Create and Grow Act 2.0: Electronic Invoicing and Comprehensive Process Automation
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Step 2 of 2: Click the button below to book an accounts payable call with us .
This is for you and your company if...
- You need to implement electronic invoicing to comply with the Crea y Crece Law.
- You have a high volume of supplier invoices, more than 10,000 or 20,000.
- You have a top-tier ERP system, such as SAP/S4HANA, Dynamics, Financials, etc., but you still have a high volume of manual tasks in the AP process that even the new product versions, despite their promises, have not eliminated.
- Have you tried implementing OCR solutions or electronic invoicing portals that don't allow you to have a fully automated process?
- The tools you have at your disposal do not allow you to check the status of the process, view the backlog, or see the aging of invoices in progress.
- The availability of IT resources to implement improvements is always scarce, or if they do exist, you must withdraw them from more critical processes.
- You are considering optimizing/automating the AP process.
- Do you feel that invoice management is the last concern and occupation of the financial department?
The Create and Grow Act in a nutshell
The Create and Grow Act establishes significant changes in electronic invoicing, making it mandatory for all transactions between companies in Spain.
This reform seeks to promote:Â
- Digital transformation in the business world,
- Facilitate commercial transfers through electronic means,
- Reduce late payments by improving invoice traceability and reducing transaction costs between SMEs.
The electronic invoicing requirement applies to all B2B transactions, excluding companies that issue invoices to consumers or end users (B2C). Public administrations already require electronic invoices in their commercial transactions with other companies.
Why Using Only *Only* Uan Electronic Invoicing Program
Switching to electronic invoicing is a good start, but it's only one piece of the puzzle and not the whole picture.
The problem with most companies is that they jump straight into electronic invoicing without first analyzing the process itself.
in the same way, switching your car from manual to automatic will make it easier to drive, but it’s no good if you still only have 3 wheels!Â
Unfortunately, automating a process that is sub-optimal will not solve your problems or bring you the outcomes you desire,
Perhaps your company is in one of these situations: you switched to an electronic invoicing provider thinking it would solve all your problems, but it hasn't. Or your internal software development has been insufficient and is now limited or useless for your current needs. Or you are considering automating the process.
That is precisely what we mean when we say "don't switch to electronic invoicing," because what we really mean is "don't *only* switch to electronic invoicing."
First optimize your billing process, then automate it with efficient software.Â
Furthermore, IT departments often lack the necessary resources or have other more important projects to focus on within the company. The good news is that we have already come up with the solution for you and your accounts payable system.Â
This is the model we have used with numerous companies to help them optimize their invoicing process. We recommend it as a guide if you want to automate the process, increase efficiency, and reduce errors:Â
1. Use the outline below to improve your invoicing process.
2. Install an electronic invoicing solution such as easyap to automate it.
How to Structure Your Invoicing Process
What services does easyAP offer?
Tools for issuing and receiving invoices.
Digitization and data extraction from invoices: paper, PDF, etc.
Workflows for processing invoices received in any format: approval, reconciliation, etc.
Outsourcing of tasks: Validation and verification of invoices, invoice confirmation, incident resolution, supplier support, etc.
Immediate Information Supply (SII): Interconnection with the AEAT electronic headquarters.
Employee expense management, workflow for processing and accounting.
Success Stories
Here are some examples of brands that work with us:
ThyssenKrupp
“Over the last 10 years, we have used the Easyap tool, which has allowed us to streamline several processes in the accounts payable department, increasing productivity, adapting to digital transformation, and establishing improvements in administrative management processes (registration, accounting, responses to suppliers, etc.). This has allowed us to incorporate new entities without increasing the department's resources. In addition, we have adapted to all regulatory changes in a transparent manner, without affecting the core process. The experience has been very good and the improvement in productivity has been very significant."
– Carlos GarcÃa Jiménez
Account Payables-Tax-Insurance Manager
This German industrial group conducts many of its operations in Spain, with a strong presence in Madrid and other cities throughout the country.
Before easyap:
- Â Before easyap arrived, the process was completely manual and managed by a team of people who handled just over 7,000 invoices per month.Â
- Â There was a lack of visibility in the process, and they were aware that errors existed.
