E-invoice implementation

MOL Group is dedicated in its Finance 2020 Strategy to digitalize its processes to a great extent. As part of this strategic aim, the company intends to introduce e-invoice receipt solutions for all suppliers which enhances on time and accurate invoice processing and payment.

Currently paper or pdf invoices from the suppliers are processed manually by MOL accounts payable teams. 21st century technology however, offers the solution for every company to further automate and digitalize its processes. MOL is committed to gain advantages and improve processes by modern technical solutions.

E-invoice implementation is a strategic and top priority project in MOL Hungary Finance area from 2018. Our intention is to gradually involve our suppliers in e-invoicing, therefore MOL Hungary has concluded a contract with an e-invoice solution provider: First Business Post Ltd. In the future, we are going to receive e-invoices through First Business Post, who is able to create an e-invoice from suppliers’ various invoice data and transmit it to MOL in the pre-defined format. This service is compliant with Hungarian Tax Legislation (2000. évi C. tv, és az ÁFA tv. 174-175.§). This way MOL can receive invoices without any delay and can process them in an automated way.

If your company is already able to issue electronic invoices, you can transmit these invoices to MOL Plc. through First Business Post Ltd. for free.

If your company cannot issue electronic invoices, we kindly recommend First Business Post Ltd. as a potential e invoicing partner for you. Their solution can easily be installed to billing softwares, saves paper invoice mailing costs, and can be used with all partners, not just MOL.

By e-invoice you can optimize your administrative processes. You save not just time on the workflow, but also save money by cutting out the postal service from the flow.

The representatives of 1STBP will contact our suppliers from the autumn of 2018, they prioritize them by the number of the yearly issued invoices towards Mol Plc.

In phase 1 of the project (till mid 2019) MOL intends to involve MOL Plc suppliers in e-invoicing. In later phases (summer of 2019) MOL Plc subsidiaries are wished to be involved (e.g Mol Petrolchemicals).

The communication towards our suppliers about the e-invoice implementation will be continuous.
MOL Procurement and Accounts Payable teams, the E invoice project team and First Business Post are jointly working on the implementation so that process changes for the suppliers become as smooth as possible.
We believe that e-invoice implementation have long term benefits and will result in optimized and effective invoice handling and payment processes that will satisfy our suppliers.