Invoice management with Qonto

Invoice management refers to the process of organizing, processing, and storing both incoming and outgoing invoices within a company.

1) The management of incoming invoices includes capturing invoice data, verifying and approving invoices, preparing, executing, and potentially authorizing payments, and archiving invoice documents for accounting and compliance purposes.

2) The management of outgoing invoices involves correct invoicing, tracking invoice status, and sending reminders for overdue payments. Incoming transactions are matched to the corresponding invoice as part of preliminary accounting.

The goal of invoice management is to increase efficiency in financial management, minimize errors and fraud risks, meet payment deadlines, avoid penalties, and ensure a transparent overview of the company's financial obligations.

With ongoing digitalization, many companies use automated systems for invoice processing, which significantly simplify and speed up the process through digital capture, workflow optimization, and real-time reporting.

At Qonto, the digital solution for automated invoice management is directly integrated into the business account. Using OCR technology, relevant invoice data is automatically captured, and payments are automatically prepared. Workflows and responsibilities, such as payment approvals, can be set. Incoming payments are automatically matched to the corresponding invoice.

Note that electronic invoices will become mandatory in the B2B sector starting January 2025. Qonto will offer a suitable e-invoicing program at that time, enabling the processing and archiving of e-invoices.

The cost of invoicing software can vary greatly, depending on the features, provider, and usage model. Prices range from free basic versions to comprehensive packages that can cost hundreds of euros per month.

Many providers use a subscription model, where prices fluctuate based on the number of users, invoices, and additional features like automated accounting or advanced reporting functions.

With Qonto, the software for invoice and quote creation as well as managing supplier invoices is directly integrated into the business account. This means there are no additional costs for using the invoicing tools. Users only pay the regular fees for their business account.

The Qonto invoicing software is available in all Qonto plans starting from the Smart Plan, which costs 19 euros per month (with annual payment). Other Qonto plans, except for the Basic Plan, include the invoicing program as well as a number of free transactions, at least one Mastercard, and many other accounting and financial services. This way, users benefit from additional useful tools for financial management alongside traditional banking services.

Qonto offers you an innovative and automated solution for both quote and invoice creation as well as supplier invoice management, tailored to the needs of freelancers and businesses alike.

Here are some key benefits at a glance:

1. The Qonto invoicing software is directly integrated into the business account. This allows you to store and manage everything in one place. There are no additional costs.
2. Thanks to smart accounting tools, you can optimally prepare your taxes.
3. Seamless integrations and DATEV interfaces enable smooth export to your accounting tool and ensure optimal collaboration with your accounting office.
4. SMEs can also set workflows, approval processes, and responsibilities to optimize processes and avoid errors in invoice management and invoice verification, saving time.
5. The invoicing program is user-friendly and intuitive – no long learning curve is needed to master its operation.
6. OCR technology reduces manual entries. This helps avoid errors and saves time.
7. The centralized storage of invoices guarantees clarity: You can see the status of invoices at a glance, access documents anytime, filter, and track them. They are also protected from loss through GoBD-compliant archiving.

The Qonto invoicing solution includes the following features, among others:

1) Quote and invoice creation:

You can create your quotes and invoices directly in Qonto, set up practical features like automatic invoice numbering, and filter invoices by categories and customers. Once a quote is accepted, you can convert it into an invoice with one click.

You also have the option to create a file for each customer and provide the address. The data is saved, so you don't have to manually enter it for future invoices. The automatic allocation of payments and transactions aids in invoice matching and preliminary accounting.

2) Management of incoming invoices:

Collect incoming invoices easily:

1. Forward your invoices received by email automatically to your dedicated Qonto email address.
2. Import or drag & drop all your invoices at once into your account.
3. Let your invoices be automatically imported from your Google Drive or Dropbox folder.

Your digitized invoices are then centrally and GoBD-compliantly stored, so you can access them anytime. Track the status of your invoices in the overview – received, scheduled, or paid – and filter by your categories.

Using OCR technology, invoices are read and relevant data is captured. This data is used for the automated preparation of payments.

Allow managers to settle invoices if desired – you can approve payments with one click. Payments can be made with real-time transfers, for which there are no additional fees at Qonto, or with SWIFT transfers in foreign currency. You can also schedule your payments in advance for the due date or a date of your choice.

Good to know: If you run a business, regardless of its size, there is a retention obligation for invoices of 10 years. Digitally stored invoices save space, costs, and time in organization, as they are archived directly in one place and chronologically ordered. Filing cabinets filled with folders are a thing of the past. And you can access the digitized documents anytime, anywhere.

