What is the best e-invoicing software?

With the introduction of new regulations requiring companies to move to electronic invoicing, it is important to find the perfect solution for implementing these new processes. With this in mind, we will tell you which is the best e-invoicing programme and which are the main features and functionalities you should look out for.

What to consider when choosing the best e-invoicing solution?

As experts in the field, we know exactly what the main challenges are for companies when it comes to managing electronic invoices. It is important to be clear about the differences between a traditional invoicing programme (which is more focused on administration and business management) and e-invoicing software (which is specialised in creating, sending, receiving and managing invoices and other documents in various structured electronic formats over the various networks enabled).

These are the most important features to consider when choosing your e-invoicing system. This will ensure that your current and future needs are well covered:

1. Multiformat

This is one of the most important points. Electronic invoicing is expanding internationally and is not being implemented in the same electronic formats. You may find that national or international customers use different structured formats for invoice management. The same can happen at the receiving end; different suppliers may send you invoices in different electronic formats.

What should you consider?

In order to function properly, it is important that companies are able to manage all documents from a single solution, rather than using different platforms for the various messes. For this reason, it is essential that you work with an e-invoicing solution that allows you to manage the maximum number of e-invoice formats. Otherwise, you may struggle to invoice certain customers correctly.

2. Multi-connection (real connection)

Together with the previous point, this is another essential aspect. There are many methods for sending and receiving e-invoices, which may vary depending on the recipient, the issuer, the country or the regulations imposed in each case.

What should you consider?

Many tools allow you to create e-invoices in a specific format, but they are not connected to the main platforms for sending and receiving e-invoices. This means you have to upload invoices manually, which is not always possible.

Look for a tool that is as connected as possible. This will help you avoid manual processes, duplication of effort or missed opportunities due to inability to comply with administrative processes.

3. Receipt of electronic invoices and other documents

Receipt is often overlooked, but the new e-invoicing rules require companies to be able to manage the receipt of e-invoices, not just the sending of them. There may also be other cases where it is necessary to receive other types of electronic documents, such as purchase orders.

What should you consider?

As with issuing, look for a tool that has the ability to receive invoices via different receiving methods or networks. This will not only allow you to comply with regulations, but will also unify the receipt of all your supplier invoices and improve the management of this type of document.

4. Changes in the status of electronic invoices

The ability to manage the status of issued and received invoices allows companies to improve their management.

What should you consider?

Find a solution that allows you to manage status changes for both issued and received invoices. This will ensure compliance and improve the management of your invoices.

5. Compliance with regulations

E-invoicing regulations are constantly evolving around the world. The use of electronic invoicing is becoming mandatory in more and more cases. In this context, regulations are also being implemented that require tax reporting in relation to the data on invoices issued by a company.

What should you consider?

Find a specialised e-invoicing solution with industry experience. This will ensure compliance with current and future regulations without you having to worry about these legal and technological issues. Even better, it should be able to operate globally, as you never know when you may have international customers or suppliers in the future.

6. Tax reporting

Tax reporting is in many cases a consequence of e-invoicing because of the close relationship between the two. There are more and more regulations that require companies to submit their invoice data to local tax authorities electronically. This process also works with the use of structured electronic formats such as XML.

What should you consider?

The process should be as simple and accurate as possible for companies, given the sensitivity of the issue. There are applications that connect directly to the local regulator and submit the data at the same time as you process the invoices. This facilitates and automates the correct management of this process.

7. Integration with ERP or management systems

E-invoicing systems do not have advanced management, accounting, treasury, etc. functionalities. On the other hand, ERP or management systems do not have specific functionalities that allow the exchange of electronic invoices. Companies that need to exchange a high volume of invoices and have complex management need to be able to combine both worlds to meet all their needs.

What should you consider?

It is important that the e-invoicing service provider has the capacity to integrate with as many ERP or management systems as possible, and that it can do so using different types of connection.

8. Specialised support, help and ease of use

E-invoicing is a new, ever-changing process that requires understanding and changing many of the ways in which companies are used to invoicing.

What should you consider?

Make sure the solution you choose has dedicated support, user documentation, video tutorials and is as easy to use as possible.

9. Features and prices

Many e-invoicing tools have other features and functionalities that are useful for businesses, especially those that do not have a management system. Some examples are:

• Management of other documents such as future simplified invoices, pro forma invoices, recurring invoices, estimates, etc.
• Electronic signature of invoices.
• Bank reconciliation.
• Download invoicing reports.
• Control of income and expenditure.
• Liaise with consultants and accountants.
• Store and access information in the cloud.

In addition, finding a solution at an economical price helps companies with limited resources to get started and implement these new invoicing processes.

What should you consider?

Hire a solution that offers different plans adapted to the needs of your company and that can also offer you functionalities that help you with administrative management.

10. Security

Electronic invoices are legal documents with the same validity as traditional invoices and they also contain sensitive data.

What should you consider?

Make sure that your service provider can guarantee the security of the information and has the certifications to prove it. One example is ISO 270001.

Comparison of the best electronic invoicing software:

Now that you know the main requirements to consider, it is time to choose the best e-invoicing software. To make it easy for you, we have made a comparison of the most popular e-invoicing software and the main features we recommend you consider.

This is the best e-Invoicing system:

It is important to remember that we are talking about an e-invoicing system, not a conventional invoicing system, and therefore it is important to take into account the features mentioned above.

After carrying out the comparison, we can tell you that the best e-invoicing software is B2Brouter. Not only because we are experts in the exchange of electronic documents using globally standardised formats, but also because we have more than 20 years of experience in this sector. In addition, we meet the main requirements mentioned above and adapt to the needs of all types of companies, offering:

1. An electronic invoicing portal for professionals and small companies that do not have a management system or ERP. It allows the administrative management that this type of company needs to comply with, in addition to all the requirements related to electronic invoicing.
2. Integration with all types of ERPs or management systems, designed for those companies that have more advanced needs in terms of management and administration, to manage their electronic invoices in a massive and automated way directly from their system, without having to modify their usual management processes, while complying with the new rules and regulations.