Invoicing from foreign suppliers, how much does it cost?

The weight of foreign invoices on accounting

If you have suppliers in Italy, your invoices are automatically entered into your accounting management system thanks to the SDI. This system is designed to simplify the electronic exchange of invoices between Italian companies and the Revenue Agency. But when it comes to invoices from abroad, the situation changes radically.

Since they cannot rely on the SDI, companies find themselves having to manually enter each individual invoice into their accounting system. This apparently simple operation hides a series of problems that can have a significant impact on the business:

• Wasted time: Manually entering an invoice requires time and human resources. Imagine having to manage dozens or even hundreds of invoices per month: the time spent on this activity can take away precious resources from other more strategic activities.
• Errors: Manual entry is subject to typing or interpretation errors. An error, even a small one, can trigger a series of cascading problems, from filling out the VAT form to determining the correct cost of the product or service.
• Hidden Costs: In addition to wasted time and errors, manually entering invoices also entails hidden costs, related to the need to employ qualified personnel to perform this activity.

The Real Cost of Manual Invoice Entry

A medium-large company that manages 500 foreign invoices per month can dedicate up to 100 hours per month just to manual data entry. Considering an average hourly cost for an administrative employee, we are talking about thousands of euros per year. Added to this are the indirect costs related to errors, such as late payments, disputes with suppliers and tax penalties.

The Solution: Automating Invoice Entry with Retica.ai

Retica is the ideal solution for automating the entry of foreign invoices. Thanks to its artificial intelligence, it is able to:

• Extract key data: Total amount, date of issue, description of products or services, VAT rates, etc., from any type of document, even if in PDF or image format.
• Automatically classify invoices: Based on supplier, type of expense or other customizable categories.
  Validate data: Verifying the consistency of the extracted information and reporting any anomalies.
• Integrate data with your accounting management system: Eliminating the need to manually re-enter information.

With Retica.ai, you will get:

• Time savings: Drastically reduce the time spent manually entering invoices, freeing up human resources for more strategic activities.
• Greater precision: Eliminate typing and interpretation errors, ensuring the accuracy of accounting data.
  Cost reduction: Significantly reduce the costs associated with managing foreign invoices.
• Better control: Gain complete visibility into your expenses and greater efficiency in your accounting processes.

In conclusion..

Managing invoices from abroad is a challenge for many companies. Manually entering these documents is costly in terms of time, human resources and errors.

Automation, thanks to solutions like Retica.ai, is the key to overcoming these difficulties and optimizing accounting processes.