E-invoicing and automated processes become more and more important for Financial Accounting, which is in particular due to the current statutory regulations. However, companies should not consider e-invoicing as a mere duty of fulfilling statutory regulations. Electronic processing offers enormous opportunities for automated invoice processes and for increasing their transparency.
SAP users may refer to immediately usable enhancements for electronic invoices: For outgoing invoices, SAP optimizations as offered by IT service provider FIS are used to select the right format for each invoice recipient without the user having to decide on what the invoice should look like semantically or technically. For incoming invoices, the software solutions are used to make the comparison with existing purchase orders in the ERP system and control the check and release processes irrespective of the invoice format. This helps companies accelerate the processing times of their invoices and processing statuses become more transparent.
Understand automation and digitization as an opportunity
Manually complicated tasks in finance and accounting are processed more efficiently through electronic invoice processes. Documents are digitally transferred and processed since invoices are not sent by mail or fax and passed on through the departments. This enables companies to accelerate processing times and cash discounts, for instance, can be used more effectively. Moreover, by using a digital system for data entry, they avoid errors they would make when manually entering invoice data. All required data is always available and transferred correctly.
Your benefits from e-invoicing with FIS
- Cost savings: savings of up to 80 % compared with the paper-based invoice process, e.g. by saving administration and postage costs
- More cash discounts received and improved liquidity: no more long shipping routes, incoming and outgoing invoices are paid more rapidly
- Time saving: shorter processing times of invoices as manual activities are no longer necessary, such as scanning, data entry, transfer of the original invoice to the accounting department etc.
- High data quality: manual entry errors are avoided, data does not get lost and is available in real time in the ERP system
- Fully integrated end-to-end processes: automated triggering of subsequent processes, e.g. release or payment
- Increasing transparency: all information is available in the SAP system, overview of each invoice status, invoice processing by a substitute in case of sick/holiday leave if required
- Fulfillment of statutory requirements: automatic meeting of deadlines, e.g. 10-year retention and deletion period
- Implementation of international invoice standards: e.g. XRechnung, ZUGFeRD, Factur-X, FatturaPA etc.
- Consistent financial process between all involved: a user interface for all invoice formats and communication paths
Digital processing of incoming invoices – procure-to-pay process
Automated processing of outgoing invoices – Order-To-Cash Process
Service scope of FIS/eInvoicing
The FIS software solution for sending invoices enables an uncomplicated creation of electronic invoices. It enables you to meet the legal requirements for invoicing without any development effort on your part.
No matter the format and the transfer method: classical EDI (Electronic Data Interchange), invoice formats such as XRechnung, Factur-X and ZUGFeRD, InvoicePA/FatturaPA or the communication via e-mail or PEPPOL platform. Even paper invoices can be processed: The OCR recognition software by FIS easily digitizes the relevant data and translates it into the required format.
Almost all formats of incoming and outgoing invoices can be processed using the respective SAP solutions as well as optimizations developed by FIS. For document processing, the user only uses one central user interface for incoming or outgoing invoices. It does not matter via which channel and in what format documents are received or sent.
Individual particularities can also be taken into account and implemented in the system. In addition, the invoice process can be further automated by Machine Learning. FI invoices, for instance, are independently classified and assigned to an account, the responsible approver is found and the release process triggered.
Frequently asked questions on e-invoicing
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More process efficiency with SAP optimizations by FIS
Make a changeover to SAP E-Invoicing for the electronic processing of your invoices. SAP and the complemental FIS optimizations enable you to fully automate your invoice processes and find orientation in the labyrinth of X & e-invoice, PEPPOL & Co. Please do not hesitate to contact the SAP experts of FIS for further information via e-mail or phone.