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Optimize accounts receivable and payable management with DTE issuance and receipt monitors.

Last updated : May 11, 2023
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Optimize accounts receivable and payable management with DTE issuance and receipt monitors.

In today’s business environment, efficiency and process automation are fundamental aspects to remain competitive and profitable; in the case of payable and receivable accounts, these usually present a large volume of transactional executions and generate a significant administrative burden to finance teams. In turn, these processes are of vital importance to companies because they have a direct impact on cash flow and, for this reason, it is essential that these processes be reliable and governed.

For companies in Latin America that already have SAP solutions in place, it can be complex to find tools that facilitate these tasks and integrate locally, both with the national tax service and with suppliers that issue electronic tax documents (ETD). To help you overcome these challenges, at Novis we have developed preconfigured solutions that take care of these issues and that our clients have been using for several years. In this article, we will explain how these solutions can improve your business and offer significant benefits to your finance and IT teams.

Electronic Tax Document Monitors (ETD) for SAP are tools that enable companies to monitor and manage their electronic tax documents in real time. Thanks to them, companies can automate the tax document management process and improve their efficiency, reduce errors, and increase the security of their tax data.

What are our DTE issuing and receiving monitors?

The DTE issuing and receiving monitors that we develop at Novis integrate with your company’s SAP solutions and allow you to automate your accounts receivable and payable processes. This means that they can consolidate information from three sources: SAP ERP, tax department of each country and the PAT (Authorized Tax Provider-Intermediary between SAP ERP and the tax department). This gives you a complete and up-to-date view of the status of each document, allowing you to make informed and quick decisions about your receivables or payables. They are designed to work with electronic tax documents (DTE) from Chile, Colombia and soon from other countries.

Novis DTE Receiving Monitor optimizes accounts payable management.

  • It receives messages/files from the PAT and makes them available in a monitor in the ERP that allows to identify accounts payable invoices, errors, correct invoices and execute, from there, processes automatically via iRPA.
  • This tool provides the details of each invoice, amounts, responsible parties, purchase orders, taxes, among other data. That is, the detail of the information and, at the same time, government to clearly identify problems and solve or act in time.
  • The monitor allows us to clarify in ALV format the amounts and, consequently, the accounting commitments of the company not only with its suppliers but also with the Treasury.
  • To achieve automation, the application classifies suppliers in four criteria, allowing differentiating different processes and thus automate them, either at the stage of logistics invoice verification or directly in accounts payable.
  • The solution also has functional windows to execute business rules for the different processes it addresses: (normal purchases, utilities, direct items, others).
  • It allows to improve indicators such as: validation time, processing, approval (or rejection) of invoices, payment approval process time, etc.
  • Our offer includes reception of the following tax documents: Electronic Invoice – Electronic Non-Affected or Exempt Invoice – Electronic Credit Note – Electronic Debit Note – Electronic Purchase Invoice – Receipts.

The Novis DTE issuance monitor is designed to optimize accounts receivable management.

  • Complete visibility of the document status and stage of the process.
  • Timely issuance of re-invoicing and credit notes, avoiding the loss of VAT and billing management.
  • Allows you to improve indicators such as: Average days past due (ADD), Average collection period (DSO), Operational cost per collection, etc.
  • You can view the following documents: Electronic Invoice – Electronic Unaffected or Exempt Invoice – Electronic Waybill – Electronic Credit Note – Electronic Debit Note – Electronic Purchase Invoice – Electronic Export Invoice – Electronic Export Credit Note – Electronic Export Debit Note.

How can these solutions improve your business?

  1. Automate repetitive processes:

    they provide greater accuracy to the processes involved, since typing errors are eliminated. Thus, repetitive, and cumbersome administrative costs of the operation are reduced. This saves your company valuable time and resources, which can translate into higher profits and greater efficiency in your finance department.

  2. Improve traceability and visibility into the status of each document:

    Novis DTE issuance and receipt monitor solutions provide complete, up-to-date visibility into the status of each document, allowing you to identify issues quickly, enabling you to make informed and timely decisions about your accounts receivable and payable. In addition, you can set up alerts to notify you of documents that require your immediate attention, allowing you to prioritize appropriately.

  3. These monitors include traffic light reports for management, avoiding extra work to manually prepare the reports, as they are available online.

  4. They control integrity, no document is left “out” of the cycle; they are governed solutions, very intuitive when it comes to correcting inconsistencies in the operation.

  5. They prevent the loss of VAT,

    by ensuring that all electronic tax documents have been recorded and included in the corresponding tax reports. This allows you to comply with tax regulations and avoid costly fines and penalties.

How is the Novis DTE transmitting or receiving monitor implemented?

As preconfigured solutions, they are easy to implement and can be integrated with the client’s SAP ERP in a few weeks, in small projects and with controlled risks.

Novis has a team of highly trained consultants who can work with your team to meet your business requirements.

What do our clients say?

  • CIAL performs online balancing with the SII (Chilean Internal Revenue Service), using Novis solutions for the reception and issuance of sales and purchase invoices.
    • “We have achieved a very satisfactory result, obtaining an online matching with the information provided by the SII every month. This automatic system has undoubtedly allowed us to dedicate the analysts’ time to other fundamental tasks and thus keep the accounts payable regularized”. Mariana Farías Espinoza, head of accounts payable at CIAL See full article.
    • “Novis provided us with a SAP solution tailored to our needs and, obviously, within the legal framework stipulated by the SII. We have a standard SAP solution that facilitates the creation andissuance of electronic purchase invoices in a smooth and efficient manner. This has resulted in a substantial improvement in the management of the purchasing area along with the immediate systemic benefits of having all the information centralized in a timely manner.” Felipe Maulen, IT projects and processes engineer, CIAL.
  • EBCO advances in its digital transformation by optimizing supplier invoice management.
    • o “We receive 15,000 invoices a month. We were able to digitize the receipt of the invoice in our ERP and automate the entire accounting process. To the original project, we also incorporated new improvements, such as automating the distribution of workloads among analysts and automatic reconciliation with the SII. Currently, in 90% of the cases, the posting of an invoice only takes one day and 98% of them are processed before eight days, which in Chile is the legal period for rejection. Before, there were 12 analysts who had to work on invoice management, and after the solution was implemented, only six of them oversee this part of the process, while the rest are dedicated to analysis. We are satisfied with the outcome of the project. It has been a real contribution to our main goal: the digital transformation of our company”. Rodrigo Sánchez Azócar, EBCO’s assistant manager of development. See full article
  • OTIC SOFOFA improved its accounts payable management
    • “We are pleased with the implementation of the Novis DTE reception monitor. We are looking at possible extensions for this project, which has improved our tax document entry times. We are also grateful for the excellent attention of the Novis team in clarifying the doubts that arose along the way.” Felipe Molina F., Coordinator of the Invoicing Unit.OTIC SOFOFA.

If you have requirements to monitor the DTE of your accounts payable or receivable in SAP, please contact us and we will evaluate the best solution for your case.