Optimize Operations by Transforming Invoicing

E-invoicing, or “electronic invoicing,” refers to the process of sending and receiving invoices in a digital format instead of a traditional paper-based format. E-invoicing aims to streamline the invoicing process and enhance working capital management. E-invoicing systems are often integrated with accounting or enterprise resource planning (ERP) software to automate the invoicing workflow and facilitate faster and more accurate financial transactions between suppliers. E-invoicing can offer several benefits, including cost savings, removal of supplier bottlenecks, faster payment processing, reduced fraudulent activity, improved visibility, and compliance with regulatory requirements.

Coupa’s e-invoicing is available as a standalone solution but drives greater efficiencies when integrated with Coupa’s wider procure-to-pay suite as part of a digital procurement transformation. E-invoicing from Coupa adds automation, compliance, and AI-powered insights to your invoicing for improved efficiency so your team can focus on value-add activities such as early payment discounts, rebates, supplier relationships, and informed decision-making to optimize working capital.

The benefits of e-invoicing include:

• Cost and environmental savings by eliminating the need for paper, printing, and postage costs associated with traditional paper-based invoicing.
• Fewer manual errors and better productivity through automated processes. This can help you minimize disputes, avoid delays in payments, and free up AP teams to focus on more strategic value-add activities.
• Improved cash flow management by enabling faster payment processing and reducing payment delays so businesses can have better visibility into their liabilities, plan their operations more effectively, and even take advantage of early payment discounts.
• Better compliance and security that help businesses adhere to the growing number of B2B clearance models and changing regulatory requirements.

E-invoicing mandates are imposed by governments or regulatory authorities. They require businesses to adopt e-invoicing methods for their transactions and often outline specific standards, formats, and procedures that businesses must follow when generating, sending, and receiving e-invoices. Governments may introduce these mandates to streamline tax administration, combat fraud, and align businesses with modern technological practices. In VAT countries, e-invoicing is increasingly becoming mandatory, although specific requirements vary from country to country.

There are many reasons a business would want to invest in e-invoicing software. At the heart of the business case for e-invoicing is the ability to establish one controlled audit trail from the point where the buyer raises the requisition to accounts payable (AP), approving and paying it. There is visibility into every single individual transaction in the company from the moment of creation to the moment it has been closed. Additionally, e-invoicing:

• Speeds up the close – In a paper-based process, closing the books typically takes about three to four months. E-invoicing can reduce that to a matter of days while offering a higher degree of accuracy. That’s a lot of cost taken out of the process, and skilled people can move on to more strategic projects.
• Optimizes working capital – If you have visibility into your cash position and don’t have to borrow to pay suppliers, you have negotiating power. You may be able to get discounts if you can pay suppliers immediately — which you can only do when you get the invoices immediately and when they are backed by a purchase order.
• Enables compliance – If you have one process that is fully documented and transparent that you can show to an auditor, that makes audits faster, easier, and less costly.

With Coupa’s e-invoicing software, you can automate your invoicing for faster, smarter processes and take advantage of certain AI-driven features, such as advanced OCR for seamless document extraction. You can also unlock the power of AI to help you uncover hidden insights and opportunities to improve how your company handles invoicing across the board. Compliance as a service (CaaS) simplifies global tax compliance, and AI-powered detection monitors for errors, potential fraud, and duplicate invoices before making any payments — bringing you peace of mind. E-invoicing solutions from Coupa are part of the overall gains you’ll see in efficiency, operational costs, and connectivity when you transform your procurement with the Coupa platform.