Traditional modes of communication are badly outdated in the modern business world leading to wasted time and inefficiency. Fortunately, Infinite IT Solutions has expanded the concept of the paperless enterprise with a suite of products that guarantee the seamless and safe exchange of information.
For many years businesses operated purely on a paper-based communications system. The huge amount of documents generated was such that businesses could seemingly find themselves drowning in paperwork.
Small wonder then that enterprises are paying more attention to what technological solutions can do for them. Intelligent CIO asked Łukasz Spirała, of Infinite IT Solutions, about the company’s range of out-of-the-box solutions to make ensure businesses communicate in a more efficient and secure manner.
How does Infinite IT Solutions allow buyers and suppliers across various industries to exchange business documents automatically?
At Infinite IT Solutions, we expand the vision of paperless business. We act as a middleware connecting buyers and suppliers to ensure smooth and secure exchange of information anywhere in the world.
Supply chain relations come with a huge amount of trade documents and business-critical data. Handling these documents in paper simply holds businesses back, and that is why, we see a growing interest in our technological solutions which deliver transparency between suppliers and buyers and faster purchase-to-pay cycles.
With over 15 years of operations, we have gained vast experience in integration services by working with companies across multiple industry verticals and regions. It allows us to support various file formats and have an out-of-the-box approach to business processes of our clients.
Why do companies decide to replace communication by e-mail, phone or fax?
If a company is not satisfied with the efficiency of its supply chain, it’s time to review and refine the connection with business partners – that’s the role of Infinite IT Solutions.
Traditional communication by e-mail, phone or fax comes with plenty of manual workload to check, verify and enter information to various IT systems. Not only is it a time waster, but also a trigger of costly issues such as:
- Errors in data inventory
- Incorrect pricing on transaction documents
- Paying incorrect invoices
- Delivery delays and others
Automated exchange of data with supply chain partners eradicates these problems and brings a completely new pace to B2B transactions. All because business partners communicate between IT systems. So instead of paper/fax documents, there is a file-to-file message flow.
How does purchase-to-pay complete business transactions faster than post, fax or e-mail?
With a web or integrated solution in place, transaction documents are exchanged automatically, literally in a split second – as soon as a document is created in the system. Unlike e-mail, post or fax communication, we have a real-time document flow between two business partners, regardless of their location.
Traditional methods (post, fax or e-mail) consume hours to process each transaction document, i.e.: create a document, send to a business partner, have data verified and entered manually to the IT system.
How does Infinite e-Invoice Suite help enterprises to cope with the introduction of VAT?
At Infinite IT Solutions, we’ve been helping companies to follow VAT regulations in different countries since our inception.
With the arrival of VAT across the GCC, the process of invoicing became more important than ever. Electronic invoicing helps to achieve full transparency of invoice circulation between sellers/ buyers and tax authorities, and this way avoid any potential penalties arising from non-compliance.
At Infinite IT Solutions, we make sure that each e-invoice has the highest data accuracy before it reaches the Accounts Receivable software.
On the technical side, we ensure that e-invoices are exchanged via a highly secured protocol. On top of that, Infinite IT Solutions assist companies in making the archiving of invoices completely automatic, so that they do not need to keep paper invoices, which are often very costly and not easy to maintain.
What are the legal requirements to archive invoices to comply with VAT regulations?
In general, legislation covering the lawfulness of electronic archiving has been in place for some time already in many countries worldwide, including the UAE since 2018, making the archiving of electronic invoices as legitimate as paper-based archiving – it’s all about meeting certain criteria.
VAT regulations may differ from country to country, however some key requirements are common across many regions, including the GCC:
- Original invoice file
- Readable format
- Timestamp which confirms that an invoice has not been changed/edited since its issuance
- E-signature which confirms who the author of an invoice is
How would Infinite e-Invoice Suite help enterprises during a tax audit?
Infinite IT Solutions helps enterprises to have a very smooth tax audit. Each invoice which is exchanged via Infinite E-Invoice Suite is being tracked on various stages (e.g. creation, reception, reading, transfer, etc.) – such information on each invoice is extremely helpful during an audit, for both parties since it makes for a complete history of a given document.
Also, in the event of a tax audit, businesses using e-archive solutions are able to provide auditors with a temporary access to e-documents via the administration panel. There, the tax authority is able to retrieve both a printable document and an original file of this document.
How can data archived in the Infinite e-Archive Suite be accessed?
All electronic documents can be easily accessed via our www portal. All you need is an Internet access. There is no need to install dedicated software or to connect via a special network. All documents are easily accessible 24/7, so actually even a tax auditor does not need to be physically present at a company during an audit.
How are documents organised in the Infinite e-Archive Suite?
Our solution captures all data from an invoice. Consequently, our users have at their disposal various searching parameters which can be used to find a particular document, such as: invoice date, amount, business partner, TRN, just to name the most common ones.
How can the process of business automation reduce costs?
Every single company is looking to increase its income and reduce costs, and this is actually what we help companies to achieve with our IT solutions.
On one side, automating a business process leads to the improvement of supply chain relations. Documents are exchanged in real-time, deliveries are error-free, companies receive complete and correct documents much faster, suppliers are getting paid faster than in the paper-based model. Moreover, adopters of data automation gain better understanding of their market.
By contrast, processing big numbers of paper documents requires substantial man-power. The most common complaint about manual document processing besides time itself, is the number of errors. When a business process is automated, documents undergo a validation path (set individually as per the client’s business rules) this eliminates errors arising from manual document handling once for all.
Taking all these benefits together, companies with the digitally-managed document flow experience big savings on day-to-day operations.Click below to share this article