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Fearsome Ms Invoice

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Ms Invoice

The Conversion of Paper Invoices into Electronic Invoices and Vice Versa _ The recent publication of Ministerial Mandate number EHA뭚񳏇 defines the elements necessary for converting paper invoices into their electronic equivalent, establishing that the digitalization process must guarantee that the result is a faithful reproduction of the original, paper document and that the digitalization device (scanner) must produce the image along with a Qualified Electronic Signature (as defined in Directive number 1999ኹ). The process through which this is accomplished is designated as "Certified Digitalization."

After the purchasing company receives full payment for the invoice, you'll receive the remaining value minus a 'factoring' fee. This fee is based on a number of factors, including your customer's credit worthiness, the average terms, and the invoice number and size. However, generally, the invoice factoring fee is up to five percent of the invoice value.

Another outcome is an increase in efficiency; the AP department can instantly find an invoice without having to waste time chasing the business users. With approximately 70% of the invoices now matching the PO immediately, a considerable amount of invoices only require scanning, after which the process is entirely automated. This efficiency has directly resulted in a reduction in the number of people required in the Accounts Payable department; before the system was installed the team consisted of 13 people and there have been reductions in headcount, as the AP manager substantiates: "The IMS system has increased efficiency in our Accounts Payable department to such an extent that on full implementation we expect to reduce our headcount by 4."

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