Enterprise Management Challenges and Solutions in the Era of Fully Digitalized E-Invoices

As the national invoice electronization reform continues to deepen, the new era of fully digitalized e-invoices featuring "tax governance by data" has arrived. The widespread promotion and use of fully digitalized e-invoices not only brings enterprises a more efficient, convenient, and flexible full-scenario experience for invoice issuance and delivery, but also sets higher standards for enterprises' compliant invoice management.

Management challenges

1. Difficult collection: paper and electronic invoices are mixed, resulting in a lack of uniformity in collection paths.

    - High collection difficulty: paper invoices require manual entry, while electronic invoices are scattered across different platforms and require users to actively apply for and download them, making collection quite difficult.

    - Data accuracy is difficult to guarantee: manual collection of paper invoices is prone to misreading and entry errors, and electronic invoices may also face risks of data damage or tampering during transmission and storage.

    - High management complexity: The mixed paper-electronic invoice model makes invoice sources and forms complex, requiring categorized management, resulting in heavy workload and increased management complexity.

2. Reimbursement is difficult: the information filling process is cumbersome and prone to errors.

    - Difficulty in authenticity identification: Paper invoices are easily forged, making it hard for employees to judge their authenticity, while electronic invoices may be reprinted for reimbursement.

    - Difficult invoice acquisition: enterprise employees need to properly retain issued paper invoices and promptly download, print, or save electronic invoices. However, due to untimely booking or lost documents, some invoices may not be obtained, causing trouble for employees.

    - Cumbersome information filling: During reimbursement, employees need to provide relevant information for both paper and electronic invoices, such as invoice number, amount, and invoicing date. Under the paper-electronic mixed mode, employees need to distinguish between the two types of invoice information, which is prone to filling errors.

    - Cumbersome reimbursement process: due to differences between paper and electronic invoices, employees must classify by invoice type when submitting reimbursement forms and perform complex operations such as distinguishing, registering, and verifying, which prolongs reimbursement time and affects employee work efficiency.

3. Difficult invoice verification: reconciling online and offline invoices is difficult and involves a huge workload.

    - Different data formats: paper invoices and electronic invoices differ in format, and manually comparing online and offline records for errors or omissions requires an enormous workload.

    - Data matching is difficult: paper invoices and electronic invoices contain large amounts of information in inconsistent formats, and some important information may be obscured or tampered with, making manual comparison and verification difficult.

    - Difficult to guarantee information authenticity: Both paper and electronic invoices carry certain authenticity risks, requiring strengthened verification of invoice authenticity to prevent false invoicing.

4. Complex operation: The correspondence between documents and data is unclear, making business traceability difficult.

    - Unable to locate quickly: during business tracing, the correspondence between business documents and financial and tax data is unclear, making it impossible to quickly find the required information and affecting business processing efficiency.

    - Easy to omit and cause errors: because the correspondence between business documents and financial and tax data is unclear, data omissions or duplication are likely, which may cause errors later and require extensive manual processing, increasing workload and time costs.

    - Incomplete business traceability: because the correspondence between business documents and financial and tax data is unclear, information may be incomplete during business traceability, making it impossible to obtain comprehensive business and financial information, thereby affecting the accuracy and timeliness of decisions.

5. Difficult management: invoicing is disconnected from business, making invoice recording and management difficult.

    - Invoicing must meet electronic requirements: under the paper-electronic hybrid model, enterprises cannot use only paper or electronic invoices but must issue according to electronic requirements, which requires corresponding software and hardware facilities and technical support, and invoices must be issued in the prescribed standard format.

    - Invoice recording and management are relatively difficult: because invoice forms are diverse and sources are broad, possibly from suppliers, customers, or third-party institutions, different types of invoices need to be classified, organized, archived, and backed up, increasing recording and management difficulty.

    - Invoices disconnected from business: invoices are backed by business, and invoicing information must be closely linked to business to achieve business-finance integration.

    - Cumbersome reimbursement process: due to differences between paper and electronic invoices, employees must classify by invoice type when submitting reimbursement forms and perform complex operations such as distinguishing, registering, and verifying, which often prolongs reimbursement time and affects employee work efficiency.

6. Difficult archiving: fully digitalized e-invoices must be archived according to common standards.

- After invoice electronification, electronic accounting archive management requirements must be strictly followed, and the electronic original files of "fully digitalized e-invoices" must be archived according to common standards.

Kailing Technology Digital Solutions

1. Optimize reimbursement management processes

By using OCR technology to process invoices, the information employees need to fill in is significantly reduced, greatly easing their workload and improving reimbursement efficiency.

In addition, employees no longer need to print fully digitalized e-invoices, which not only saves paper and printing costs but is also more environmentally friendly. At the same time, using an invoice folder means invoices do not need to be pasted, further simplifying reimbursement steps and making the entire process more convenient.

2. Management compliance and data chain management

Through automatic verification, it effectively avoids fake invoices and duplicate reimbursement, ensuring the authenticity and accuracy of reimbursement. OCR technology has a high recognition rate of up to 98%, providing strong assurance for the accuracy of archived data.

Moreover, through image-based borrowing, the circulation of paper documents is greatly reduced, lowering the risk of document loss and damage, while also improving the efficiency of information sharing and transmission.

3. Improve review efficiency

Invoice verification has shifted from traditional manual verification to automatic verification. This change not only improves verification accuracy but also greatly saves time and labor costs.

The implementation of rapid online image review has significantly improved business review efficiency, increasing it by 15% compared with before. This means review work can be completed more quickly, accelerating business processing speed.

The fully online circulation of fully digitalized e-invoices has brought enormous changes, turningDigitalElectronic reimbursement review efficiency increased by 100%. This fully online process not only improves efficiency but also reduces human errors, making reimbursement review more accurate and reliable.

4. Electronification Trends and Policy Support

Currently, it is crucial to comply with the national policy trends of invoice electronification and archive electronification. The digital transformation from paper archiving to electronic archiving is an inevitable development direction.

By connecting links such as invoices, processes, and vouchers, a complete reimbursement financial data system is established, achieving seamless data connection and efficient management. This not only meets policy requirements, but also provides strong support for enterprises' digital development.

Kailing Technology Digital SolutionsCanHelpEnterpriseBetter manage the invoicing process and invoice information, effectively avoiding issues such as missed, incorrect, or duplicate invoicing, thereby reducing tax risks. At the same time, achieve effective business-finance linkage, closely integrating business information with invoicing data, helping enterprises improve operational efficiency, shorten document processing cycles, and thereby enhance customer satisfaction. In addition, enterprises can better monitor and manage invoicing data, thereby controlling their financial status, gaining deeper insight into their own financial and operational conditions, and providing more accurate basic data and stronger reference for strategic planning and financial decisions.

Kailing Technology provides enterprise business-finance-tax digital product lines according to enterprise needs:

Solutions for businesses including sales contract management system, procurement contract management system, fully digitalized Leqi interface project, output automatic invoicing system, employee expense control and reimbursement system, input VAT invoice management system, supply chain collaborative reconciliation system, image OCR recognition system, automatic financial bookkeeping system, and electronic accounting archives system, professionally and efficiently supporting the transformation and upgrading of enterprise business-finance-tax digital management.

If you have any business-finance-tax digital transformation needs, welcome to contact us. Beijing Kailing Technology will serve you wholeheartedly.