E-invoicing is the concept that invoices should be delivered in electronic format so the recipient doesn’t have to ‘rekey’ data. Data originates from the seller/supplier/vendors accounts receivable system in electronic/digital format, is transmitted to the customer/recipient electronically and is then processed straight through their accounts payable or procure to pay system. The value and cost savings of e-invoicing is indisputable as it removes labour and friction from the processes and lowers the end to end time from days/weeks to seconds/minutes. But if e-invoicing is so valuable why hasn’t it been done yet? Why isn’t it ubiquitous already? The technology to achieve e-invoicing has been around a long time and typical EDI/B2B data interchange technology is old technology. Sure there are very large e-invoicing networks where it is working effectively, but they are far from ubiquitous and there is always a long tail of suppliers who are too small for the networks to reach.
And the perennial problem with e-invoicing is the process of getting every supplier to make a human, technical, or business process change to start sending invoices electronically. This is the “supplier activation problem”. Large percentages of suppliers are only able make the switch to e-invoicing when they are coerced, mandated, or forced to by their customers, or regulators.
InvoiceSmash has cracked that supplier activation problem. Here are the steps to activating suppliers using InvoiceSmash.
Step 1: ask the supplier to email text PDFs of their invoices. (If the supplier is already doing that, then skip step 1)
Step 2: send to InvoiceSmash.
The end. That’s it.
The supplier will be activated in a couple of minutes by our software and the cost to InvoiceSmash is about 35cents (and going down all the time as our software improves).
People in the e-invoicing industry don’t believe me when I tell them our supplier activation cost is 35 cents per supplier. But our InvoiceSmash customers are taking advantage of that 24 hours a day 7 days a week.