Find the right e-invoicing solution
Some useful points to consider when researching your options:
When considering your options. it is important to bear in mind that not all e-invoicing software are created equally. Some simply facilitate the transmission of e-invoices from the sender to the recipient whereas others leverage e-invoicing’s data and automation power to strengthen many key business processes such as cashflow and supply chain management. As a result, consider opting for an e-invoicing software that supports automation of your AR and AP processes, allowing you to leverage the full benefit of e-invoicing while optimising your cashflow processes and visibility.
While adopting e-invoicing may involve some system adjustments, these should be kept to a minimum. Changing your ERP, especially, should not be necessary in most cases. Instead, save on time and costs by opting for an e-invoicing solution that bolts onto the current systems you have in place and allows for seamless information exchange within your existing ecosystem.
Make sure your chosen e-invoicing solution is able to send out and process all document types such as invoices and credit notes. Ideally, for completeness, your e-invoicing platform should have a section to accommodate “non-digitally transmitted” documentation such as proof of deliveries.
For the purposes of digital data transmission to SARS, it is very important that your chosen e-invoicing solution is able to transmit data in the specific format required by SARS. While SARS has yet to announce the details related to this, it is important to consider whether the e-invoicing provider has explicit plans in place to accommodate SARS's specific set of requirements.
Make sure your e-invoicing software has robust security measures in place to protect your data during transmission and storage. This includes measures such as encryption, authentication, and access controls. Make sure it is also compliant with relevant regulation such as POPIA.
When it comes to VAT reporting and e-invoicing regulation around the world, each country’s requirements are unique. Therefore, it’s recommended to use an e-invoicing provider that has experience in servicing South African businesses, is familiar with South Africa’s VAT and invoicing landscape and will make compliance with SARS's specific set of requirements a priority.
Opt for an e-invoicing software with intuitive features and journeys that make it easy for your team to create, send, receive, and process e-invoices. Training processes should be minimal and easy to follow but additional support material should also be readily available when needed.
Ensure your chosen software provider has a dedicated team to deal with customer support and query handling. Responsive customer support is essential for resolving issues and receiving timely assistance.
To avoid a rushed implementation or insufficient time for testing before new VAT laws come into effect, choose an e-invoicing software with a proven track record of quick and efficient end-to-end set-up journeys, allowing you to be up and running with a live e-invoicing platform without delay, giving you sufficient time to learn the ropes and fine-tune your processes.
Consider whether the software can scale and adapt with your business as it grows. This means your chosen solution should be able to accommodate potential increases in invoice volumes without causing significant disruptions or overhauls.
New to e-invoicing or just getting started?
Our e-invoicing FAQ will help you to come to grips with all the basics.