E-Invoicing implementations can be quite a complex and demanding process.
It asks from your business to involve a respectable number of people in your company, on the one side and may require your suppliers’ participation, on the other side. In addition, you have to successfully integrate different business solutions and systems in order for eInvoicing to reach your expectations and meet your company’s goals. Here are some of the most common challenges you have to deal with in order to successfully implement and benefit from your own eInvoicing system.
Forward organizing and planning
The main challenge for many companies when dealing with eInvoicing implementation is where and how to start? This is a simple question, which requires a detailed and thorough prep process. The better and more you plan, the more likely is that your new eInvoicing system will work according to your expectations.
Internal components and resources
Any e-Invoicing system will inevitably affect the full scope of your internal business processes, including all of your business agreements, financial transactions, tax documents, and finally the entire IT infrastructure, which supports your business. It comes without saying that eInvoicing will require the multi-disciplinary approach and strengthening of your internal resources.
Technology compatibility and readiness
System integration, if not treated and prepared properly can easily become one of the biggest barriers to successful implementations of eInvoicing. Your eInvoicing system needs to integrate with your company’s payable and receivable systems, including other business systems, and your ERP system.
Supplier support and acceptance
Even if you succeed in implementing and running the optimal eInvoicing system in your business structure, if your business suppliers and partners won’t take part, then eInvoicing will fail to fulfil its purpose. You must work shoulder-to-shoulder with your suppliers to gain their support, acceptance, and most importantly active participation.
Supplier participation and integration
The more suppliers you convince to actively participate in your eInvoicing system, the more benefits you will eventually obtain from it. One of the most important elements you need to emphasize all the time in order to achieve this goal is to present your suppliers with an opportunity to use eInvoicing wherever they are located in the world.
Data storage and processing
Each tax system has its own regulations when it comes to determining how long a document must be stored and processed. For instance, in some EU countries, this period can vary from five all the way up to ten years. If your company has to deal with as many as 100,000 annually, then proper data storage and processing become a major challenge.
Managing changes and adjustments
Undoubtedly, the biggest challenge to successful implementations of an eInvoicing system in your company is associated with your capability to manage internal changes and changes. If you want for eInvoicing to work for your business, you have to embrace and implement it completely and with no second thoughts.