peppol Access Point), ensuring secure and standardized delivery of electronic invoicing and related data. All standardized formats such as Peppol 3.0/UBL, EDI (X12/EDIFACT), and country specific (Teapps/Finvoice) formats can be processed through SoftCoAP, while SoftCo’s eProcurement module securely and efficiently transmits PO’s.
E-invoicing offers a multitude of advantages for both vendors and buyers, driving significant improvements in efficiency, cost savings, and compliance.
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E-invoices are delivered directly into the SoftCoAI+ platform using common formats such as Electronic Data Interchange (X12 / EDIFACT) or XML. This method allows for quick and error-free data exchange.
Suppliers can input or upload invoice data via dedicated portals. These portals provide a user-friendly interface for suppliers to either key in invoice details or upload them in various formats, such as PDF or XML.
Advanced AI-powered data capture solutions, like SoftCo Capture, intelligently extract data from invoices in any format. This helps create consistency across all electronic formats, ensuring that even non-standard invoice formats can be processed efficiently.
SoftCo’s network supports varying and complex compliance requirements, such as global invoice formats and archiving. This makes it easy to connect with customers worldwide and ensures that e-invoices meet all regulatory requirements.
E-invoicing eliminates the need for paper, printing, manual fulfilment, and postage. It further reduces the average cost per invoice, enabling savings on operational expenses. According to “The e-invoicing journey 2019-2025” from Billentis “Compared to conventional paper invoice processing, the automated e-invoicing will result in cost savings of 60-80% in most cases,”.
E-Invoicing in tandem with SoftCoAP removes manual intervention, reducing processing time and errors. This leads to faster invoice approvals and payments, enhancing cash flow management.
E-invoicing helps organizations comply with various country-specific tax regulations and mandates, such as VAT. It also removes the potential for fraud and human error, thanks to enhanced internal controls and secure data transmission.
By digitizing invoice processes, businesses can engage in faster, easier, and more secure global trade. E-invoicing networks connect businesses, suppliers, and financial institutions, ensuring that invoices meet all regulatory requirements and facilitating smooth cross-border transactions.
Improved processing times and transparency into invoice status strengthen relationships with suppliers. This visibility allows for better communication and coordination, fostering a healthier supply chain.
E-invoicing provides 100% transaction and spend visibility, offering valuable data for better financial oversight and analysis. This enables finance and procurement leaders to gain strategic insights and make informed decisions to optimize spending.
E-invoicing solutions allow businesses to scale their operations more efficiently, improving the productivity of the AP department.
E-invoicing ensures global regulatory compliance with worldwide invoicing mandates.
E-invoicing networks integrate with existing solutions, bundling all invoicing flows into a single focus point. This supports compliance and streamlines format conversions, enabling global reporting analytics.
Having a solid archiving compliance strategy is crucial for tax compliance. SoftCo Compliant Archive ensures that relevant documents are archived electronically as required by local regulations.
SoftCo have processed c.€250bn and almost 10 million e-Invoice documents for the Finnish Government since 2018.
c. 10 Million
PEPPOL, Teapps, finvoice
PO’s & Invoices
The Finnish Government, a pioneer in digital transformation, sought to enhance their procurement and invoicing processes by adopting a comprehensive e-Invoicing solution. The goal was to streamline financial operations, ensure compliance with international standards, and improve overall efficiency.
“For companies who process over 50,000 invoices a year, SoftCo is a must-have.”
Electronic invoices produce 87% fewer greenhouse gases compared to traditional paper invoices, a notable difference especially for organizations handling large volumes of invoices. By shifting to e-invoicing, companies can significantly reduce their carbon footprint owing to the elimination of paper use. Furthermore, leveraging automation and cloud-based technologies minimizes electronic waste and results in lower carbon emissions, as it requires fewer servers and consumes less power than on-premise solutions.
Transform your invoicing process and reap the benefits of e-invoicing with SoftCo.
Contact us to learn more about our comprehensive e-invoicing solutions and how they can
streamline your operations, ensure compliance, and drive cost savings.