A bejegyzés itt érhető el magyar nyelven.

Invoicing is a professional area almost all multinational companies and Hungarian enterprises are involved in. It is important to choose an invoicing software application that supports the company’s processes and doesn’t entail additional unnecessary administrative tasks. Thus, we can safely say that selecting the appropriate invoicing application is crucial for every company in Hungary and accross Europe as well.

The 7 key aspects when selecting your invoicing application

  • legal compliance: it is essential that the application and its settings should comply with current legislation (e.g. the Hungarian online invoicing system) – this means compliance with the Hungarian Act on VAT[1], and with the provisions[2] of the decree by the Ministry for National Economy (NGM)
  • developments: when you select such an application, you should take a look at the resources the service provider has in terms of development, how quickly they can be expected to respond to the needs of the organisation (internal) or to changes in legislation (external)
  • support function: not always in the limelight, yet it is one of the key aspects that the invoicing application should suit the needs and business processes of the company, i.e. that it should simplify the accounting, financial, approval and reporting processes of the company, without generating additional administrative tasks
  • integration and automation: the usability of the appropriate invoicing software application can be assessed if we examine what other applications/systems it can automatically connect to. On the input side, this may be the CRM software, supporting client service, order management or an inventory handling software, while on the output side this can be an accounting or reporting (e.g. financial reporting) system. If this cannot be implemented or can be implemented only to a limited extent, it might be worth considering using the latest RPA solutions that can efficiently reduce manual input.
  • implementation: in existing companies the management of switching between invoicing software applications requires special care. Practically this means that ongoing invoicing processes at one point need to be handed over from one software application to the other, while it must be ensured that there is no data loss or duplication. Another key consideration is moving the existing customer database to the new invoicing software.
  • system use: switching to a new invoicing software application is a good opportunity for screening your financial processes. As part of this exercise , we can further examine the tasks of certain colleagues, IT authorisations, and the questions of replacement can be dealt with either.
  • contractual terms: just like with any business partner, it is strongly recommended that you have a written agreement with the partner operating the invoicing software application and agree on mutually beneficial contractual terms. For the company it may be important to clearly distinguish between the one-time purchase price of the system, and the so-called system maintenance fee, which is usually payable on an annual basis during the term of the contract. When making a decision, it is worth considering that there are service providers that have commitment periods, short payment periods and almost comprehensive limitation of liability.

Way out of maze of invoicing softwares - Kiút a számlázó program kiválasztásának útvesztőjéből What happens if an accounting outsource service provider manages financial administrative processes?

Invoicing processes usually belong to the financial department. If, however, accounting processes are outsourced, the accounting service provider often performs financial administrative tasks as part of the service, which includes invoicing as well. In this case clients have two options as far as invoicing is concerned: they can either use the invoicing software application used by the service provider or provide access to the application they have purchased.

As an independent BPO consultant, BPiON is at the service of their clients with the following: assessing business/financial needs, selecting and implementing the appropriate invoicing software application, developing applications that support the automatic connection between systems, and RPA (Robotic Process Automation) solutions to reduce manual input.

In case of any question, please do not hesitate to contact us.

 

 

[1] Act CXXVII of 2007 on Value Added Tax

[2] Decree No. 23/2014 (VI. 30.) NGM on the Tax Identification of Invoices and Receipts, and on the Supervision by the Tax Authority of Electronically Stored Invoices