How to automate invoicing for Estonian company
All companies need invoices. Firstly, you won’t be able to receive money for products or services without it. But most importantly, an invoice is a key document for your accounting.
Accurate invoice management provides a company with a full picture of sales, taxes, relations with customers. As a result, proper invoice management can help you make decisions based on these insights briefly and in time. It can also protect your company in the case of an unexpected audit or governmental inspection — just keep your invoices accurately stored, accounted for, and don't forget to pay attention to the wise words of your accountant.
My name is Jane and I am CPO of Enty, today I would like to show you our invoicing solution. We have developed a solution for automated invoice management tailored specifically for Estonian companies. The new service is included in all subscriptions with 7 other services. Starting from €33.
In this article, I will go over our service, key features, and will also provide you with a detailed guide on using our solution. Let’s go!
Key Features of Invoicing
The invoicing feature is designed to streamline the process of working with outgoing invoices. Let’s go over the main features.
No limits on the number of created invoices
Invoice is one of the key elements for the correct operations of your company. That’s why we don’t limit our users. Pay the same amount for 10 or 10000 issued invoices.
Issue and automatically send invoices
After the creation of an invoice, Enty will send an invoice to your clients and will also remind them to complete the payment if an invoice remains unpaid.
Create an unlimited number of customers and products
Add customer and product info and save it in the system to issue invoices instantly in the future.
Invoicing is integrated with Enty’s accounting feature
Save time on accounting and tax reporting. If you are using Enty’s accounting feature, accounting and tax reports are created automatically based on your invoices. Just mark an invoice as paid and the data will be automatically reflected in reports.
And yes, it will take you about 1-2 minutes to issue and send an invoice :)
Accurate Invoices. Forget About Mistakes and Doing Things Manually
And yes, outside the aforementioned features, there are several other things that we thought about while developing the service.
Manual Invoicing Sucks
And there are several reasons why. The first one is that manual invoice creation is time-consuming. And it’s quite complex too. While doing things manually, there is huge room for mistakes. According to Sharespace’s research, 61% of late payments are due to incorrect invoices. This means that manual invoicing won’t just waste your time but might also delay payments.
With Enty, you can forget about mistakes, as we provide correct invoices for your company. All templates were created by professional accountants and verified by professional lawyers.
It’s also true that, unlike some other countries, Estonia is a bit more chill in regard to invoicing standards. It is necessary to indicate the information about the company, the counterparty, and the services. But even if you are not planning to use Enty, we highly recommend you to download the correct template for free in the Invoicing service.
Value Added Tax
VAT is quite regularly a cause of headache for companies. And it applies to invoices too. VAT liable companies must figure out when VAT must be applied. And it’s not that easy really. With Enty, VAT is applied automatically when needed.
And it’s only a beta now, we will bring even more features in the near future.
How It Works
Now, let’s go over the service and take a quick look at how everything works.
Step 1: Create a product that will be used as a template for your invoices
Step 2: Fill in information about your client, you can use this info for future invoices too.
Step 3: Issue an invoice
VAT will be applied automatically. And the invoice will be automatically sent to a customer by us. When you receive payment, mark an invoice as paid.
As Estonian laws require companies to store invoices for the next 7 years. Our service will allow you to keep everything organized: invoices are stored in one place with multiple filters. Find an invoice in no time when needed.
And that's it! We are also working on the further development of the invoicing feature. In the next months, the service will also include full integration with accounting, more flexibility to work with taxes and coupons, and will allow you to track revenues.
Correct invoicing is vital for your business but our subscription goes way beyond that. Starting from just €33/month Enty's subscription covers all back-office needs: Legal Address and Contact Person, Corporate Secretary, Accounting, Knowledge Base, Open Banking, with HR and Payroll automation coming soon. Join us and we will help you maintain your company more conveniently.
