E-INVOICE PROCESSING SOLUTION

Digital Transformation on the Business

Vietnam Issues New E-Invoices Decree:

The 119 Decree on the implementation of e-invoice in Vietnam has officially been issued and effective from November 1, 2018. The Vietnamese Government plans that by 2020, 90% of firms will use e-invoice for their daily operation.

According to Vietnam Briefing, e-invoice will not only save time and costs but will also reduce the administrative burden and help in account reconciliation, minimizing billing frauds. Moreover, applying e-invoice will save the paper, printing and postal costs. At tax makers’ view, it will enhance the transparency in trading activities, providing a very strong tool to control tax commitments of companies. 

The Government estimates that if 2.5 billion invoices are used in a year, firms can save around VND 1 trillion ( US$43.9 million) according to Vietnam Briefing Media.

Problems

The national-wide implementation of e-invoice creates opportunities, but at the same time, many challenges to companies. The common issues are:

  • Too many emails arrive daily and in different formats, how do I not miss any invoicing email?
  • I need a solution to retrieve invoices and other supporting documents effectively, also for tax audit purposes.
  • I have branches in 64 provinces, how to manage the whole e-invoicing things?
  • Is there any software solutions to auto-detect if the invoice data is valid as well as to notify me if the invoice content does not match with PO.?
  • What can be the best options to input invoice data into an accounting system? Is there any auto import software that can help us?
  • All in one, how can you help us to be independent of the burden of manual invoice payable processing?

Smart Invoice Processing Profile

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Invoice Processing Platform: Paper Invoice - Digital Invoice - E-Invoice

Paper invoice is a tradition:

Digital invoice is typically a scanned/digital version of the paper invoice. It can be an unstructured PDF or Word invoice that are issued using the different formats of different sending parties. But it does not legally replace the paper invoice. Invoice processing and technology providers like DIGI-TEXX has so far offered full solutions to assist accounting departments, bookkeeping companies to process digital invoice at the most optimal and professional level. Solutions cover scanning/retrieving digital invoice from different channels, classify invoice automatically with Document Machine Learning, extract invoice data with advanced OCR, verify invoice data with smart validation rules, ensure the data delivery quality. Many processes are automatically and semi-automatically done.

Evolution of invoicing results on electronic invoice or e-invoice. E-invoice is a data electronic file which is transferred between accounting systems with the electronic signature, and it is legally accepted. Visual format as PDF is also available parallelly. The idea is to minimize the human intervention in composing, issuing delivery and in some cases also processing invoices later all.

More importantly, the Government also have basic and common requirements on invoice formats and invoice content which are opportunities for companies to initiate modern and global-standard solutions in processing invoice, gaining effectiveness and efficiency for the accounting payable and purchasing processes

DIGI-TEXX Full Solutions:

  1. Invoice auto downloading: Invoices are downloaded automatically from emails or suppliers’ web portal. This reduces the burden of manually searching, checking and downloading invoices, saving a lot of time and efforts for the accounting departments. Moreover, with this systematic approach, missing an important invoice leading to payment overdue is not any more a worry the accounting department.
  2. Invoice ready for retrieval: Downloaded invoices will be automatically categorized and stored in the document management system for future retrieval. Tax accountants can review and easily search for any invoices any time, using one unique DMS, Imagine that the accountants have a simplified web interface that whenever he/she wants to recall an invoice, he/she simple types some keywords (from invoice content like total amount, purchased items), or searches for predefined indexing fields (e.g. vendor, number, department).
  3. Auto data extraction and importing to bookkeeping/ accounting/ enterprise systems: Invoice data (from .xml and .pdf) will be extracted, validated (e.g. against PO), input into the required format and imported to the client’s bookkeeping/ accounting/ enterprise systems, regardless of international (e.g. SAP, Oracle, MD) or local brands. All processes will be done automatically omitting the stress of manual data inputting and verification. With more than 17 years in invoice data processing, DIGI-TEXX will help your company optimize the accounting processes with advanced automation instruments.

We do not help you to overcome the challenges of e-invoice. We support you to make full use of technologies and optimize your accounting payable processes, thanks to the implementation of e-invoice.

Smart Invoice Processing at DIGI-TEXX

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