What is e Invoicing?
4 Steps to implement e Invoicing solution
Having gone through a summary of the e invoicing requirements in the “What is It?” section above, let us delve into what constitutes a successful implementation, in other words the “How to do?” section below.
The following are the broad steps that you need to take:
Step 1 : Study the Impact on Your Business and System Process
Assuming you have understood the requirements from the regulatory body, the immediate first step will be to Identify your business and system processes that are impacted and their current capabilities in relation to the e-invoicing requirements by the regulatory agency
Step 2 : Do a Gap Analysis
Based on the study of the impacted process evaluate the readiness of your existing billing and accounting systems to configure/ integrate to meet the e-invoicing requirements. Remember your new system need to have the ability to generate the invoice in prescribed format, should be tamper proof, have the right controls, and to have the capability to send it online to the regulatory agency for verification and validation. Refer the introductory section above for more details.
Step 3 : Vendor / Solution Capability and Fitment
Based on the requirement list and the identified gaps above you need to gauge the capability of your existing solution by talking to your current vendor and discuss the deficiencies or limitations (if any) that need to be addressed.
In case you are not convinced or not confident about the capability of your existing solution then its time you look for either an addon or a complete solution changeover or migration to a new one. This step would be common and applicable for those businesses as well who have been preparing manual invoices or do not have a full-fledged invoicing system.
You need to look at multiple vendors and solution until you arrive at the right one which complies with the requirements and fits your budget.
Your checklist for the vendor and solution selection need to have the following key elements
- Compliance of e Invoicing requirements as prescribed by the regulatory body
- Functional Strengths and Maturity
- Technical Strengths and Maturity
- Number and Relevance of Implementations and Client Testimonials
- Presence and Expertise of the Implementation Team
- Budgetary and Financial Fitment
Step 4 : Effective Solution Implementation
Implementation of a system, be it an upgrade to an existing one or a total new system adoption, a successful implementation demands Management Commitment, Effective Project Management and a trusted Technology Partner to help you achieve your objectives.
The Top Management of your organization need to be involved right from the word go and be included in all important and critical discussions and decisions.
Effective Project Management by way of meticulously devising your implementation plan identifying dependencies, allocating resources, defining a definite start and end dates with deliverables goes a long way in effective management of the entire initiative.
And finally, you need to have a trusted partner who understands the process and product end to end and who will both guide and assist you through the thick and thin of the implementation.
Posibolt Solution Overview
Posibolt, a global leader in providing business focused Billing and Accounting Software offers comprehensive and superior e-Invoicing solutions that are easy to use and comply fully with the regulatory agency requirements serving customers in 10 countries across the globe.
Our Solution comprises of the following