SAP E-Invoicing Solutions
SAP E-invoicing, also known as e-invoicing, is a procedure that can streamline an invoice management procedure. And it may also simplify how compliance and invoice work together.
By digitizing your invoice data, you might reduce the risk of errors and exceptions effectively. In addition, it can also help you keep a record of purchase orders in an organized manner.
With e-invoicing, you can also –
- Manage difficult or cumbersome compliance tasks easily from a single dashboard.
- Reduce the risk of fraud and overpayment.
- Facilitate collaboration within a company and amongst its trading partners.
- Maximize the discounts related to early payments and optimize your working capital.
- Boost your cash flow for your suppliers with more timely payments.
In this article, we’ll describe the core benefits of SAP e-invoicing and talk about the tools and solutions that can be used here. So, let’s get started with it.
Benefits of E-Invoicing
Whether it’s about freeing yourself up from manual processing or something else, e-invoicing can be highly beneficial for you. Keep reading to know more in this context.
- It can help you reduce your expenses and boost the entire cash management process to capture an early-payment discount effectively.
- Manage non-PO invoices and complicated services without any issues. Also, as there’s no need to do anything manually, you won’t have to be worried about errors too.
- With it, you can adhere to all the rules related to invoicing and strengthen your overall compliance with company policies, contracts, and global e-invoicing regulations.
- It’ll also be possible for you to enable a quicker, more accurate level of processing. In addition, you can also offer web-based access to cash forecasting and invoice status.
- Configure your workflows effectively to address various requirements.
Basically, the more you use e-invoicing – the easier it will become for you to process the entire invoicing procedure. It’s that simple and effective.
E-Invoicing Solutions Offered by SAP
Since the beginning of its venture, SAP has always focused on improving the efficiency of an organization in more than one context. And you can bet that there’s something available in the e-invoicing department as well. These are generally utilized to streamline your invoicing procedure, reduce the errors that come with it, and save a lot of time.
Here’s what you need to know about them.
1: SAP Ariba
SAP Ariba, fundamentally, is a cloud-oriented supply chain and procurement platform which offers e-invoicing functionality altogether. However, it’s only a part of the features it provides.
The system also supports several invoice formats, including – EDI, XML, and PDF.
2: SAP Digital Payments Add-On
This add-on will offer an end-to-end electronic invoicing solution that enables you to receive, send, create, and process invoices electronically. You can use it to manage your cash flow.
It also offers support to several invoice formats, such as – PEPPOL, UBL, and FACTUR-X.
3: SAP Concur
It’s more of an expense and travel management solution that includes e-invoicing features. It’s not really a direct tool that can be used solely for invoicing and anything related to that.
With it, you can capture, store, and process almost any invoice electronically. Furthermore, it can also reduce the need and requirement for a paper-based process.
4: SAP Invoice Management
This solution is all about offering a centralized platform where you can manage any invoice or anything related to it. There are several inclusive features available to it as well, such as –
- Exception handling
- Automated invoice processing, and
- Real-time monitoring
Each of these plays a huge role in the budget as well as the customer management department. In addition to this, you can also use it to manage your invoices accordingly.
5: SAP S/4HANA
The flagship ERP solution offered by SAP, S/4HANA, is a system or platform that comes with an e-invoicing functionality. It’s basically a part of the finance module of the ecosystem.
Like the aforementioned, it can support more than one invoice format and enable a business to automate whatever invoice processing they are going through.
SAP S/4HANA can also be used for other purposes, such as managing your data flow.
The e-invoicing solutions offered by SAP are quite inclusive and, therefore, can be employed under any circumstances. Nonetheless, the support models may differ depending on the platform you have chosen for your business. So, in this case, it might be best for you to opt for the right option that can potentially improve or help your organization.
We’ve laid whatever we know regarding the same here. So, make sure to go through it again. If you have any queries about it, don’t forget to let us know all about it in the comment section below. We’ll try to help you out in any way we can.