Effective Management of Electronic Invoice Data Quality

Astragraphia Document Solution - In the ever-evolving digital era, companies are experiencing a massive transformation in the way they operate. One of the main aspects that has experienced significant changes is financial management in a company. Electronic invoices, also known as e-invoices, serve as a modern replacement for traditional paper invoices. Compared to conventional methods that tend to be time and resource-consuming, electronic invoicing promises tremendous efficiency, cost savings, and increased productivity. Astragraphia will introduce that by utilizing digital technology, e-invoice can be used to send, receive, and process invoices electronically, thereby enabling companies to eliminate delays and reduce errors. Before implementing and using e-invoices in your company, several processes need to be carried out, including:

1. Understand the Constraints and Requirements

The first step to ensuring invoice data quality is to understand the legal and business requirements of your e-invoicing process. Different countries and regions may have different rules and regulations for electronic invoices, such as invoice format, content, validation and archiving. You must comply with these terms to avoid penalties, disputes and delays. You also need to understand the expectations and preferences of your customers and suppliers, such as the level of detail, frequency and method of invoicing.

2. Choose the Right Format and Standards

The second step to ensure invoice data quality is to choose the right format and standards for the electronic invoicing process. There are many formats and standards for electronic invoices, such as XML, EDI, PDF, UBL, and PEPPOL. Each format and standard has its own advantages and disadvantages, such as difficulty, capabilities, security, and cost. Apart from that, you must also choose the format and standards that best suit the needs and capabilities of customers and sellers. You may also need to use different formats and standards for different types of markets.

3. Data Validation and Verification

The third step to ensure invoice data quality is to validate and verify the data before and after sending or receiving invoices. Validation means checking whether data conforms to the rules and specifications of formats and standards, such as syntax, structure, data types, and code. Verification means checking whether the data corresponds to real conditions and matches expectations in the business, such as price, quantity, date and identity. You need to use tools and methods to validate and verify data, such as software, APIs, portals, or third-party services

4. Monitor and Measure Performance

The fourth step to ensure invoice data quality is to monitor and measure the performance of the electronic invoicing process. Monitoring means collecting and analyzing data about the status and results of your e-invoicing process, such as amounts, values, errors, rejections, and invoice responses. Measuring means assessing and comparing the performance of electronic invoicing processes with the aim of assessing benchmarks, such as the level of invoice accuracy, conformity and satisfaction. Apart from that, it is also necessary to use indicators and measures to monitor and measure performance such as KPIs, dashboards or reports.

5. Improve and Optimize Processes

The fifth step to ensure invoice data quality is to improve and optimize the e-invoice process based on the results and input from the previous steps. Improving means identifying and addressing the root causes and impact of data quality issues, such as discrepancies, errors, inconsistencies, and invoice disputes. Optimizing means improving and simplifying the e-invoice process to achieve better results and benefits, such as reducing costs, increasing time speed, increasing customer satisfaction, and supporting invoice sustainability. To be able to optimize and improve the electronic invoicing process, it is necessary to use techniques and methods such as Lean, six sigma, or agile.

6. Learn to adapt to change

The sixth step to ensure invoice data quality is to learn and adapt to changes in the e-invoice environment. Changes can occur due to internal or external factors, such as new technology, new regulations, new customers, new sellers, or new markets. That way, you must always get the latest information about changes and their impact on the electronic invoicing process. You also have to be flexible and responsive to changes opportunities and challenges in the e-invoice process. Apart from that, you also need to use sources and media to learn and adapt to changes, such as newsletters, webinars, or networks.

Astragraphia as the Exclusive Distributor of FUJIFILM Business Innovation in Indonesia, is ready to support your business processes with Electronic Invoices. To get further information, you can contact Halo Astragraphia at 1500-345 or the nearest Astragraphia Business Consultant Team in your area.

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Adapted and processed from: https://www.linkedin.com/advice/0/how-do-you-manage-e-invoice-data-quality-across-different?trk=cq