Guest article: Netvisor
When discussing modern and efficient financial management, the conversation inevitably comes back to one key topic: e-invoicing. It's not just one component of digital financial management, but it is its foundation. Without machine-readable e-invoices, the automation of financial processes remains incomplete, forcing companies to rely on manual, time-consuming work.
Automation requires machine-readable data
The promise of digital financial management is clear: to free people from routine tasks, reduce errors, and accelerate processes. However, this promise can only be fulfilled if the data fed into systems is machine-readable.
When purchase invoices arrive as e-invoices, they contain all essential information in a structured format. Supplier details, invoice amounts, due dates, line items, VAT breakdowns: all data is immediately machine-readable and can be processed automatically.
Financial management software can then allocate invoices to the correct accounts, verify VAT treatment, and even match invoices to purchase orders or contracts without human intervention.
Similarly, when a company sends its sales invoices as e-invoices, the customer’s system can process them automatically. The invoice is delivered within minutes, routed to the right approver, and the due date is instantly visible. This accelerates payment cycles and improves cash flow.
What goes wrong without e-invoicing?
When invoices arrive on paper or as PDF attachments via email, they're not machine-readable. As a result, finance teams must manually enter invoice data into their systems, one invoice at a time.
This is time-consuming, but the greater risk lies in errors. Typing mistakes, incorrect amounts, or missing information can lead to significant issues later on.
Manual corrections also delay reporting. When invoices are waiting to be processed manually, the real-time financial picture becomes blurred. This makes decision-making more difficult and reduces financial predictability.
Manual work is inefficient and costly. Studies show that processing e-invoices is, on average, 59% cheaper in sending costs and 64% cheaper in receiving costs compared to paper invoices. For companies handling hundreds or thousands of invoices each month, these savings quickly become substantial.
E-invoicing enables accounting automation
Modern financial management software, such as Netvisor, is built around automation. When e-invoices flow into the system as structured data, accounting entries are generated automatically based on actual transactions. Invoices are posted to the correct accounts, VAT entries are created accurately, and documents are archived electronically.
This allows accountants to focus on higher-value work: financial analysis, investigating discrepancies, and providing insights for business development. Routine tasks are significantly reduced, transforming financial management into a more strategic function.
E-invoicing also streamlines payment processes. When payments are automatically matched to invoices, accounts receivable management becomes effortless. Overdue invoices are easy to identify, and payment reminders can be sent automatically without manual follow-up.
E-invoicing also improves security
Paper invoices and email attachments are vulnerable to loss and fraud. Fraudulent invoices, where bank details have been altered or senders impersonated, are unfortunately common.
E-invoicing provides a solution. When invoices are transmitted through an e-invoicing operator such as Maventa, their authenticity and origin can be verified. E-invoicing services include security checks designed to protect businesses from fraud.
In addition, e-invoices are automatically archived electronically, meeting accounting legislation requirements and simplifying future audits or verification processes.
A scalable solution for businesses of all sizes
The benefits of e-invoicing are not limited to large enterprises. Small businesses and start-ups can also gain significant advantages. As invoice volumes grow alongside the business, e-invoicing scales effortlessly. The system remains the same, processes stay consistent , only the volume increases.
For start-ups, e-invoicing makes it possible to build scalable financial processes from day one. A technology solution that supports growth and operational efficiency from the outset is a competitive advantage worth leveraging.
The future is e-invoicing
The European Union has taken decisive steps toward fully digital invoicing and looking ahead, requirements will become even stricter. New EU initiatives, such as the ViDA Directive and Digital Reporting Requirements (DRR), will mandate real-time reporting and e-invoicing across all member states.
This means e-invoicing is no longer just a competitive advantage, but it's becoming a necessity. Companies that fail to adopt e-invoicing risk falling behind their competitors and facing regulatory challenges.
Getting started with e-invoicing is easy
The good news is that implementing e-invoicing today is straightforward. Modern financial management platforms, such as Netvisor, include built-in e-invoicing capabilities. Partnering with an e-invoicing operator ensures smooth invoice flows and automatic compliance with regulatory requirements.
Without e-invoicing, digital financial management cannot reach its full potential. Manual work increases, errors accumulate, and reporting is delayed. E-invoicing is the foundation on which efficient, automated, and scalable financial management is built.
Netvisor is a modern financial management software that automates everyday processes for businesses and accounting firms. It brings together core financial functions into one easy-to-use platform. Maventa has been a Netvisor partner since 2013.
Headquarter
Finland
Industry
Financial Management Software