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Basic E Faktura Systems Effectively Adopted By Businesses

E–invoicing is an online medium through which payments can be made within a buyer and a seller (einvoicingbasics.co.uk, WHAT IS E-INVOICING? 2016). E-invoicing technology provides a lot of benefits as opposed to the traditional paper invoicing processes. Some of these benefits include reducing paper usage, facilitating faster transaction, reducing impact on environment, working with less manual labor, etc. (einvoicingbasics.co.uk, THE BENEFITS, 2016).

E-invoicing as a whole is a substantially broad domain that encompasses several E Faktura systems or models. These models are used by businesses to manage transactions via an online medium. Even though the common goal between the systems is same, they differ in their work approach, and have their own benefits. Before adopting E-invoicing technology, businesses need to have more detailed information of the entire E-Invoicing process. Being knowledgeable about the details of basic invoicing models can be very beneficial to businesses. This would help businesses to select the most appropriate system solutions for managing business transactions in a smoother manner. Ultimately, dealing with smooth business transactions is a large contributory factor for the growth of a business. In the current market, numerous E-invoicing solutions are mainly integrated with E Faktura software programs. The E invoicing solutions that are available in the form of different models form an integral part of this process (ricoh.it, E‐INVOICING: READY FOR PRIME TIME, 2011). These models or systems vary from country to country with differing variations. The main E-invoicing models are briefly described below.

Buyer Direct

In this system, the invoices are directly accepted by the buyer from the supplier. In some cases, the supplier may provide paper invoices. But with the buyer direct solution, a buyer can convert the paper invoices to electronic invoices. There is a greater chance that large organizations and businesses use E-invoicing technology on a larger extent than paper invoicing. Numerous paper invoices to digital invoice conversations can be done in short time using the buyer direct solution. The conversion and data extraction needs to be completed before uploading to the accounts payable section. Thus, organizations can benefit a lot by adopting a buyer direct invoicing system for dealing with transactions.

Supplier Direct

The supplier direct system is used mainly by businesses, which deal with supplying goods, products and other services to the buying businesses. Firstly, a supplier needs to create a digital invoice directly from its accounts receivable system, with the help of a web-based form. Thus, after the digital invoice has been made, a buying business need not manage invoice transaction in a manual manner. Although this approach is quite popular in the B2C domain, it has been adopted to a lesser extent within the B2B market. This limitation exists due to the difficulties regarding integration of buyers’ accounts payable and suppliers’ account receivable systems. This invoicing factor is changing with every passing year, as businesses try to solve such challenges.

Consolidating System

This system involves interchanging of E-invoices with the help of a third party, which provides invoicing solutions. The suppliers as well as the buyers are connected to the third party network, wherein the invoices are dispatched and received. Such third party companies charge a fee while they provide the invoicing solutions.

One such reputed third-party company which provides E-Fakturering solutions to businesses in Norway is Basware. Visit their website for more details.

How Can Businesses Select Automatisk Fakturahåndtering Software?

Businesses might have often come across articles that explain the importance of e-invoicing. The various ways in which, sending invoices through software can help businesses, suppliers as well as the customers. While considering all the different benefits of digital fakturering, businesses might consider adopting this method for themselves as well. Getting rid of all the paper work and getting all the tasks done by online software, sounds like a big and a complex step. Businesses might often have various doubts regarding software which has to be used, which can suit them the best, the kind of money they will have to invest, and similar ones. The following points can help them to simplify the process:

Free or paid

When businesses are planning to invest in any kind of software, price plays an important role. Some of the software programs might offer free services to their clients for a certain period of time, also known as a trial period. However, after this period is over, businesses will have to start paying. Hence, businesses can consider comparing the payment solutions offered by different vendors, to select the one that fits their budget. Carrying all the financial transactions online requires extra costs to be paid for licenses and subscriptions. Hence, it is important to make a well-informed decision, to avoid any losses.

Short-listing

After comparing the prices of various software solutions, businesses could consider short-listing the ones; they think that can be suitable for them. After short-listing they can further research detailed information about the company, their area of expertise, reviews from their customers, etc. This will help them understand better, if the services offered by the short-listed companies match their requirements.

Integration

Automatisk fakturahåndtering can work efficiently only if the new system does not have major ways in the way the things are done. Though these will be made by the software, the details included in them, the format, etc, should match the current one. After short-listing the companies, businesses should check with the vendors if the software offered by them, can follow the same procedure and includes all the relevant information. Drastic changes in this can be confusing for the customers as well.

