E-invoicing involves the generation of invoices in an electronic format
E-invoicing is a recent upgrade to the traditional invoicing process. E-invoicing involves the generation of invoices in an electronic format which enables the readability of machines across accounting and tax systems, the ERP, and government portals. The Government of India has directed the businesses to apply e-invoicing in their business process.
Opti-VIVe app enables the automation and processing of inbound invoices from the suppliers and does necessary parking in SAP for the approval and the processing of payments without the need for data entry. Opti-VIVe facilitates the generation of E-Invoices, transmit to Invoice Registration Portal (IRP) via authorized” GSP and receive a unique Invoice Reference Number (IRN), digitally signed E-Invoice and QR code.
Major Challenges with the traditional invoicing process
- Manual, labor-intensive process
- The manual process is much more prone to human errors
- Takes significant time in processing, hence causes delays
- Higher chance of invoice duplication, or invoice disappearing altogether
Opti-VIVe automatically verifies fake invoices
- It enables digital invoice processing
- Opti-VIVe is an integrated Invoice Processing Solution for Accounts Payable SAP
- The solution verifies and validates suppliers’ invoices with GSTN and receives authenticated data with no mismatch
- The solution checks the compliance of the invoices of all Vendors
- It facilitates the automated posting of invoices in SAP
- Simple to use mobile application
- Clause Library
- Digital Signature
- Track Obligations & Renewals
- Active Directory Integration/Single Sign-On
- Integration with ERP & CRM platforms
- On-Premise/Cloud Based Solution
- Procure E-Stamp Papers
Reduction in invoice processing time
- Significant reduction in invoice processing time
- Considerable improvement in the accuracy due to least manual intervention
- Significant reduction in human errors
- Provides better transparency and visibility into savings and spendings
- Improves the compliance
- Eliminates the need for paper, hence this is a green initiative
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