Electronic Invoicing for SMEs and Freelancers

Electronic Invoicing for SMEs and Freelancers

Written by Ana Canteli on 29 January 2024

In the realm of Small and Medium-sized Enterprises (SMEs) and freelancers, efficient document management stands as a cornerstone for streamlined operations and enhanced collaboration. OpenKM emerges as a robust solution designed to empower these businesses by providing a sound and adaptable document management platform.

One of OpenKM's key strengths lies in its remarkable versatility, making it an ideal choice for SMEs and freelancers seeking a comprehensive document management solution. OpenKM is designed to seamlessly integrate with a multitude of third-party applications, including Enterprise Resource Planning (ERP) systems. This integration opens doors for businesses to synchronize their invoice management processes, allowing OpenKM to efficiently obtain invoices directly from ERPs.

For SMEs and freelancers utilizing ERPs for various business functions, this integration brings forth unparalleled convenience. OpenKM can effortlessly retrieve invoices generated within ERPs and store them in a centralized repository, creating a well-organized and accessible digital archive. This streamlined approach not only enhances efficiency but also provides a single point of access for managing and retrieving invoices.

OpenKM's adaptability goes beyond mere integration – it serves as a hub where invoices can be meticulously organized, categorized, and made accessible to different stakeholders. Whether it's customers, suppliers, or public administrations, OpenKM ensures that the right individuals have swift and secure access to the pertinent invoice information.

The aim is to control billing in real time, an objective that provides multiple advantages:

1. Greater Efficiency and Agility: Electronic invoicing eliminates the need for manual processes, such as printing and physically sending invoices. This leads to greater efficiency in the issuance and receipt of documents, resulting in a more streamlined and faster process.

2. Error Reduction: Automating e-invoicing minimizes errors associated with manual data entry. This helps ensure accuracy in accounting records and avoids issues related to human error.

3. Transnational Compliance: Many countries have adopted e-invoicing to improve regulatory compliance and reduce tax evasion. The use of electronic systems can help businesses adhere to tax regulations and avoid penalties.

4. Greater Control and Visibility: E-invoicing provides businesses with greater control over their financial processes. Data is available in real-time, allowing for constant monitoring of business transactions and financial situation.

5. Cost Savings: By eliminating the expenses associated with printing, mailing, and storing physical invoices, businesses can achieve significant savings in the long run. In addition, process automation reduces administrative costs.

6. Improved Inventory Management and Finance: By having up-to-date information in real time, companies can make more informed decisions about inventories and financial management. This can lead to optimized inventory levels and better financial planning.

7. Facilitates Auditing and Auditing: The availability of electronic data facilitates internal and external audits. Tax agencies can also access information faster and more efficiently, simplifying audit processes.

8. Improved Business Relationships: E-invoicing can improve business relationships by offering transparency and efficiency in transactions. Companies that take this approach may be perceived as more modern and trustworthy by their business partners.

For all these reasons, it is highly recommended to anticipate the mandatory entry into force of electronic invoicing. In this sense, OpenKM's document management software is the solution for the daily document management of invoices as this is essential to maintain accurate financial control, ensure transparency in commercial transactions, comply with tax regulations and facilitate communication with customers, suppliers and the public administration:

Clients:

• Facilitates Communication: Keeping an organized record of invoices allows for clear and efficient communication with customers. With OpenKM you can provide access to detailed information about the products or services purchased, expiration dates, and any other relevant information.

• Payment and Collection Management: Daily document management helps to effectively track incoming and pending payments. This is essential to maintain strong financial health and to respond quickly to customer inquiries about the status of their accounts.

Suppliers:

• Expense Control: The daily management of invoices allows an effective control of expenses. With OpenKM you can verify and confirm the receipt of products or services before processing payments, which helps avoid errors and incidents with suppliers.

• Negotiation and Agreements: With an efficient document management system, OpenKM provides quick access to information on business agreements, payment terms, and other contractual details, making it easier to negotiate with suppliers.

Public administration:

• Regulatory Compliance: Tax authorities and other government entities often require detailed documents for compliance with tax and accounting regulations. Day-to-day document management ensures that the company is prepared for any audit or review that may be carried out by the public administration.

• Streamlines Administrative Procedures: Having an organized document management system such as OpenKM facilitates the filing of reports and the completion of administrative procedures before the tax authorities. This can save time and resources by simplifying bureaucratic processes.

The versatility of OpenKM's document management software allows it to seamlessly integrate with other applications, such as ERPs with e-invoicing modules. If you want to know more, do not hesitate to contact us. Through a personalized online demo, we will address your specific case