Cloud based solutions

Another important point to consider, while selecting the company that provides online invoicing solutions is to check if they provide cloud based solutions. This is the program offered by the supplier to store all the information regarding the payments, due dates, etc. In order to use this, businesses will have to pay a certain subscription for the period they’ll be using it. Hence, it is necessary to check the prices with the supplier, to decide a price that is suitable for both the parties.

These are some of the points businesses can consider checking before investing. Businesses can even taking help from the well-known companies in this field. A company that provides e-invoicing with a wide array of features is Basware. It can help businesses with fakturascanning and provide other financial solutions. More information can be found on their website.

3 Reasons Why Using EHF Faktura Is Gaining Importance in Norway

With the advent of the age of computers, many businesses have been using the internet to send their clients and customers emails with bills and payment requests. However, sending invoices in the format of PDF or Word files is not the same as electronic invoicing. Setting up an electronic invoicing system would mean that businesses and clients can directly exchange documents and information online, via an access points. Documents such as invoices are automatically generated with the correct sales and customer details by the system. These are then sent directly to the concerned customer or client, processed and cross-checked automatically and also archived digitally. In Norway, an EHF faktura is the standard format expected of those making use of electronic invoicing solutions, particularly where transactions and trade with the public sector are concerned. This is because there are many benefits and advantages of using such standardized invoicing formats and systems. The following are three reasons why electronic invoices are gaining popularity and importance:

Save on paper bills

Making use of paper invoices and documents involves high costs where the use of paper, ink, postage, etc, is concerned. Not only is reducing the use of paper good for the environment, but also helps businesses run operations more efficiently. This is because a lot of time is taken in creating, processing and archiving paper documents and invoices. In fact, even where general paper messages and mails are concerned, digitizing these where exchanges between public enterprises are concerned is estimated to save around 323 million kroner in 10 years (Difi.no, “LØSNING FOR MELDINGSUTVEKSLING I OFFENTLIG SECTOR”, 2015).

Better for ecommerce

Particularly for organizations and businesses that operate ecommerce websites or portals, making use of the standard EHF faktura format can be very beneficial. Easy and immediate transactions are absolutely essential for successful ecommerce ventures. Also, giving customers and clients the option to make payments via different modes would help ensure more people engage with the ecommerce platform.

Steer clear of time thieves

Time thieves in management and business studies are all those processes, scenarios, tasks, elements, practices, etc, that take longer than they should or that repeatedly interrupt the smooth flow of work. This would mean that a lot of time is lost in taking care of business and finance matters in an inefficient manner (Difi.no, “HVA ER EN TIDSTYV?”, 2016). Where e-invoicing with the right format is concerned, this is most apt as the manual entry of billing data, processing, printing, mailing, etc, can take a lot of time and effort. There is also a high chance of errors with manual processes. However, using e-invoicing can help businesses cut on all these sources of time wastage and better manage their daily operations. For businesses that would like help with EHF and related business document formats, getting in touch with e-invoicing experts can be a good idea. One company that businesses can contact for such services in Norway is Basware. More information can be found on their website.

3 Easy Steps to Help Companies Efficiently Send Faktura & Maintain Cash Flow

For a business, irrespective of the size of the company or the industry it operates within, maintaining cash flow is crucial to securing financial health. This is because if there is positive cash flow, that is if more cash is coming in than what is being sent out, businesses would be able to better run daily operations as well as make better future investments. Regulating cash flow can also help companies avoid falling in debt (Small Business Chron, “IMPORTANCE OF CASH FLOW TO A BUSINESS”, 2012). One way to secure cash flow is to effectively manage invoices. Sending and receiving invoices is a major part of the tasks that a company’s accounts department performs. When invoices are sent in an efficient manner, with proper follow up, companies have better chances of getting paid in a timely fashion. This can go a long way in helping companies regulate cash flow.