- Â They also sensed that the process would take a long time.
After easyap:
- We helped them reach90% of automatic booking invoiceswith no human participation
- Total process visibility and internal control procedures implemented
- Noticeable monthly invoice increase processed, reaching 18k
- easyap as center of different IT systems related to invoice processing (other than the erp)
- Booking cycle dramatically reduced from days to hours
Completing this task wasn’t easy: we used one system for many companies, centralizing the invoice reception and data capture. And using electronic invoicing is one the keys.
Process:
Our workflow covers all steps of the process, including applications and back-office accounting services, optimizing resolution and synchronization with all parties involved. This has resulted in increased productivity, real cost savings, and visible reduction in the time required to resolve exceptions and approval processes.
Automating the electronic invoicing process fixed the problems associated with manual work. This allowed ThyssenKrupp to invoice up to 180,000 invoices per year.
Enagás
“Over the last four years, at Enagás we have evolved from a highly manual process for managing supplier invoices to one of automatic accounting, with electronic approval and order reconciliation integrated into our ERP. Thanks to event traceability and the implementation of business rules, compliance with internal control and audit policies is guaranteed, which is of great importance for a company listed on the IBEX35."
-Chief Financial Officer, Enagás
Enagás (National Gas Company) is a well-known leading energy and infrastructure business company that works with gas and renewable gas transport networks, operating internationally worldwide.
Before easyap:
With a primary focus on Madrid and other surrounding cities, Enagás contacted us to optimize its resources and the whole process related to its AP Invoices process. Our team saw the opportunity of a nice challenge, which, with our experience, would be possible to pull off correctly.
The task wasn't easy:
- Enagás had a completely manual process of AP invoices. Â
- They had a lack of visibility of the process and in a decentraliced enviroment
After easyap:
- More than 85% of the bookings were automated
- The site reports around 40K invoices per year, with full accessibility for the team to each single invoice.
- The unification in one system of the different group companies AP invoice procesess
- Part of the massive digital business transformation
- Centralized invoice, with complete visibility and metrics of the process
- Reducing fixed cost into variable cost
The results speak for themselves...boosting productivity and time optimization thanks to automatization and a better customer/supplier relationshipincreased accessibility for the team to each invoice.
Process
Our implementation started on the unification of the entire company’s invoicing processes and its centralization. Validating all of them through the workflows resolving every existing conflict. The decrease in cost was due to pricing each invoice received instead of a predetermined number. And as a crucial key is the growing use of electronic invoicing
Next Steps
Thank you for your time and attention. If you have read this far, these are your next steps:
- Apply the insights from this guide to your invoicing and payments process (and please contact us if you need help with implementation).Â
- Install an electronic invoice solution (like easyap) to automate it
If you want to learn more, or you think we can help you. Please contact ushere
Frequently Asked Questions
Do I have to extract the invoice data ?
No. The easyap software extracts them for you.Â
Do I have to manually record the invoice into the erp ?
No, invoices are sent and recorded in the ERP automatically.
Do I know how many invoices have I received ?
With easyap, you have access to reports that show the volume and deadlines for the entire AP process.
Do I know where the invoices are sitting ?
Yes. From the beginning of the process, you can see where each invoice is, when it was issued, and who issued it.
Do I need to create new email accounts for invoice reception ?
This is not necessary, as they can be forwarded. However, easyap can also provide email addresses.
How do the people know they have to approve an invoice ?
easyap IP sends emails with reminders of pending tasks. Approval can also be carried out from mobile devices.
Could the suppliers know the status of their invoices ?
Yes. There is a supplier portal where you can provide information about the status of invoices.
How long does it take to get the project up and running ?
It will depend on the stage your process is at and the availability of your IT team (if necessary). However, on average, it usually takes between 6 and 8 weeks to install the software and start the project.
Do you have experience working with SAP ? and with other erps ?
At easyap, we have years of experience in projects with SAP and various ERPs. In fact, we work with most of the best-known providers as well as internal providers.
Which is the pricing schema? how much does the licence cost ?
With easyap software, you pay per invoice processed. This means you don't have to pay a fixed license fee.Â
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