Libeo and its digital invoice management tools

Libeo is a French fintech wishing to modernize the way to manage the sending and the correct payment of invoices in the professional context. Whether on the supplier or the customer side, Libeo provides ways to save precious time on this inevitable process.

Libeo: How does it work?

The idea of the French fintech is in line with the theme of many articles under this heading: to create digital platforms that allow to free oneself from the traditional paper administration. In the case of Libeo, this platform focuses on the well-known task of companies: paying or receiving invoices.

As fintech itself says: among the 4 million structures listed in France, 99.9% would be VSEs and SMEs. In this kind of small or medium scale companies, managers naturally have to wear several hats and manage situations that would have been delegated in the case of larger companies.

This also concerns the management and sending of invoices, which when approximate, leads to the bankruptcy of a quarter of these VSEs/SMEs due to successive late payments. Libeo’s tools have been created to put an end to these delicate situations.

VSEs and SMEs process an average of 67 invoices per month, according to figures from the fintech. It also meets the needs of both parties:

Customer side:

For businesses with monthly invoices to pay, Libeo’s platform brings them a way to drastically simplify their life.

-One of the first arguments of this platform is that it eliminates the need to manually enter invoices. The customer will only have to collect his invoice by email or by photo, and then import it in one click on the Libeo service.

-Another obvious argument is the centralization of these invoices, which the customer will not have to search for everywhere. By importing them as mentioned above, the customer will be able to find them all in one place in digital format.

-Libeo has also implemented a payment scheduling system, giving the user the possibility to plan when he wants to make the transfer. The purpose of this feature is to eliminate the rush and worry about these payments, which can be scheduled well in advance.

Supplier side:

Libeo has of course thought about suppliers when developing its tools. The principle is more or less the same as on the customer side: a platform centralizing all the elements related to invoice management.

-Thanks to the automation of processes, suppliers will generally get paid faster by using this kind of services. Libeo claims to save up to 8 days of payment time, allowing suppliers to have an up-to-date cash flow and not be hindered by long delays in payment from customers.

-The tedious and unexciting step of customer reminder is also taken care of by Libeo. With its automatic reminder system, the fintech not only saves time for suppliers but also allows them to focus on more important activities than eternal reminders.

-Finally, the platform gives the user a better view of the status of any unpaid invoices. Overall, it allows the user to be easily aware of anomalies or potential delays.

Examples of successful platform implementations

With an impressive 150,000 businesses using Libeo’s services, the fintech has managed to convince all types of businesses. From restaurants to medical independents, including e-merchants: as long as you are a business, Libeo’s services will be useful to you.

-The case of the Parisian Hotel Balmoral shows the versatility of Libeo’s tools. It proves that they can be used in very different fields. In this case, the hotel was facing the classic problems linked to a bad management of invoices: the dispersion of accounting elements, payments made several times without any reason or the difficulty to recover and centralize these invoices.

Following a demonstration attended by the hotel owner, François Dapremont, Libeo quickly caught his attention. Intrigued by the possibility to scan invoices, to detect possible duplicates and by the instantaneousness of transfers, he finally trusted the French fintech.

The management of all the invoices of the Balmoral hotel is now handled by Libeo, even those destined to the Treasury. All payments made by the hotel go through the tools presented in this article.

-Another example where Libeo was able to convince is the Biocoop stores. Here we are not talking about luxury anymore but about two local organic stores. This is a very interesting sector regarding invoice management, since by working with local producers, Biocoop receive daily deliveries, accompanied each time by the corresponding invoice.

Finding a way to make this process more fluid was a major challenge for Biocoop, which now pays more than half of its suppliers via Libeo. The hundred or so monthly invoices that the company has to manage are now largely handled by the platform.

Libeo has been able to convince by the ease of use of its services, which even if they require a minimum of digital fiber are accessible to all. From luxury hotels to small local stores, the fintech’s services have many relevant applications and are adapted to all types of businesses.