The following are 3 easy steps in which companies can send faktura to clients and customers and receive payments efficiently:

Automate

Dealing with paper invoices can lead to many hassles. Apart from the costs involved in buying paper and printing invoices, efficiently storing numerous invoices collected over long periods of time can be very difficult. It would also be difficult to find a specific invoice easily, as someone would have to manually search through the files. Businesses can instead opt to automate their invoicing system. There are many benefits of sende elektronisk faktura such as cloud archival and easy storage, prompt and direct flow of information between clients and businesses, etc. This can help companies receive payments faster and maintain cash flow (E-Invoicing Platform, “WHAT ARE THE BENEFITS OF ELECTRONIC INVOICING SYSTEMS?” 2010).

Update

Once a business decides to opt for receiving and sending electronic invoices, the next step is to ensure the company is prepared for the same. There are various software and hardware requirements such as having digital storage capacity, setting up an access point or collaborating with an access point provider, etc. Clients must also be prepared to receive e-invoices. Apart from technological updates, businesses should also consider training staff members to familiarize them with using automated accounts systems.

Incentivize

The key to sending invoices efficiently in order to maintain cash flow is to ensure that clients pay on time. Many customers or clients might not be making their payments by the due date, which can mean that the company is not receiving all that cash it should be. One easy way to ensure that clients and customers make timely payments is to incentivize early payments and penalize late ones. Another way to receive payments easily is to provide clients with diverse options where payment modes are concerned, such as via credit cards or through net banking, etc (Eric Holtzclaw, INC, “GET YOUR CASH FASTER: 7 SHREWD TIPS”, 2012).

Companies interested in receiving and sende faktura electronically and thus regulating their cash flow can get in touch with a company such as Basware which deals with invoice automation. More information can be found on their website.

Some Factors to Consider When Preparing Faktura Mal

For trade with the public sector or with any governmental body in Norway, businesses are required to send invoices in the EHF or Elektronisk Handelsformat format. Invoices in this standardized format and template can be prepared by companies themselves, or companies can approach access point providers for sending and receiving invoices. Not adhering to this format for B2G trade can have various repercussions for businesses (Microsoft, “EHF ELECTRONIC INVOICING IN NORWAY”, n.d.). Where trade with other businesses and private entities is concerned, however, companies could in theory use invoices that do not follow the EHF template and modes of operation. Either way, having a basic understanding of the elements that are a necessary part of a standardized faktura mal can be beneficial to businesses. The following are some basic factors that have to be kept in mind when preparing invoices:

Name

The document should very clearly carry the complete legally registered name of the company issuing the invoice, as well as the entity the invoice is being issued to. It must also be stated on the document that it is an invoice, making it a financial and legal record. Addresses and contact details must be included as well.

Date

The date on which the invoice was prepared and issued should be specified on the invoice in a standard format. The date on which the products and services were availed by the client must also be mentioned on the invoice, as well as the date by which payment is expected.

UIN

A UIN is a Unique Identification Number. Every invoice must carry this number, which helps businesses single out a particular invoice from the rest as and when needed. With faktura automatisering, businesses can easily keep archives of all invoices based on UINs and other product, service and client details.

Description

The invoice must describe the complete names and respective charges of the products and services for which it was issued. It would be better to not use acronyms or short-forms of item codes and names which might be understood by the employees of a particular company but not universally by everyone.

Amount

If many items are billed on one invoice, the price of each item must be indicated against it on the invoice. The invoice must also include details of any taxes as applicable. The total amount due must be mentioned clearly, both in numerals and words.

Even for conducting business with private entities, setting up an automated invoicing can be very beneficial to companies. With automation, invoice templates would be standardized and all the above mentioned details could be easily cross-referenced digitally. Invoices would also be archived automatically. A company that provides automated fakturatjeneste for other businesses in Norway is Basware. More information on standardized templates for invoices can be found through their website.

The Importance of Opting for E-Invoicing

According to a CNBC report, private companies and government agencies alike, can save a lot of money by opting to transition to e-invoicing. The report states that the U.K. government sends approximately 100 million invoices every year, each costing £40 in processing. Sending invoices electronically would reduce this processing cost per invoice to £4 (cnbc.com, Electronic INVOICING COULD SAVE STATE GOVERNMENTS BILLIONS IN COST AND EFFICIENCY, 2015). These savings in costs are complemented by increased revenue generation and identification of cash flow potential. These are just some of the benefits of opting to transition to an e-invoicing system. Given below are other reasons why e-invoicing is important for any organization.

