Foriba SAP Cockpit for e-Invoicing.

e-Invoicing Best Practices with Sovos Foriba SAP Cockpit

In this era of e-Transformation, we tend to solve everything we need in digital platforms.

There is a massive inclination of digital tax and when it comes to invoicing, everything is done with haste.

As an automated process, e-Invoicing saves enormous amounts of time and money and it suits better to our tech-driven future.

Let’s go on with the benefits and key functions of e-Invoicing!

Benefits of e-Invoicing

  • Paper is a valuable resource, and it cost a lot of money. e-Invoicing reduces the stationery costs of companies.
  • Structuring a traditional paper invoice format takes too much employee time and is prone to human error in comparison to e-Invoices. Now with e-Invoicing, fewer people are needed to process payments so companies will have more people to contribute value-adding tasks.
  • Businesses with an e-Invoicing system are paid faster than those with paper invoice systems. In traditional paper invoice systems, documents have to be delivered by the postal service, opened and organized by the customer and then lined up for confirmation from multiple employees. It just takes a lot of time for customers to approve the payment with paper invoices.
  • Most of the e-Invoicing solutions are tailored for each businesses’ precise needs and can also be customized for regular customers. It is next to impossible and inefficient to do it so with paper invoices.
  • Using paper invoices will increase the carbon footprint of the business drastically. e-Invoicing is also about respecting the environment and being a green-friendly business.
  • Legal requirements obligate businesses to retain invoices for many years, and this can lead up to unwanted storage usage. Using digital services for invoicing will effectively reduce the risks and free the physical space.

Key Functions of e-Invoicing

Usage of electronic invoicing requires two essential functions;

  • The e-Invoice needs to be created with the correct electronic format.
  • The e-Invoice needs to be transferred from the companies’ system to the customer’s system.

What is the European Standard of e-Invoicing?

  • The e-Invoicing standard stands for the semantics of the core invoice data model.
  • The semantic model can then be bound to a message syntax to create structured messages that can be exchanged and automatically processed.
  • The European standard for e-Invoicing is EN16931 and it shows the structure of an e-Invoice and explains different options of the invoice transferring.
  • The European standard determines the core data of invoice includes exact information used in invoices and invoice exchanges. After that, the business terms used in that model can be defined and it is called the core invoice data mode.

The following video explains some key concepts in the e-Invoicing standard;

How to Stay Compliant Within Your SAP?

Nowadays, most businesses have to comply with national e-Invoicing standards in the countries in which they are operating. It is mainly because of its efficiency, convenience, and country-specific legal regulations.

Complying with enforced national standards can be challenging since it requires a deep understanding of legal requirements. It is particularly hard for multinational companies to navigate this task in each country.

The need for country-specific e-Invoicing solutions is getting higher and higher as countries introducing their e-Invoicing systems.

To solve this problem, businesses need to find a solution & service provider that will help them comply with every legal invoice requirement.

Why You Need Sovos Foriba SAP Regulation Cockpit

The answer is quick simple!

People choose our solutions because they state that using one reliable platform to manage the exchange of electronic invoices and documents is what they need!

Sovos Foriba SAP Regulation Cockpit keeps you ahead by offering multilingual SAP interface with no effects on SAP standards and upgrades. One integration for multiple countries.

As one of the leading reg-tech players in the global, we transform all business transactions from invoicing to bookkeeping to paperless with our first-in-market solution. We grew out of SAP consulting and rooted in the enterprise market to make our customers stay compliant in all countries in the digital world.

  • We help enterprises to easily transfer their accounting and finance-based business processes to a digital platform!
  • We deliver 25 different solutions and services in more than 10 countries with regulatory compliance requirements!
  • As a trusted compliance service provider for electronic invoicing, we create, signs, and stores more than 30 million electronic documents per month!

The Features of Sovos Foriba SAP Cockpit

  • Closely aligned with SAP
  • %100 Multilingual SAP Interface
  • Easy to Adapt to New Countries & Regulations
  • No Effects on SAP Standards & Upgrades
  • Successfully Tested with Billions of Invoices

Advantages of Sovos Foriba SAP Regulation Cockpit

  • Ability to Customize Package like SAP User-Exits
  • Regulation Monitoring with Tax Advisory Partners
  • Automated & Entirely Controlled User Interaction
  • Minimize the In-House Cost of Development
  • Full Control of the Regulation Process
  • Ready to Self-Implementation

What You Can Get With Sovos Foriba SAP Cockpit

  • Simple Implementation
  • Dedicated Project Manager
  • Less Time Effort
  • Status Update from Tax Authority
  • Fast Adaptation For Regulation Changes
  • Ticket Management System

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