Billit: Facilitating Business Administration with E-invoicing Solution
Phillipe Moerman, Sales and Accounts Manager
The sales invoice is an invaluable tool for accounting and one of the most predominant methods of keeping a record of the sale. However, a manual system of generating invoices is convoluted, error-prone, and time-consuming that can put an organisation's business interest in jeopardy. Suppliers who rely on manual invoice processing to send the bill of sale to the buyers have to go through a chain of processes to send it across the buyer. They have to manually register the invoices into their ERP or accounting systems, extract information, and match details, which can decrease the productivity to a large extent. On the other hand, the buyers have to face issues such as duplicate payments, overpayments, fraud, and missed discounts, which make the process inefficient and time-consuming. Also, manual invoice processing systems are exposed to more security threats such as data theft, data loss, and others. According to De Tijd, a leading newspaper that focuses on business and economics in Belgium, companies can save 3.37 billion Euros if they switch entirely from paper to electronic invoices. Set against this backdrop is Billit that offers a fully-featured billing and invoicing software for entrepreneurs and accountants to maintain records of sales for a seamless business administration process. The software offers a single environment for multi-currency, online payments, project billing, contact database, and customisable invoices.
"We are the pioneers of E-invoicing in Belgium," states Phillipe Moerman, Sales and Accounts Manager at Billit.
The company’s namesake offering, Billit is a subject matter expert (SME) software that allows organisations to create, print, and send invoices and credit notes via e-mail, letter, and registered mail. The software can automatically create order forms and delivery notes from a quote as well as an invoice. Besides, it helps organisations to connect to Pan-European Public Procurement On-Line (PEPPOL) to exchange E-invoices securely and reliably through access points. The invoicing software provides an application programming interface (API) to integrate billing information with the organisations’ web store and continuously updates the accounting, allowing them to follow the impact of sales on their finances. Billit also helps them create, forward, and follow up professional quotations to assist in the onboarding of potential customers. Not only this, but Billit also enables organisations to send a digital bailiff to its clients within five working days after submitting a claim for an official demand for payment. This enables them to get rid of collection agencies and time-consuming proceedings through the court.
Moerman shares a customer success story of a huge firm that had to send sales invoices across the entire European Commission. As the European Commission has made it mandatory to submit only E-invoices, Billit helped the firm to generate E-invoices with zero escalations.
Billit has various automated features to streamline the entire process of invoicing. The unique Scan and Recognise feature of the software automatically turns a pdf/jpeg invoice into an e-invoice. It also automatically checks the status of invoices, enabling organisations to pay or collect unpaid invoices. More importantly, the software leverages artificial intelligence that helps organisations to extrapolate valuable insights into income and expenses to make informed decisions.
Last year, Billit collaborated with the European Commission on improving the aspects of E-invoicing in Europe. The company received generous European funding to implement the European EIDAS to improve overall security when logging into the SaaS platform. Billit will be the first Belgian company to implement European EIDAS in its platform. Moreover, to connect with all the European banks, the company is working on availing bank licenses to be authorised with revised payment service directive (PSD2). In the coming years, Billit also plans to introduce more robust features on its platform to offer more competent services to its clients.