Coffey Cameron posted an update 6 months, 1 week ago
Electronic invoicing, or e-invoicing, just like the name implies, will be the electronic exchange of invoice documents from the supplier and also the customer. Electronic invoicing goes past merely sending a PDF receipt with a customer via email. A true e-invoicing solution is a solution where a digital invoice is transmitted and received seamless involving the supplier’s a / r system and the customer’s accounts payable system. E-invoicing documents are typically exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch coming from a manual, paper-based system with an electronic invoicing system? Paper-based method is notoriously time-consuming and prone to errors. As such, paper invoicing has a tendency to have higher costs and longer processing lifecycles.
Despite the widespread adoption of automation for many business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).
Advantages of E-Invoicing for Suppliers
Switching to e-invoicing solves these complaints, leading to faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers many benefits throughout the AR / AP process.
First off, there is no mail to sort, distribute, or open. Not only that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it requires significantly less time and energy to process generate bill payment. With the new system, you could make and distribute a full batch of invoices with simply a number of clicks. (Source: Pay Simple)
Next, there’s no data entry required. Since the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t need to enter in the data manually. E-invoicing eliminates the chance of mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual process that needs time and could be susceptible to errors for example illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail through the equation, you’re also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t have to wait in line at the bank to deposit your cash.
Electronic invoices are really simple to store and reference, without physical file cabinets required. Because you telephone customers, it is simple to incorporate a link or attachment on the original payment receipt, purchase order, or related documentation.
Important things about E-Invoicing for Buyers
E-invoices offer benefits on your customers as well. For example, you are able to offer a variety of payment options including debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated “pay now” buttons that connect to the bill. Your customers’ accounts payable team will appreciate devoid of to manually enter data or scan paper bill, too.
Switching to e-invoicing saves money and time, a win-win for both sides.
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