E-invoicing would be a driver for the digital transformation of small and medium enterprises and larger businesses in Malaysia, said Jussi Karjalainen, CEO of Valta Technology Group. E-invoicing is more than compliance; it offers a number of benefits that make the business process much easier and make the relationship between two parties much better, said Karjalainen.
Digitizing financial data can save a company from human error, maximize accounting accuracy, and also save precious time. According to Karjalainen, forward-looking Malaysian businesses will have a competitive position when embracing the changing demands of the embedded accounting and digital procedures in the world. According to him, “When used in a completely enhanced order-to-cash or procure-to-pay process, then the potentials in cost savings and efficiency improvement become really obvious.”
Karjalainen continued to explain how digital transformation is essentially changing business operations. Strategic sourcing, order management, and accounts payable can now be a source of significant competitive advantage. As companies grow, though, their supply chains become more complex, so decisions become harder to make and comply with.
Valtatech would help companies manage these issues. “We work together with the client and subject matter experts to allow their changing needs.” he said. Company’s digital process experts are there to help businesses get over laborious data entry work and get into a quick and efficient automated solution. “From laborious manual invoicing, AI-driven invoice data extraction helps businesses make a giant leap forward in their digitization journey, unveiling new avenues for growth and efficiency,” he added.
Valtatech, which has been working for the last decade in source-to-contract and procure-to-pay, allows companies to raise their game but beyond just e-invoicing. According to Karjalainen, a case study was made about how successful this company’s story was in Australia whereby the client saved 21% in just two months following the implementation of the e-invoicing system by Valtatech and could save up to more than 50% if it streamlined the procure-to-pay processes.
The Valtatech solutions are designed to make sure all the locales’ and international regulations would be followed, and cross-border operations run with ease. E-invoicing will simplify international procurements, boost efficiencies and cut costs, accelerating payments-all of which contribute to better supplier relations and the firm’s increased ability to raise profitability through early payment discounts.
Although the benefits are vast, Karjalainen confessed that this does indeed entitle a great challenge especially for companies using more traditional approaches, and to handle this the company Valtatech teams up with a set of carefully chosen, well-experienced resellers, providing custom solutions as well as support for making clients’ e-invoicing a real strategic asset.
Read More: Click Here