Firstly, to find the best solution, map out the needs of your business. The following questions can be helpful.

1. Do you already use an accounting or business software?

Many accounting and financial software have automatic interfaces with various e-invoice operators. This means that adopting e-invoices and other digital invoicing solutions is just a few clicks away. Finbite has interfaces with all the most common software in Estonia, Latvia and Lithuania. You can find a detailed list of our partners and possible solutions here https://finbite.eu/en/our-partners/ .

​2. Do you want to send e-invoices? What is the expected volume? Do you want to send e-invoices to banks?

The main reason for adopting smart invoice solutions is the ability to send e-invoices, because public sector companies do not accept PDF and paper invoices. When choosing a suitable package for the company, it is worth considering how many e-invoices are planned to be submitted and whether they will also be submitted to banks. If the volume of invoices to be sent is initially small, the simplest and most affordable solution is the free Finbite Starter package, which allows you to send and receive up to 5 e-invoices per month. The initially selected package can be changed at any time if the company's needs change.

In the case of the Starter package, it must be taken into account that in order to send an e-invoice, it must be prepared manually, because there is no possibility of interfacing with economic software. If the volume of the company's e-invoices starts to increase or the invoices have complex content (for example, the invoice has several lines, different product codes, etc.), then it is worth using the Lite package. In this case, it is possible to make a simple interface with your accounting or financial software, where the invoice is prepared and it automatically moves on from there to the customer.

​3. Do you want to start receiving e-invoices?

Although the main requirement for adopting smart invoicing solutions is sending e-invoices, we always recommend opening the channel for receiving them as well. This gives the maximum benefit from adopting smarter solutions. Several studies show that the receipt of one e-invoice for a company is on average 2-5 euros cheaper than a PDF or paper invoice, because it goes directly to the accounting system and the accountant saves a lot of expensive work time on entering information, chasing confirmations and archiving and systematization. The Lite package is suitable for convenient receipt and sending of e-invoices.

​4. What is the total volume of purchase invoices in one month?

While e-invoices are already mandatory in the public sector, in the private sector it is a voluntary solution that has been adopted by the most innovative and progressive companies. Since a certain number of companies still invoice with PDFs and paper invoices, we offer our customers the option of digitizing purchase invoices. In the process, the invoices are automatically digitized and go directly into the accounting software. In this way, it is no longer necessary to enter invoices manually, the number of errors decreases and the company's most important resource - time - is freed up. This solution is available to all Lite, Standard and Premium package customers.

​5. Does your company use expense reports?

There's a much smarter and more sustainable way to submit receipts and expense reports than collecting checks and filling out complicated forms. With the mobile e-expense report, you can take a picture of the check using your smartphone and automatically upload the expense report to the accounting environment. It is stored properly and can be played back at any time. In addition, submission and approval of an e-expense report is 6x faster on average. This solution is available to all Finbite Lite, Standard and Premium package customers.

​6. What kind of confirmation processes are in place for purchase invoices? How many people are involved in the confirmation process?

If the company already has an invoice approval process, smart invoice solutions make it even more secure. For example, you can make it mandatory to include the contract number on invoices and set a confirmation limit amount for certain employees. For simpler confirmation circles with up to 10 people, the Finbite Standard package is a great solution. If the invoice approval process is more complicated, there are more than 10 approvers and approval limits are used, then it is worth considering using the Premium package. If the secure invoice verification process is still in the development stage, we are ready to help in every way possible. We offer a free two-hour training for those who subscribe to the Premium package.

If you can answer all these questions and have mapped out your company's needs, join Finbite and choose the best smart invoicing solution for your company here https://finbite.eu/en/prices/ . If you need further advice on choosing the right package before joining, please contact us at [email protected].