{"id":60304,"date":"2024-07-11T15:15:55","date_gmt":"2024-07-11T14:15:55","guid":{"rendered":"https:\/\/softco.com\/solutions\/softco-e-invoicing\/"},"modified":"2025-03-28T10:39:26","modified_gmt":"2025-03-28T10:39:26","slug":"softco-e-invoicing","status":"publish","type":"page","link":"https:\/\/softco.com\/uk\/solutions\/softco-e-invoicing\/","title":{"rendered":"SoftCo E-invoicing"},"content":{"rendered":"\n
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SoftCo E-invoicing<\/h1>\n\n\n\n

Making the switch Easy<\/p>\n\n\n

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E-invoicing,<\/strong><\/span> or electro<\/span>nic 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\u2019s 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. <\/span><\/p>\n

This structure enables the data from the supplier\u2019s invoice to be automatically imported into the SoftCoAI+ platform<\/span><\/a>, removing the need for capture technology, further streamlining the process and reducing costs. <\/span><\/p>\n

SoftCoAP<\/a> 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<\/a> module securely and efficiently transmits PO’s. <\/span><\/p>\n

E-invoicing offers a multitude of advantages for both vendors and buyers, driving significant improvements in efficiency, cost savings, and compliance.<\/span><\/p>\n<\/div><\/div>\n\n\n\n

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Cost
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Auditable
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Increased
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Improved
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Enhanced
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Scalability<\/h4>\n<\/div>\n\n\n\n
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Improved Vendor Relations<\/h4>\n<\/div>\n\n\n\n
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Environmental benefits<\/h4>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n
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SoftCo eBook<\/strong><\/p>\n\n\n\n

Download our Guide to
E-invoicing<\/h1>\n\n\n\n
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How E-invoicing works<\/h2>\n\n\n\n
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Direct Integration<\/strong><\/h5>\n\n\n\n

E-invoices can be directly sent into the SoftCo<\/a>AI+ platform using common formats such as Electronic Data Interchange (X12 \/ EDIFACT) or XML. This method allows for quick and error-free data exchange.<\/p>\n\n\n\n

Dedicated Portals<\/strong><\/h5>\n\n\n\n

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.<\/p>\n\n\n\n

Data Capture Solutions<\/strong><\/h5>\n\n\n\n

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.<\/p>\n\n\n\n

Global Compliance Support<\/strong><\/h5>\n\n\n\n

SoftCo\u2019s 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.<\/p>\n<\/div>\n\n\n\n

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Key Benefits of E-invoicing<\/h2>\n\n\n\n
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Cost Reduction<\/div>
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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<\/a> \u201cCompared to conventional paper invoice processing, the automated e-invoicing will result in cost savings of 60-80% in most cases,\u201d.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n

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Increased Efficiency<\/div>
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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<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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Compliance and Security<\/div>
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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.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n

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Global Trade Facilitation<\/div>
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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.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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Supplier Relationships<\/div>
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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.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n

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Strategic Insights<\/div>
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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.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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Scalability<\/div>
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E-invoicing solutions allow businesses to scale their operations more efficiently, improving the productivity of the AP department.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n

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Global Compliance<\/div>
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E-invoicing ensures global regulatory compliance with worldwide invoicing mandates.<\/a><\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

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Interconnected Networks<\/div>
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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.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n

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Compliant Archiving<\/div>
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Having a solid archiving compliance strategy is crucial for tax compliance. SoftCo Compliant Archive<\/a> ensures that relevant documents are archived electronically as required by local regulations.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n

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SoftCo have processed c.\u20ac250bn and almost 10 million e-Invoice documents for the Finnish Government since 2018. <\/em><\/strong><\/p>\n<\/blockquote>\n<\/div><\/div>\n\n\n\n

E-INVOICES TO DATE<\/h5>\n\n\n\n

c. 10 Million<\/p>\n\n\n\n

FORMATS<\/h5>\n\n\n\n

PEPPOL, Teapps, finvoice<\/p>\n\n\n\n

DOCUMENT TYPES<\/h5>\n\n\n\n

PO’s & Invoices<\/p>\n<\/div>\n\n\n\n

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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.<\/p>\n\n\n\n