When creating invoices for your clients, it's essential to ensure that all mandatory information and other relevant details are included. These are:

1. Name and address of the contractor and client
2. Tax number or VAT identification number
3. Date of invoice issuance
4. Sequential invoice number
5. Description of services and products
6. Specification of the service period
7. Price, payment terms, and indication of a payment deadline
8. Indication of VAT, tax rate, or tax exemption
9. Reductions such as discounts, rebates, credits, or offsets must be clearly stated in the claim.

To assist you with invoicing, we offer an integrated invoicing software. If you are using the small business regulation and do not display VAT, then the invoicing program for small businesses might be of interest to you. Additionally, we have created a free invoice template for small businesses available for download.

Yes. To give your invoices a distinctive look and custom design, you can upload your logo in JPEG or PNG format to your Qonto business account. It will then be saved and automatically added to each invoice. Of course, you can delete your logo in the settings at any time and replace it with a new one.

To write invoices for free and correctly, Qonto offers a practical solution. As a Qonto customer, you can benefit from invoice tools directly integrated into your business account, greatly simplifying the process of creating invoices and quotes as well as managing incoming invoices.

Additionally, Qonto provides free invoice templates and quote templates that you can download, customize, and use for your business transactions.

Thanks to the integrated invoicing software, you can create professional invoices and manage incoming invoices efficiently and time-savingly, without needing additional software or services. This is particularly advantageous for freelancers and businesses seeking an efficient, cost-effective, and innovative solution for their invoicing.

Tip: Read our blog to learn how to issue invoices as a small business owner and what freelancers should consider when writing invoices.

Qonto offers various features and tools that help you save time on digital invoice management. These include:

1. Scanning and transferring invoices: Instead of manually processing invoices, you can quickly scan them with your smartphone using the Qonto app, digitally transfer them, and store them centrally in one place.
2. Digital invoice management can automatically sort and classify your invoices based on criteria such as suppliers, invoice date, and amount.
3. By automating recurring processes through digital invoice management, human errors that often occur in manual processing are minimized. This saves time and hassle.
4. Digital invoice management with Qonto also allows you to process invoices faster, as they are automatically sorted and classified, eliminating the need for manual processing.
5. Qonto saves time on invoice management by automatically extracting details like amount, due date, and IBAN from the invoice and preparing them for accounting. This way, you can submit your VAT return with peace of mind and minimize the risk of incorrect information.

Invoice management and financial planning are closely linked to financial accounting. Only by keeping track of your income and expenses, i.e., your incoming and outgoing invoices, can you establish a solid foundation for your liquidity planning.

For smaller businesses, accounting software and a flexible business account help manage financial planning and accounting. Qonto offers numerous partner integrations like DATEV, Lexware Office, sevdesk, and more, which can be easily connected to your Qonto account. This way, you always have an eye on your cash flow and can flexibly manage your financial planning.

With Qonto, you can simplify the processing of your incoming invoices and better organize payments to your suppliers. You collect your digital invoices and upload them to your Qonto desktop app. The invoice information is automatically read through digital invoice processing, and you pay with just a few clicks. If the payment method is a real-time transfer, Qonto archives it immediately in the "Paid" section. For other transfer types, this step occurs once the payment is received. Until then, you can find the invoice under the "Scheduled Payments" menu.

You can assign all suppliers a VAT rate and category – each future transaction will be automatically sorted accordingly. Particularly practical: Qonto also assigns the transaction to the corresponding invoice. This way, you always have an overview of your incoming invoices, benefit from a business account with integrated accounting, and never miss a payment deadline again.

Outgoing invoices, where you are the sender, can also be organized clearly in Qonto. In Qonto, you create your customer invoices in just a few clicks and track the payment status under the invoicing section. This way, you keep an eye on your cash flow and can timely write reminders to respond to outstanding invoices.

All customer invoices are categorized into issued, paid, and canceled invoices. Qonto recognizes when an invoice with the same reference number has been paid and automatically changes the status to "Paid." You can alternatively perform this step manually.

There are numerous accounting tools that support you in invoice management and dunning. Thanks to our partner integrations, you can easily connect your Qonto account with your favorite tool.

Lexware Office offers you the ability to create and send reminders or payment notices in just a few clicks. An invoice created with Lexware Office can also be quickly converted into a reminder.

sevdesk is also a user-friendly online tool for invoice management, which supports you not only in creating quotes and invoices but also in dunning and payment monitoring.

Additionally, Qonto is a DATEV marketplace interface partner and offers a direct connection to DATEV Unternehmen online with DATEV Bank Data Service via RZ-Bankinfo or PIN/TAN and DATEV Document Image Service.

Dunning and invoice processing are closely linked to financial accounting, as the so-called accounts receivable accounting deals with all outgoing invoices and the debtors of a company. They handle the payment of outstanding invoices and keep an eye on the company's liquidity to respond in a timely manner to payment defaults. Accounts receivable accounting can also be outsourced and handled by external service providers.