Eliminates Paper Invoicing

Paper invoicing can leave margin for human error, requires huge space for storage, and involves a great deal of effort and expense. Transitioning to e-invoicing can result in huge savings. According to the European Association of Corporate Treasurers, companies can save up to 80% of their costs by shifting to electronic invoicing (eur-lex.europa.eu, COMMISSION STAFF WORKING DOCUMENT IMPACT ASSESSMENT ACCOMPANYING THE DOCUMENT PROPOSAL FOR A DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL ON ELECTRONIC INVOICING IN PUBLIC PROCUREMENT, 2013)

Improves Process Automation

While reducing the costs of paper being used does save companies money, the efficiency that e-invoicing brings in makes it essential for organizations. Shifting to electronic invoicing systems eliminates time, cost and data errors that manual input can cause. It increases visibility across the system, thus, reducing the time spent in chasing payment status and improving accuracy.

Assists Compliance to EU Directives

Countries in the European Union are actively promoting the adoption of e-invoicing. This is in a bid to create a community where trading with partners in EU nations and nationally becomes simple and straightforward. As per directives, since January 1st, 2013, all EU countries treat e-invoices and paper invoices equally (einvoicingbasics.co.uk, EU DIRECTIVE AND OTHER COMPLIANCE ISSUES, 2016). In fact Norway, which started its public sector e-invoicing project in 2009, made efaktura i Norge a mandatory requirement in 2012 to great success (peppol.eu, ELECTRONIC INVOICING IN NORWAY, A STORY OF SUCCESS, 2014).

Encourages Going Green

According to some estimates it takes approximately 12 million trees to create 30 billion paper invoices that are exchanged in Europe each year. Transitioning to e-invoicing and the removal of these invoices will eliminate 3 million tonnes of CO2 from the environment (einvoicingbasics.co.uk, GREEN INITIATIVES, 2016). Being environment-friendly is one of the main reasons why EU has been an active proponent of the shift to e-invoicing.

A relatively stress-free, error-free process, electronic invoicing is a more efficient system and providers like Basware which connect organizations to central e-faktura aksesspunkt, can help companies make this transition in the most optimized manner.

Tips to Help Small Businesses Get Paid Faster

Maintaining steady cash flow is crucial for the long term success of any business or enterprise. Where small businesses and start-ups are concerned, maintaining cash flow becomes necessary even for matters such as the everyday running of company activities and work functions (Jared Hecht, The Huffington Post, “8 WAYS FOR YOUR SMALL BUSINESS TO GET PAID FASTER”, 2015).

Getting customers and clients to make payments on time can be challenging, however it is a sure shot way of maintaining steady cash flow. Start-ups and small businesses could keep in mind the following tips in order to get paid faster:

Check Credit
Checking credit of new customers and clients could help companies understand the clients’ credit history and potential payment capacities. This condition could be part of any contracts companies sign with their potential clients and customers. In fact, a thorough background check is always a good way to know the work culture and financial states of prospective clients.

Automate Receivables
The practice of sending and receiving paper invoices is quickly becoming outdated. This is because automating accounts systems has various benefits and goes a long way in helping companies streamline their cash flow. Small businesses would benefit greatly from implementing an online faktureringssystem as this could ensure that payments do not get delayed. E-invoicing directly connects the accounts departments of a company and its clients which allows for prompt payments. In fact, the benefits of automating invoices are so profound that since 2012, Norway’s government has made the use of B2G e-invoicing mandatory (E-Invoicing Platform, “NORWAY TO ACCEPT ONLY E-INVOICES AS FROM 1 JULY 2012”, 2012).

Build Relationships
Having a good rapport with clients and customers could help create a sense of responsibility and loyalty between both parties. While rules, contracts and bills might be avoided by clients, a personal relationship with a company might be harder to ignore. By sending greetings and expressing appreciation toward clients at regular intervals, companies can ensure they have a stable and harmonious business partnership with clients and customers.

Grant Incentives
Companies, even small businesses, could grant incentives and rewards for early and timely payments. These early transactions could be recorded by the company’s faktureringssystem and at the end of the fiscal year, overall bonuses could be awarded too. Even if these incentives are small tokens of appreciation, they could go a long way in motivating clients and customers to pay on time.

Thus, small businesses and start-ups could ensure that they maintain harmonious relationships with their clients as well as get paid faster. Companies could take the help of professionals in the field of automated invoicing to help streamline their accounts departments. One such company that offers services related to elektronisk fakturering is Basware. More information can be found on their website.