Automate redundant manual entries and accelerate your invoice processing and validation with our e-invoicing solution
An increasing number of businesses of all sizes are shifting their accounts payable processes toward electronic invoicing (e-invoicing) solutions, thanks to the considerable cost savings, speed, and security that can be achieved.
Corcentric’s e-invoicing software solution reduces the time commitment, effort, and workload for your AP team while helping it reach new levels of productivity, accuracy and efficiency.
New Factur-X functionality provides companies an easy way to create hybrid e-invoices that comply with European Union regulations requiring real-time data transmission to tax authorities.
Save Time + Money
Cost savings from e-invoicing are substantial. If you think that the same old paper invoices and manual processes are working out just fine for your company, think again: Best-in-class AP departments are realizing cost savings of up to 82% per invoice and have cut the time to process an invoice by more than 70% by leveraging accounts payable automation solutions.
It is important to understand that an e-invoice is not a fax, email, or pdf. It’s a fully digital electronic document from the time it’s created straight through to its approval and entry into the company’s ERP or AP system. It’s easy to handle and more secure than paper invoices. E-invoices are submitted via EDI, XML, or via a file from a supplier’s billing system in real-time. And that can translate into significant savings.
If your suppliers still want to submit paper invoices, that’s no problem. We can capture and convert paper to 100 percent electronic invoices at our Invoice Virtualization Center, whether they are submitted via PDF, web, fax, email, or snail mail. Using invoice scanning and double-blind keying technology, we extract 99.95% accurate, standardized invoice data and convert them to a true electronic format.
Our e-invoicing solution improves your business
Save money without sacrificing key details and processes. Processing invoices manually wastes valuable time that your team can use to better serve your company’s strategic needs. But giving up manually handling invoices doesn’t mean you give up control.
E-invoicing software enables you to:
- Define the allowable parameters and thresholds for invoice conversion
- Ensure your invoices are within your internal parameters
- Generate audit trails quickly to reduce audit cycle time
- Ensure compliance with Sarbanes-Oxley, European Union, and other tax regulations
- Configure your invoicing rules to fit your specific business’s needs, no matter the complexity
- Set a maximum freight charge before the invoice requires additional approval
- Enable your suppliers to raise prices on commodities based on market changes
- Archive all your invoices so documents can be retrieved with a click
Electronic invoicing software by the numbers
lower exception rate is
experienced by Best-in-Class companies.
of Best-in-Class organizations are
more likely to use electronic invoicing.
is the average cost to
process a single invoice.
Source: 2020 Ardent Partners AP Metrics that Matter
e-Invoicing Solution FAQs
What is e-Invoicing?
E-invoicing is the exchange of an electronic invoice document between a supplier and a buyer. An e-invoice is not a fax, email, or PDF. It is a fully digital electronic document from the time it is created straight through to its approval and entry into the ERP or AP system.
Which manual processes does e-invoicing eliminate?
By removing paper invoices from the process, you eliminate the need to manually receive, upload, organize, and store each invoice. Our paperless invoice system gives you 24/7 real-time visibility into payment status, so you also eliminate the manual task of searching for paper invoices when replying to inquiries from suppliers or internal stakeholders. Eliminating manual data entry and other manual tasks can help companies realize up to 82% cost savings per invoice and gain greater control over cash flow.
How do I create an electronic invoice?
When talking about a true e-invoice (or electronic invoice), you do not directly create the invoice. If your supplier is working within the digital invoicing system, as soon as the supplier receives your purchase order in the supplier portal, that supplier flips that purchase order to turn it automatically into an e-invoice. If your suppliers send invoices in other formats, Corcentric will capture and convert paper to 100% e-invoices at our Invoice Virtualization Center.
Will my suppliers have to comply with e-invoicing?
No. Some of your suppliers will still insist on using paper invoices. Although it will benefit suppliers to transition to e-invoicing, Corcentric will take supplier invoices, whether they are submitted via PDF, web, fax, email, or snail mail. We then capture and convert paper to 100% electronic invoices at our Invoice Virtualization Center. Corcentric will help onboard your suppliers’ accounts receivable team explaining how e-invoicing could help lead to early payments.
Is Corcentric’s electronic invoicing solution compatible with all invoice formats?
Yes, we can accept any format. E-invoices can be submitted in real-time via EDI, XML, or via a file from a supplier’s billing system. Our e-invoicing software enables you to configure your invoicing rules to fit your specific business’s needs. No matter the complexity, you get the data the way you want it so you can process it.
How will e-invoicing simplify invoice management?
A major benefit of e-invoicing is the visibility provided, so by digitizing invoice data, accounts payable (AP) can match the invoice against purchase orders, contracts, and goods received data. Streamlining the whole process eliminates time-consuming bottlenecks, including time spent on manual matching and tracking down approvals. It also eliminates duplicate payments and reduces the chance for fraud.
Do you have any resources (reports, case studies, white papers, or podcasts) with more e-invoicing information?
We are focused on customer success; to help ensure that, here is a list of suggested resources that can help you achieve your business goals.